SFA, Austrade ink agreement to help S’pore fintech firms expand in Australia

SINGAPORE – Financial technology (fintech) firms here and in Australia can expect more opportunities to do business with each other after a new agreement inked between the Singapore FinTech Association (SFA) and the Australian Trade and Investment Commission (Austrade) on Friday.

The signing of the memorandum of understanding (MOU) initiates a new programme providing resources and support for Singapore fintech firms that intend to expand their operations into Australia.

These include workshops, mission trips, business matching, networking opportunities and on-the-ground guidance.

The MOU, which was signed by SFA president Shadab Taiyabi and Austrade senior trade and investment commissioner Stephen Skulley, will also assist local firms in establishing a foothold in the Australian market within a time frame of six to nine months.

Australian fintech firms that wish to explore opportunities in Singapore can also do so through other programmes in the future.

The SFA and Austrade have established guidelines and criteria on the types of companies they seek to work with.

Singapore fintech firms that are in the growth stage will be targeted. To be eligible, they must be registered in Singapore, be an SFA member and fintech-certified to qualify.

In addition, these firms will be required to have an existing expansion plan to Australia and have allocated resources to doing so.

The selection and review process will take place in the second quarter of 2023, and resources deployed to successful applicants by the third quarter.

Those who qualify will receive support from Enterprise Singapore, as well as from HSBC and Amazon Web Services (AWS), which are the programme’s supporting partners.

HSBC has been active in supporting fintech businesses through its US$200 million (S$267 million) new economy fund in Singapore, which aims to help companies in the sector expand internationally and explore new markets.

Meanwhile, AWS will provide the firms with a range of cloud solutions to launch, build and grow their business in Australia.

Mr Taiyabi said: “Within South-east Asia, Singapore is a leading fintech hub with great talent and promising start-ups that have the potential and ambition to grow their presence across the rest of Asia-Pacific, including Australia.”

He added that the launch of the programme is “a major milestone in our efforts to support the expansion and growth of our home-grown fintechs by providing them with the right resources and connecting them with strong partners Down Under”.

Austrade and SFA have previously worked together successfully to help fintech companies from each jurisdiction enter their respective markets, with a number of successful market entries in 2022.

Mr Skulley said: “Singapore and Australia’s strong economic ties and ongoing efforts to enhance bilateral fintech cooperation are providing fast-growing tintechs with a path to growth in two of the world’s most dynamic digital economies.”