Singapore FinTech Affiliation (SFA) and Nexia TS introduced in the present day the launch of Nexia InnoLab, a platform to allow FinTech corporations to have interaction companies from numerous sectors on technological options.
Below the MOU, SFA members shall have entry to enterprise consultancy and advisory companies, and accounting and business-related occasions, all via the Nexia InnoLab collaboration platform. The MOU was drawn as much as strengthen FinTech firm’s monetary capabilities within the face of the difficult interval amid the pandemic.
Mr Chia Hock Lai, President of SFA mentioned, “SFA is worked up to accomplice with Nexia TS to offer free enterprise advisory clinic to FinTech companies. As well as, SFA members can stay up for co-creating technological options with companies from numerous sectors via the Nexia InnoLab collaboration platform. The partnership is well timed to strengthen the monetary capabilities of our members amidst the challenges posed by the COVID-19 pandemic.”
Nexia enterprise clinics for SFA members covers a large spectrum of key enterprise areas together with taxation, valuation, cashflow planning, info memorandum, preparation and exit of preliminary public providing, Singapore Private Knowledge Safety Act, Basic Knowledge Safety Regulation, in addition to governance and inner controls.
Mr. Henry Tan Group CEO and Chief Innovation Officer, Nexia TS mentioned, “As a longtime worldwide accounting agency with over 27 years of expertise, we’ve come throughout shoppers notably SMEs dealing with numerous technological difficulties. As extra new-age FinTech gamers emerge within the post-COVID-19 market, we see an instantaneous want to attach these stakeholders in a holistic digital ecosystem to ship high-impact monetary options to raised the city-state’s economic system.”
Individually, The Singapore FinTech Affiliation (SFA) introduced in the present day the launch of a complete Grants and Jobs Portal throughout a digital launch occasion earlier in the present day, witnessed by Ms Indranee Rajah, Minister within the Prime Minister’s Workplace, Second Minister for Finance and Training.
The portal at the moment has over 500 job postings and can allow job seekers to entry the newest job vacancies, out there grants, related coaching alternatives and newest information inside the FinTech sector. SFA has additionally collaborated with organisations, together with the Institutes of Greater Studying, to generate content material to the portal. As well as, the Grants and Jobs portal can be highlighting numerous schemes out there below the SGUnited Traineeship and Expertise programmes.
Based mostly on the newest report by Boston Consulting Group (BCG) introduced on 19 June 2020, investments in Singapore-based FinTech companies spiked year-on-year to SGD $650 million, a rise of 19% within the first half of 2020. Amid the uncertainties and disruption from COVID-19, the FinTech sector in Singapore has proven resilience and is poised to bounce again rapidly post-pandemic as monetary establishments speed up their digital transformation journey and as extra prospects undertake digital options.
For the reason that onset of COVID-19 and after a survey carried out with its members in March 2020, SFA has pivoted rapidly and labored carefully with key stakeholders inside the sector to progressively introduce a variety of well timed and purposeful initiatives. These initiatives come within the type of financial and non-monetary help to assist FinTech corporations retain jobs and facilitate enterprise progress regardless of disruption to regular enterprise actions.
Among the initiatives launched since April embody:
1. SFA FinTech Certification – Benchmark qualification for FinTech licensed corporations to use for grants from Financial Authority of Singapore (MAS)
2. MAS-SFA-AMTD FinTech Solidarity Grant ($6 million) – Present financial assist to FinTech companies in two key areas; Enterprise Sustenance and Enterprise Development.
3. Business Collaboration – Labored carefully with market individuals, Razer and AMTD to facilitate funding to FinTech companies
4. Compliance Readiness Framework for FinTech Service Supplier (FSP) – Promote a sustainable relationship between FinTech Service Suppliers and Monetary Establishments.
5. Informative webinar periods – Greater than twenty occasions organised since April to offer info on grants, financing, enterprise continuity and extra.
Because the above have proven, collaboration is essential to the success of rolling out significant initiatives for the trade and would proceed to be an vital cornerstone for the continuous improvement of the sector in Singapore and globally, additional cementing Singapore’s place as a number one international FinTech hub.