More than 60 companies from 12 countries have joined a new Pan-Asian committee to spur the adoption of fintech in the region.
Established by Chinese non-profit, the Asian Financial Cooperation Association (AFCA), the newly-estabished FinTech Cooperation Committee held its first meeting at the Mandarin Orient Hotel in Singapore.
In the second quarter of last year, Asia surpassed the United States in venture capital-backed fintech deals and funding, raising more than US$10 billion. Six out of 29 global fintech unicorns are Asian.
The aim of the FCC is to bring banks, fintechs and policy-makers together to explore common ground across frontiers and promote the region's burgeoning fintech ecosystem.
The first session of the committee, chaired by the Abu Dhabi Global Market and the Shanghai Stock Exchange, approved technical specifications for merchant QR codes in mobile payments and a three-year work plan.
Editorial | what does this mean?