• Published on 7 November 2023
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Singapore fintechs expand their footprint in Australia

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.

Stephen Skulley, senior trade and investment commissioner 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 AUD 26 million ($16.7 million) in the next three years in Australia.

Choco Up, a global technology and financial services platform, has quickly recognised 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 AUD 5 million ($3.2 million) into Australian businesses and are looking to disburse up to AUD 160 million ($103 million) 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. Olivier Berthier, CEO of Moneythor, 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 AUD 8 million ($5.1 million). 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.

Shadab Taiyabi, president of the Singapore FinTech Association (SFA), said: “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.”

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.

Re-disseminated by The Asian Banker