The world’s largest fintech hub, has signed a memorandum of understanding with Nordic Finance Innovation to promote transformation in financial services in their respective markets.
Singapore based Lattice80 and Nordic Finance Innovation (NFI) believe that through cooperation with each other they will be able to bridge the fintech ecosystems between Asia and the Nordics.
Singapore is now widely recognised as one of the world’s leading financial technology hubs alongside London and New York.
Chris Skinner, Chairman of NFI, will be actively involved in overseeing the new partnership, the two parties said in a joint media release.
Mutual Contacts And Networks
The agreement will include raising awareness of fintech potential between Asia and the Nordics (including via online platform The Fintech Brief by NFI), office space sharing, events collaboration; in-country exclusivity exchange programs for members; and the leveraging of mutual contacts and networks.
The agreement comes into effect immediately.
Southeast Asia in Play
According to a recent survey the Nordic region’s future as a fintech hub shows great potential. Over 40 percent of Nordic financial institutions surveyed want to expand their existing partnerships with fintech firms in addition to the 74 percent that want to create new partnerships, a finding that suggests a healthy relationship between banks and fintechs.
«Nordic Finance Innovation wants to build global bridges together with Lattice80 to strengthen our relationship with the Asian market and provide access to the wider markets of Nordic and ASEAN,» said Iren Tranvåg, CEO at NFI.
Among recent developments in the city-state the Monetary Authority of Singapore (MAS) recently set up a regulatory sandbox framework for the testing of fintech innovations in a free, safe, and controlled environment.
