The Singapore FinTech Association (SFA) and the Fintech Association of Japan (FAJ) have inked a memorandum of understanding (MoU) to strengthen fintech ties between the two markets.

Under the MoU, the two associations will look to improve the profile of the fintech sector in Japan, and promote Singapore as a destination for Japanese companies.

The associations will also share their expertise as well as explore joint projects on fintech.

SFA president Chia Hock Lai said: “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.”

FAJ vice chairperson Natalie Shiori Fleming added: “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.”

Singapore and Japan have already collaborated in the fintech space. A year ago, the Monetary Authority of Singapore (MAS) and the Financial Services Agency (FSA) of Japan established a co-operation framework to improve fintech links between the two countries.