Singapore and Australia to Deepen Fintech Collaboration

Singapore and Australia to Deepen Fintech Collaboration

by April 14, 2022

Australia Treasury and the Monetary Authority of Singapore (MAS) jointly announced that they have signed the Australia-Singapore Fintech Bridge Agreement.

The commencement of discussions to develop the Fintech Bridge was announced in June 2021, when Australian Prime Minister Scott Morrison met with Singapore Prime Minister Lee Hsien Loong.

The Fintech Bridge aims to build on the overarching framework for digital economy cooperation under the Australia-Singapore Digital Economy Agreement (DEA) to deepen collaboration between the fintech ecosystems of both countries.

The Australia-Singapore Fintech Bridge sets out a framework for both authorities to deepen bilateral and multilateral cooperation on fintech, to facilitate trade, investment and ecosystem development in the fintech sector.

It will also allow them to support the mutual establishment of fintechs looking to expand in each other’s markets, and to encourage these companies to use the facilities and assistance available to explore new business opportunities and reduce barriers to entry.

The agreement builds on current engagements to strengthen linkages between Australia and Singapore for policy officials, regulators, and industry groups.

This will encourage them to work together to share fintech expertise and encourage the development of new opportunities.

Additionally, both countries will also explore joint innovation projects on emerging issues in fintech to help the industry navigate through a constantly evolving space, to share information on emerging market trends, and to learn from the experiences in each jurisdiction.

This includes collaboration in areas such as blockchain and distributed ledger technology, digital identities, cross-border data connectivity, data portability, and the application of fintech to promote sustainable finance.

The agreement follows the signing of the Australia-Singapore DEA in 2020.

The Fintech Bridge will support both fintech ecosystems now and in the future, with both the Australia Treasury and the MAS saying that they are committed to ensuring that it will be a living agreement.