Austrade, SFA Propel 4 Singapore Fintechs into Australia Through Project Lorikeetby Fintech News Singapore November 7, 2023
Four Singaporean fintech companies, Choco Up, Rhino Partners, Moneythor, and USER, have made significant progress in expanding to Australia through Project Lorikeet, a joint initiative between the Singapore Fintech Association (SFA) and the Australian Trade and Investment Commission (Austrade).
SFA and Austrade had inked a memorandum of understanding (MOU) in May this year to enhance fintech trade and investment flows and foster business-to-business engagement between Singapore and Australia.
The four cohort members are estimated to invest at least A$26 million (US$17.5 million) in the next three years in Australia.
Choco Up offers revenue-based financing and growth solutions for e-commerce brands. The company has already disbursed close to A$5 million (US$3.4 million) into Australian businesses and is looking to disburse up to A$160 million (US$109.7 million) in funding, growing its Australian team to 10 over the next three years.
Rhino Partners, known for its full-stack software development expertise, has already set up an entity in Australia and is actively forging strategic connections to pave the way for their expansion into the market.
Moneythor, with its data-driven personalised experiences for financial services, has made strategic hires in Australia and is planning substantial investments in brand awareness in the region. The company has worked with the likes of ANZ, NAB and Experian Digital in Australia.
USER, a UX experience (UX) and development-focused company in the APAC region, is eyeing an Australian presence within the next 12 months with an initial investment of up to A$8 million (US$5.5 million). The company has established a partnership with Brilliance Financial Technology in Australia, resulting in a new product, DPXesg, that is now being used by some of Australia’s largest banks.
“The dynamic and forward-thinking fintech ecosystems in Singapore and Australia are playing pivotal roles in fueling international expansion in the fintech sector for both countries.
This synergy is not only bolstering the global footprint of fintech initiatives but also strengthening the bilateral collaboration and cross-border opportunities that are becoming increasingly vital in the ever-evolving landscape of the financial technology industry,”
said Senior Trade and Investment Commissioner Stephen Skulley.
“SFA is dedicated to supporting Singapore fintechs in their expansion and internalisation efforts through our extensive global network.
We are pleased that this collaboration with Austrade has played such a pivotal role in accelerating our four Singaporean fintechs’ entry into the Australian market, marking a significant milestone in supporting local fintechs to expand into each other’s market under the Australia-Singapore Fintech Bridge Agreement,”
said Shadab Taiyabi, President of the Singapore Fintech Association.