Press Release: Singapore FinTech Association signs Memorandum of Understanding with Remittance Association (Singapore) and jointly launch the SFA Remittance Sub-Committee

Press Release 
For Immediate Release

Singapore FinTech Association signs Memorandum of Understanding with Remittance Association (Singapore) and jointly launch the SFA Remittance Sub-Committee

  • The new sub-committee aims to promote the adoption of technologies to strengthen the capabilities, efficiencies and governance of Singapore's money remittance industry
  • The sub-committee will also catalyse its members' digital transformation and internationalisation efforts

Singapore, 18 March 2021 - The Singapore FinTech Association (SFA) and Remittance Association (Singapore) [RA(S)] announced today the signing of a Memorandum of Understanding (MOU) to further deepen collaboration between the two associations and jointly launch the new SFA Remittance Sub-Committee. The newly formed Sub-Committee aims to promote the adoption of technologies to strengthen the capabilities, efficiencies and governance of Singapore’s money remittance industry.

With increasingly more FinTech companies in the area of remittance and cross-border payments, this signals the opportune time for both associations to come together to launch the Sub-Committee consisting of members from both associations. Through this Sub-Committee, both associations will strive to foster the development and growth within the ecosystem in Singapore by working collaboratively with various stakeholders and address the below:

  1. Engagement between the Remittance and FinTech Industries
  2. Nurture the development of the Cross-Border Payment Ecosystem
  3. Engagement with Regulators
  4. Talent Development

Commenting on the Remittance Sub-Committee launch, Mr Chia Hock Lai, President of SFA, said, “Over the last few years, we have seen a steady increase in activities within the remittance and cross-border payment ecosystem. SFA is honoured to work together with the Remittance Association (Singapore) and set up this new Remittance Sub-Committee, signifying our dedication to connect various FinTech communities together in Singapore. The Sub-Committee will also be rolling out various initiatives to engage the different stakeholders within the ecosystem.

The Remittance Sub-Committee is chaired by Mr Ho Chee Wai, who commented, “The Sub-Committee amalgamates the finest thought leaders in cross-border payments together with the best financial technology innovators in Singapore. Harnessing SFA’s and RA(S)’s unique strengths, our aim is to  catalyse the digital transformation of remittance businesses and create opportunities to cross-pollinate ideas and collaborations for the betterment of members from both associations.”

Mr Barakath Ali, Chairman of RA(S), said, “FinTech players have raised the bar in the remittance sector with start-ups hoping to enter the space due to the growth of mobile phone technology. In Singapore, a lot of existing licensees have to step up to compete as consumers become more technology savvy. It is therefore crucial for remittance licensees to explore and adopt technology as the current business landscape evolves. We look forward to bringing technology to the remittance licensees and in turn learn from the knowledge and experience of cross border payments.”

For more information on the Remittance subcommittee and the members, please visit https://singaporefintech.org/remittance-subcommittee/

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About Singapore FinTech Association (SFA)

The SFA is a cross-industry and non-profit organisation. Its purpose is to support the development of the FinTech industry in Singapore, and to facilitate collaboration among the participants and stakeholders of the FinTech ecosystem in Singapore. The SFA is a member-based organisation with 900 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. The SFA has signed over 60 international Memorandum of Understanding (MoU) in 40 countries and is the first U Associate organisation to be affiliated with National Trades Union Congress (NTUC). Through their FinTech Talent (FT) Programme, launched in 2017, over 300 professionals have been trained in FinTech, including blockchain & cryptocurrency, cybersecurity and regulation.

About Remittance Association (Singapore)

Singapore’s emergence as a global financial hub has been supported by the growth of the money transfer market. With the growth has come increased competition as well as greater regulation in the face of digitalisation.

To keep the industry abreast of the challenges, the RA(S) was formed to be a focal point for consultation on relevant legislation and regulatory matters, and share best practice knowledge to enhance members’ compliance programmes. Members are also able to voice out challenges & concerns to the regulator via the Association.

Other key functions include representing members in business & regulatory workshops and forums, as well as co-ordinate training and education programmes on Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) matters.

Today with over 70 members, the RA(S), serves as a united front and a voice for the industry providing guidance in the current changing regulatory & digital landscape.


PRESS CONTACTS

Asia PR Werkz, on behalf of Singapore FinTech Association
Rifdi Jaffar

+65 9877 8569
[email protected]