The Singapore Fintech Association and Swiss Finance and Technology Association have inked a Memorandum of Understanding.
The memorandum signed between the non-profit associations aims to bridge the two fintech ecosystems, through cross border collaboration and initiatives. There will also be an official Swiss delegation making the trip in November to Singapore Fintech Festival.
Further exchanges are planned to link these two hubs, which share similar profiles as leaders in regional wealth management the pair said in a press release.
Expanding Reach
The partnership will continue to nurture global business opportunities and allow exchange of expertise between members, with the aim of developing innovation in both markets.
«Our partnership with the Swiss Finance and Technology Association (SFTA) is a crucial step in elevating new relationships and growing the global reach of both fintech communities,» said Chia Hock Lai, President of the Singapore Fintech Association.
Different Strokes
Absent of natural resources, both Switzerland and Singapore have tapped finance and offshore banking as pillars for their economic growth. The two governments have different approaches to financial technology however.
Singapore via its central bank has embraced the change as fintech and related innovations wash over almost every aspect of the banking and financial services sectors. The Monetary Authority of Singapore itself will host the second Singapore Fintech Festival in November this year.
Switzerland by comparison is a laggard but is trying hard to catch up. Earlier this year Federal Councillor Ueli Maurer and State Secretary Joerg Gasser travelled with a delegation from the Confederation and Swiss financial centre players on a tour of Asia seeing financial technology in daily use in the region.
