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

 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.”

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