The Singapore FinTech Association (SFA) and five other national FinTech associations in Southeast Asia have signed a memorandum of understanding (MOU) to form the ASEAN FinTech Movement, the SFA announced on Wednesday.

The six national FinTech associations are from Singapore, Cambodia, Malaysia, the Philippines, Thailand and Vietnam.
The members include Singapore FinTech Association, Cambodian Association of Finance & Technology, FinTech Association of Malaysia, Digital Pilipinas, Thai FinTech Association and Vietnam FinTech Club, according to the statement.

The MOU, which was signed on Wednesday (Nov 2) during the Singapore FinTech Festival, seeks to formalize each national FinTech association’s involvement in the formation of the ASEAN FinTech Movement, with the goal of raising the region’s profile as a FinTech powerhouse, as well as providing a common networking platform for the region’s FinTech players to tap onto.

The MOU also outlines four key areas where the associations can collaborate on:

Education:
o Mutual sharing of training materials and resources to promote stakeholders’ level of understanding towards FinTech and the market

Updates on regulatory developments:
o Providing updates on regulatory developments from each respective country

Networking:
o Providing a platform where selected members from respective national FinTech associations can be promoted
o Supporting mutual FinTech associations’ signature events and programs that are aimed at market expansion

Promote Southeast Asia as a regional FinTech powerhouse:
o Supporting the creation of reports that aim to increase awareness of Southeast Asia’s FinTech market
o Supporting the dissemination of similar reports to external stakeholders to raise awareness of the market.

Singapore and Hong Kong lead green fintech development, says report