According to a joint press release on Monday, March 26, the Fintech Association of Japan (FAJ) and Singapore Fintech Association (SFA) have recently signed a Memorandum of Understanding (MoU) to give a boost to the fintech development and higher co-operation between the two countries.

The signing of the MoU was celebrated earlier this month on March 13 in Singapore with Friendship evening and Sake tasting.

This means that the two associations will be seen working together on joint projects and initiative that help foster the fintech innovation and development. The press release notes that these collaborations will be “used to raise the profile of the Japanese fintech industry and promote Singapore as a destination for Japanese business in wider Asia.”

Natalie Shiori Fleming, Vice Chairperson of Fintech Association of Japan, said: “We are pleased to expand the FAJ’s global network by connecting with the Singapore FinTech Association, and look forward to growing synergies between our respective markets through a deeper relationship with the Singapore fintech community.”

Mr. Chia Hock Lai, President of the SFA also commented on similar lines saying: “With this partnership, we aim to bridge the gap between the two fintech communities in both Singapore and Japan. We are pleased that our mutual memberships can enjoy the benefits of closer collaboration.”

To create a suitable environment for the fintech growth, the FSA of Japan has recently updated the legislation in order to allow already established banks to work in coordination with other non-banking fintech groups and companies.

The SFA has also invited partner organizations to its platform from local academic institutions to international fintech hubs from Denmark, Abu Dhabi, Luxembourg, Hong Kong, Switzerland and New Zealand.