Export FinTech across Africa-Latin America
Singapore Fintech Association (SFA) and the Federation of Indian Chambers of Commerce and Industry (FICCI) have 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.
The agreement was signed on 11 Nov 2019 at the opening ceremony of 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.
Speaking after the MoU signing, the High Commissioner elaborated on the potential: “There is a vast market in India for digital governance, financial inclusion, digitalization of payments. We are front runners in the world in all of these.”
There is also a vast world market Africa and Latin America waiting to be serviced. “We should take our expertise across,” he also told Indian delegates after inaugurating the India pavilion at the Fourth edition of Singapore Fintech Festival held 11-13 November 2019 along with Singapore Week of Innovation and Technology.
Thirteen Indian companies are presenting their technologies at the festival which is the world’s largest financial technology platform expected to attract over 50,000 participants from over 130 countries.
After singing the agreement, SFA President Chia Hock Lai noted noted India’s capacity in spearheading many FinTech initiatives and advancements with a global impact.
He also pointed out that Singapore has 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,” said Chia.
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,” assured FICCI Deputy Secretary General Jyoti Vij.
“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,” said Vij.
Greater engagement and collaboration between industry bodies in Singapore and India would be necessary for developing a broad-based FinTech relationship and 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, said FICCI. fiinews.com
