SINGAPORE, 7 November 2023 – Singaporean Fintech companies are making strides in Australia, marking a significant step in fostering cross-border fintech collaboration and trade.
Project Lorikeet is a joint initiative between the Singapore FinTech Association (SFA) and the Australian Trade and Investment Commission (Austrade) which aims to boost fintech trade and investment flows between Singapore and Australia. The platform allows Fintechs to explore opportunities in both markets, encouraging synergy and growth in the sector.
Senior Trade and Investment Commissioner Stephen Skulley said “The dynamic and forward-thinking fintech ecosystems in Singapore and Australia are playing pivotal roles in fuelling international expansion in the fintech sector for both countries. This synergy is not only bolstering the global footprint of fintech initiatives but also strengthening the bilateral collaboration and cross-border opportunities that are becoming increasingly vital in the ever-evolving landscape of the financial technology industry”.
Four Singapore Fintech pioneers, Choco Up, Rhino Partners, Moneythor and USER, have been able to capitalise on important opportunities through Project Lorikeet. With the four cohort members estimated to invest at least A$26m in the next three years in Australia.
Choco Up, a global technology and financial services platform, has quickly recognized the potential for its revenue-based financing and growth solutions for e-commerce brands in Australia. Percy Hung, CEO of Choco Up, stated, “Through Project Lorikeet, we have gained a deep understanding of the ecosystem and developed relationships with key industry leaders and players in the market. We have already disbursed close to A$5m into Australian businesses and are looking to disburse up to A$160m of funding, growing our Australian team to 10 over the next three years.”
Rhino Partners, known for its full-stack software development expertise, has already set up an entity in Australia and is actively forging strategic connections to pave the way for their expansion into the market. Karun Karunathilake, Director of Engineering at Rhino Partners, praised Austrade and SFA for their invaluable support in shaping their Australian expansion endeavour. “Their expertise in forging strategic connections, providing invaluable market insights, and streamlining the process has been invaluable. Without their support, breaking into a new market would undoubtedly have been a far more challenging and complex endeavor”.
Moneythor, with its data-driven personalised experiences for financial services, has made strategic hires in Australia and is planning substantial investments in brand awareness in the region. The company’s CEO, Olivier Berthier stated, “We are proud to be delivering personalised and engaging digital banking experiences to millions of Australian customers, through our work with ANZ and NAB.” Moreover, Moneythor’s collaboration with leading tech companies in Australia, such as Experian Digital, has been instrumental in improving the financial well-being of Australian customers during the cost-of-living crisis.
USER, a leading USER Experience (UX) and development-focused company in the APAC region, is eyeing an Australian presence within the next 12 months with an initial investment of up to A$8m. The company has successfully established a partnership with Brilliance Financial Technology in Australia, resulting in a new product, DPXesg, that has gained significant attention in recent financial events and is now being used by some of Australia’s largest banks. Frank Qiu, CEO of USER, emphasised their goal to leverage technology, including AI, to drive innovation and digital transformation for society, making the world more user-friendly.
“SFA is dedicated to supporting Singapore FinTechs in their expansion and internalisation efforts through our extensive global network. We are pleased that this collaboration with Austrade has played such a pivotal role in accelerating our four Singaporean FinTechs’ entry into the Australian market, marking a significant milestone in supporting local fintechs to expand into each other’s market under the Australia-Singapore FinTech Bridge Agreement” said Shadab Taiyabi, President of the Singapore FinTech Association.
This flourishing collaboration between Singaporean and Australian fintech companies is a testament to the importance of international expansion in the fintech sector. It not only paves the way for innovative financial solutions but also strengthens economic ties between the two nations. As fintech continues to drive the future of finance, this partnership is poised to reshape the landscape of financial services and deliver immense benefits to consumers and businesses alike.
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About Singapore FinTech Association (SFA)
The SFA is a cross-industry non-profit organisation. Its purpose is to support the development of the fintech industry in Singapore and facilitate collaboration among the participants and stakeholders. The SFA is a member-based organisation with over 800+ members. It represents the full range of stakeholders in the fintech industry, from early-stage innovative companies to large financial players and service providers. To further its purpose, the SFA also partners with institutions and associations from Singapore and globally to cooperate on initiatives relating to the fintech industry. Well-connected globally, the SFA has signed over 70 international Memorandum of Understanding (MoU) to lay the network for its members and ecosystem.
The Australian Trade and Investment Commission (Austrade) is the Australian government’s agency for promoting trade, investment, and the tourism economy. Austrade advocates for the unique strengths of Australian fintechs and the value they will bring to new markets.
To discover what Australia’s best and brightest fintechs can do for your business, visit Austrade’s website.
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Cognito, on behalf of SFA