Singapore, 6 May 2024 – To help navigate an increasingly complex macroeconomic landscape and support the overseas expansion of Singapore FinTechs, the SFA has today announced that they will form a Strategic Advisory Council to advise SFA and the FinTech community on key issues and to advance the interests of the FinTech community in Singapore.

With the formation of its inaugural Strategic Advisory Council, SFA has appointed four members, who are senior leaders in public and private organisations. They are:

• Dr. Ong Chen Hui, Assistant Chief Executive, Infocomm Media Development Agency (IMDA)
• Mr. Soh Leng Wan, Assistant Managing Director, Manufacturing, Enterprise Singapore
• Mr. Neil Parekh, Board Member, Elevandi; Nominated Member of Parliament and Partner, Tikehau Capital
• Mr. Sanjoy Sen, Managing Director and Group Head, Consumer Banking, DBS

Their profiles are in Annex.

The Council will work with the SFA Executive Committee to steer the long-term strategic growth and direction of the SFA and the FinTech community in Singapore, and advise the Committee on:

• Fostering engagement and growth in the SFA community, and between SFA and the industry at large, across multiple sub-verticals of the FinTech industry.
• Fostering open dialogue within the SFA community, and between SFA and key stakeholders including policymakers and regulators.
• Identifying opportunities for growth and innovation for the SFA community.
• Identifying key industry trends and issues that will impact and shape Singapore’s FinTech landscape in the long term.
• Providing recommendations to diversify SFA’s revenue streams

In addition, the Minister of State (MOS) for Trade and Industry and Culture, Community and Youth, and Board Member of the Monetary Authority of Singapore, Mr. Alvin Tan, will be appointed as Patron of the SFA. In his role as Patron of SFA, MOS Alvin Tan will support the efforts of the SFA to drive the long-term strategy and growth of Singapore’s FinTech sector. He will also champion the adoption of FinTech in Singapore and the region, in line with Singapore’s Smart Nation goals.

Mr. Shadab Taiyabi, added, “I am delighted to announce the establishment of the new SFA Strategic Advisory Council, featuring esteemed members from both the public and private sectors, as well as the appointment of our first Patron, Mr. Alvin Tan. As Patron, Mr. Tan will provide valuable insights that will drive the growth and expansion of Singapore FinTechs in the region.”

The Council’s wealth of experience and insightful perspectives will empower us to navigate and harness emerging opportunities in the FinTech sector. With a unified purpose, the SFA Executive Committee and the Strategic Advisory Council will collectively steer Singapore’s FinTech ecosystem towards sustained growth and expansion, forging partnerships including with investors, as well as facilitating the expansion of Singapore FinTechs in new markets. Together, we remain committed to fostering the continued success of our FinTech community.”

MOS Alvin Tan said, “In the dynamic landscape of Singapore’s growing FinTech sector, I am honoured to join SFA as Patron. Together with the Strategic Advisory Council members and the SFA Executive Committee, we will continue to advance Singapore’s FinTech sector and nurture our FinTech talent together.”

Dr. Ong Chen Hui, said, “I am looking forward to joining the SFA’s Strategic Advisory Council. As a council member, I look forward to contributing valuable insights from IMDA that will help the FinTech sector grow into a vibrant and competitive ecosystem in the region.”

Mr. Soh Leng Wan, added, “Growing Singapore companies is at the heart of the work that we do at Enterprise Singapore. As a member of the Strategic Advisory Council, I will work with council members to champion enterprise and FinTech development in Singapore and work closely with the SFA to support FinTechs in expanding to the region and beyond.”

Mr. Neil Parekh, said, “I am excited to be a founding member of the SFA’s inaugural Strategic Advisory Council. With this appointment, I look forward to working with my council members to advance the FinTech community’s interests across the region.”

Mr. Sanjoy Sen, said, “I am excited to be a member of the SFA Strategic Advisory Council. I am eager to leverage the bank’s insights and expertise to drive meaningful progress within the FinTech ecosystem. Together with the council members, we will continue to explore growth and innovation opportunities that will elevate the FinTech ecosystem and forge partnerships with like-minded partners.”