Israel and Singapore fintech hubs sign MoU

Source: City TLV

The Singapore FinTech Association (SFA) and the Israeli City TLV association have inked a Memorandum of Understanding (MOU) to foster greater FinTech co-operation between the two communities.

The MOU signed between the non-profit associations aims to bridge the two FinTech ecosystems, through cross border collaboration and initiatives. Concretely, last month the leaders of the two associations took part in a joint televised conference on SMEs and an Israeli delegation attended the Singapore Fintech Festival. Further exchanges are planned to link these two hubs, which share similar profiles as leaders in technology with impeccable reputations for business services. The partnership will continue to nurture global business opportunities and allow exchange of technology and expertise between members, with the aim of developing innovation in both markets.

Mr Shmuel Ben-Tovim, President of City TLV said: “Singapore is an important partner in our global FinTech network. They set a fine example of the potential for FinTech, with natural synergies between Israel and Singapore, enforced by our shared ambition for excellence in innovation and technology and the friendly relations between the two governments.

City TLV will aim to include in the implementation of the MOU all relevant associations in Israel, including The Floor, Fintech Aviv, IATI, Israel Export Institute and Start-up Nation. This MOU is another example of our focused efforts to enable a global FinTech ecosystem which can generate returns for all stakeholders.”

Mr Chia Hock Lai, President of the SFA said “The Singapore Fintech Association is pleased to partner with City TLV. Singapore and Israel have much in common, with population sizes that naturally lend themselves to products that can scale from day one, regionally or globally. In contrast, Israel is stronger in deep tech start-ups while Singapore is a FinTech hub due to its strong financial centre. These complimentary sectors provide an excellent base to build robust partnerships for the future.”

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