AssoFintech and Singapore Fintech Association signed a Memorandum of Understanding

5 April 2023 | News

AssoFintech, the Italian Fintech and Insurtech Association, in collaboration with the Singapore Fintech Association, signed today at the Italian Embassy in Singapore a Memorandum of Understanding (MoU) to support the development of Italian and Singaporean Fintech and Insurtech companies through the internationalization of their research and development activities and funding sources.

The application of digital technologies to financial services,” said Ambassador of Italy Mario Andrea Vattani, “has initiated a process of financial inclusion that allows the most disadvantaged and lower-income customers access financial services.

Singapore has become the hub of this nascent industry, with more than 50 percent of the Southeast Asian market share. The Italian excellence present in the sector is contributing to this inclusive effort. It will be able to play the role of cultural and economic bridge between the European and Southeast Asian markets.

The MoU, prepared by Federico Cristina, founder of Memento Blockchain, and Cristiano A. Motto, Ceo of Fairtile, exponents of the Singapore Fintech Association and AssoFintech, respectively, with the support of Andrea Monni of Algebra, was signed by Maurizio Bernardo, president of AssoFintech – formerly chair of the House Finance Committee and promoter of the first fact-finding initiative on Fintech in Italy – and Shadab Taiyabi and Reuben Lim, respectively, president and chief operating officer of the Singapore Fintech Association.

The memorandum, to be framed within the Italo-Singapore collaboration agreement for digitalization signed between the Ministry for Technological Innovation and Digital Transition in Italy and the Ministry of Communication & Information of Singapore, envisages the launching of training activities aimed at deepening the economic and technological profiles of companies in the sector, the development of the fintech and insurtech ecosystem and the organization of meetings with industry professionals and institutional investors.

The support of the Embassy and Bank of Italy has been a crucial element in fostering dialogue between the parties and accelerating the processes of convergence toward common goals.