Philippines and Australia Strengthen Fintech Collaboration with New MOUby Fintech News Singapore November 15, 2023
Fintech Alliance.ph and the Australian Trade and Investment Commission (Austrade) have signed a memorandum of understanding (MOU) to promote trade and investment across the fintech sector in the region.
The partnership aims to strengthen engagement on fintech policy and regulation to provide increased access to capital opportunities and address barriers.
The MOU follows the elevated Philippines-Australia bilateral relationship and Australia’s economic pivot to Southeast Asia.
Under the MOU, both organizations will work on innovative financial services, guided by country strategies and programs. They will also share insights on emerging trends and open banking experiences.
Australia has a robust fintech ecosystem, while the Philippines is rapidly digitizing its financial sector, with support from the Bangko Sentral ng Pilipinas (BSP).
“We are very honored to be working together with Austrade to further accelerate the rapid progress we are making in the fintech and trade industry, as well as for our digital economy.
Through this invaluable partnership, we will be able to drive massive digital transformation for all, and continue to change the lives of our countrymen,”
said Lito Villanueva, Founding Chairman of Fintech Alliance.PH.
“Philippines is a dynamic and exciting market. This MOU will enhance bilateral fintech cooperation and provide fast-growing fintech companies to support the growth of our respective digital economies.
Austrade is keen to advance Australia’s partnerships with the financial services sector in the Philippines to realise the full potential of our trade and investment relationship.”
said Mukund Narayanamurti, General Manager – Southeast Asia, Austrade.