This partnership will be used to raise the profile of the Japanese fintech industry, and promote Singapore as a destination for Japanese businesses within Asia.
It will also see the two associations collaborating on joint projects to support fintech development, with members benefiting from the exchange of expertise in a bid to nurture global business opportunities.
This alliance comes as the governments in both nations seek to enhance fintech functionalities in their respective countries.
According to the joint statement, the Financial Services Agency of Japan has updated its legislation to enable established banks and non-bank fintech companies to collaborate.
What`s more, the Monetary Authority of Singapore (MAS) established the Industry Transformation Map (ITM) in 2017, outlining fintech innovation as a growth strategy.
The SFA is a cross-industry, non-profit organisation designed to facilitate collaboration among all stakeholders in the fintech ecosystem, and has over 125 members.
The FAJ promotes open innovation in the Japanese fintech industry by creating networking opportunities for members, and cooperating with different organisations. It has over 300 members, and represents over 100 fintech companies in Japan.
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