President of the SFA, Shadab Taiyabi, and senior trade and investment commissioner at Austrade Singapore, Stephen Skulley, signed a memorandum of understanding that commences Project Lorikeet, an initiative to boost engagement between Singapore and Australia’s fintech industries.

Project Lorikeet will facilitate Singaporean fintech’s expansion in Australia and Australian fintech opportunities in Singapore. Austrade and the SFA have collaborated previously in supporting fintech advancement in their respective markets in 2022.

Taiyabi commented: “As major trade partners, Singapore and Australia are very much aligned in their vision to deepen bilateral cooperation and promote fintech innovation. The launch of Project Lorikeet is a major milestone in our efforts to support the expansion and growth of our homegrown fintechs by providing them with the right resources and connecting them with strong partners down under.”

The aim of the partnership is to boost the presence of Singapore fintechs in Australia and bolster the growth of both nation’s fintech markets through networking, workshops, and guidance offered by Project Lorikeet.

Skulley stated: “Singapore and Australia’s strong economic ties and ongoing efforts to enhance bilateral fintech cooperation are providing fast-growing fintechs with a path to growth in two of the world’s most dynamic digital economies. Austrade will continue to advance Australia’s partnerships with the financial services sector in Singapore across trade and investment.”

The alliance is supported by HSBC, which will support new businesses in Singapore, and Amazon Web Services, that will provide Singaporean fintechs with technology they need to grow.