(28 April 2023 – Singapore) The Singapore FinTech Association (SFA) and the Australian Trade and Investment Commission (Austrade) have inked a memorandum of understanding (MOU) to boost fintech trade and investment flows between the two nations.
The MOU also kickstarts Project Lorikeet, a program that aims to support Singaporean fintechs expansion into Australia and vice versa. The program will provide resources to Singapore-registered fintechs that have existing plans to expand into the Australian market, and help participating fintechs set up a presence in Australia within six to nine months.
The alliance is supported by HSBC, which will support new businesses in Singapore, and Amazon Web Services, which will provide Singaporean fintechs with technology they need to grow.
“Singapore and Australia’s strong economic ties and ongoing efforts to enhance bilateral fintech cooperation are providing fast-growing fintechs with a path to growth in two of the world’s most dynamic digital economies. Austrade will continue to advance Australia’s partnerships with the financial services sector in Singapore across trade and investment,” said Austrade Singapore Senior Trade and Investment Commissioner, Stephen Skulley.