The national fintech associations of Singapore, Cambodia, Malaysia, the Philippines, Thailand and Vietnam have signed a memorandum of understanding (MOU) to form the ASEAN Fintech Movement.

The MOU, which was signed during the Singapore Fintech Festival, formalises each association’s involvement in the formation of the ASEAN Fintech Movement.

The ASEAN Fintech Movement aims to raise the region’s profile as a fintech powerhouse, as well as provide a common networking platform for the region’s fintech players.

The movement will collaborate in four key areas with the first being education through the sharing of training materials and resources to promote stakeholders’ understanding towards fintech.

Additionally, it will also look into regulatory development updates.

The third key area will be networking and supporting each other’s signature events and programmes that are aimed at market expansion, while the fourth involves promoting Southeast Asia as a fintech powerhouse.

To this end, the associations will support the creation of reports that aim to increase awareness of the ASEAN fintech market, as well as support the dissemination of similar reports to raise awareness.

The six ASEAN fintech associations involved were the Singapore Fintech Association, Cambodian Association of Finance & Technology, Fintech Association of Malaysia, Digital Pilipinas, Thai Fintech Association and Vietnam Fintech Club.