The Singapore Fintech Association (SFA) and the Australian Trade and Investment Commission (Austrade) have initiated a collaborative programme aimed at enhancing fintech innovation in both regions.
President of the SFA, Shadab Taiyabi, and Senior Trade and Investment Commissioner at Austrade Singapore, Stephen Skulley, formalized their partnership by signing a memorandum of understanding to kick off Project Lorikeet. This initiative is designed to strengthen engagement between the fintech sectors of Singapore and Australia.
Project Lorikeet aims to facilitate the expansion of Singaporean fintech companies into Australia while also creating opportunities for Australian fintechs in Singapore. This partnership follows previous collaborations between the SFA and Austrade in 2022, which focused on advancing fintech in their respective markets.
Taiyabi expressed, “As major trade partners, Singapore and Australia share a vision to enhance bilateral cooperation and foster fintech innovation. The launch of Project Lorikeet marks a significant milestone in our efforts to support the growth of our homegrown fintechs by providing them with essential resources and connecting them with strong partners in Australia.”
The objective of this partnership is to increase the visibility of Singaporean fintech companies in Australia and to stimulate the growth of both countries’ fintech markets through networking, workshops, and guidance offered under Project Lorikeet.
Skulley remarked, “The robust economic relationship between Singapore and Australia, coupled with ongoing efforts to bolster fintech cooperation, is providing rapidly growing fintechs with valuable growth opportunities in two of the world’s most dynamic digital economies. Austrade is committed to advancing Australia’s ties with the financial services sector in Singapore through trade and investment initiatives.”
The initiative is supported by HSBC, which will assist new businesses in Singapore, as well as Amazon Web Services, which will provide the necessary technology for the growth of Singaporean fintech companies.