Singapore Fintech Association (SFA) and the Federation of Indian Chambers of Commerce and Industry (FICCI) today inked a partnership agreement to share information about FinTech and collaborate on mutually beneficial initiatives that would further the development of the FinTech industry in both countries.
This agreement was signed at the opening ceremony of the first ever Singapore Pavilion at the Singapore FinTech Festival 2019, the largest FinTech event in the world. The signing of the Memorandum of Understanding (MOU) was witnessed by His Excellency Jawed Ashraf, High Commissioner of India to Singapore.
Commenting on the announcement, Mr Chia Hock Lai, President, SFA said, “In recent years, India has been a country that is spearheading many FinTech initiatives and advancements with a global impact. On the other hand, Singapore has also been a very good bedrock for FinTechs, with supportive frameworks in place for them to grow and establish themselves in the region.”
“As Singapore’s FinTech ecosystem continues to grow, we look forward to collaborating for the betterment of the FinTech industry in both countries. We are glad that both Singapore and India FinTechs would be able to leverage on such industry-level partnerships,” he added.
Ms Jyoti Vij, Deputy Secretary General, FICCI said, “We, at FICCI, are pleased to enter into an MoU with the Singapore Fintech Association. Through this MoU, we will be able to contribute even more and take forward the significant engagement the two countries have in the Fintech sector. With the rapid rise of new age Fintechs in the Indian market and cutting edge work being done in Singapore, which is amongst the most developed markets for Fintechs globally, we hope to learn more from each other in the regulatory domain as well as facilitate new collaborations between Fintechs and Financial Institutions in the two markets. FICCI looks forward to working closely with the Singapore Fintech Association in the times ahead.”
Greater engagement and collaboration between industry bodies in Singapore and India would be necessary for developing a broad-based FinTech relationship Southeast Asia’s FinTech ecosystem, as cited in a report by the National University of Singapore and the Institute of South Asian Studies in 2018.
Through this partnership, both parties aim to collaborate for the development of the FinTech industry between Singapore and India by seeking input and opinion from each other in matters relating to the FinTech industry.