SFA and Austrade Ink MOU, Unveil Project Lorikeet to Boost Fintech Exchange

SFA and Austrade Ink MOU, Unveil Project Lorikeet to Boost Fintech Exchange

by May 2, 2023

The Singapore FinTech Association (SFA) and the Australian Trade and Investment Commission (Austrade) have entered into a memorandum of understanding (MOU) to enhance fintech trade and investment flows and foster business-to-business engagement between Singapore and Australia.

This agreement marks the initiation of Project Lorikeet, a programme designed to support Singaporean fintechs’ expansion into Australia and Australian fintechs seeking opportunities in Singapore.

Project Lorikeet aims to benefit enterprises and startups in both countries by providing resources and support to Singapore-registered fintechs planning to enter the Australian market. Participating fintechs can expect to establish a presence in Australia within six to nine months.

Project Lorikeet will offer workshops, mission trips, business matching, networking opportunities, and on-the-ground guidance to Singaporean fintechs looking to expand into Australia, with the potential for cross-collaboration with Australian fintechs.

The MOU was signed by Shadab Taiyabi, President at SFA, and Stephen Skulley, Senior Trade and Investment Commissioner at Austrade Singapore, in the presence of Jeffrey Siow, Managing Director, and Chief Operating Officer at Enterprise Singapore, and H.E. Allaster Cox, Australian High Commissioner to Singapore.

Singapore FinTech Association and Austrade

Shadab Taiyabi

“Singapore and Australia are major trade partners with a shared vision to deepen bilateral cooperation and promote fintech innovation. Project Lorikeet is a significant milestone in providing resources and support for our homegrown fintechs to grow their presence across the Asia-Pacific region,” commented Shadab Taiyabi, President of SFA.

Singapore FinTech Association and Austrade

Stephen Skulley

“Our strong economic ties and ongoing efforts to enhance bilateral fintech cooperation are providing fast-growing fintechs a path to growth in two of the world’s most dynamic digital economies. Austrade will continue to advance partnerships with the financial services sector in Singapore across trade and investment,” added Stephen Skulley, Senior Trade and Investment Commissioner, Austrade Singapore.

Supporting partners for the programme include HSBC, which will provide banking support in Singapore, and Amazon Web Services (AWS), offering a range of cloud solutions to help Singapore fintechs launch, build, and grow their businesses in Australia.