AMTD News | AMTD Group and Singapore FinTech Association join forces to support Singapore’s FinTech Community
AMTD Group (“AMTD”) and Singapore FinTech Association (“SFA”) signed a Strategic Collaboration Agreement today, which aims at supporting and anchoring Singapore’s FinTech community, maintaining Singapore’s leadership as one of the most energetic, sustainable FinTech ecosystems and as a global leader in FinTech innovation and entrepreneurship, and contributing to Singapore’s vision as a smart nation. The strategic partnership builds on AMTD’s collaboration with SFA in MAS-SFA-AMTD Solidarity Grant, in which SFA acts as the fund administrator of the Grant Scheme. The Grant Scheme has received over 250 applications so far, whereby the Business Growth Grant (BGG) is aiming to foster the continued growth of Singapore-based FinTech companies and help offset their proof-of-concept costs; and it is still open for application.
AMTD has built a multi-dimensional and cross-sector SpiderNet ecosystem that is continuously expanding to connect and promote collaboration between its partners, including shareholders, clients, government bodies, and industry associations, etc. SFA is an industry body designed to facilitate collaboration between all participants and stakeholders in Singapore’s FinTech ecosystem.
SFA will become a permanent member of AMTD’s SpiderNet ecosystem and AMTD will also become a strategic partner of SFA. AMTD and SFA are committed to connecting each other’s ecosystems to maximize the synergies for all of their respective members, and empowering the members with wide-open, cross-regional, and cross-industry opportunities. AMTD and SFA shall endeavour to achieve the docking and fusion with each other’s ecosystem, network and resources, in response to the growing needs of Singapore FinTech community to connect beyond Singapore and enjoy better access to global capital markets.
Calvin Choi, AMTD’s Chairman and CEO comments, “Singapore has been a global leader in FinTech innovation. It is AMTD Digital’s headquarters and AMTD Group’s regional headquarters. There are growing needs from local FinTech start-ups to expand outside of Singapore and apply their technology in and learn from partners in other markets. The strategic partnership between AMTD and SFA would leverage on AMTD’s strong foundation in the Greater Bay Area and connectivity with the global markets, and further enable Singapore’s FinTech start-ups to connect outside of Southeast Asia.”
Hock Lai Chia, President of SFA adds, “As Singapore’s FinTech ecosystem continues to grow, SFA thrives to collaborate with strong ecosystem players to empower our FinTech community. We are glad that AMTD and SFA share the same vision and can bring our partnership to a new level.”
AMTD, as a founding partner, is committed to providing long-term support to the Singapore FinTech Festival, which is the world's largest of its kind. AMTD is the first corporate founding member of the ASEAN Financial Innovation Network (AFIN), for which our chairman Calvin Choi was invited to serve as its board member. In April 2020, AMTD partnered with AFIN to establish the S$50 million AMTD ASEAN-Solidarity Fund. AMTD is leading a consortium comprising of Xiaomi Corporation, Funding Societies and SP Group and has submitted an application for the Digital Wholesale Bank License in Singapore.
AMTD Digital, the digital solutions platform of AMTD, has recently announced several landmark transactions in Singapore’s FinTech space through its unique “fusion-in” programme, including the acquisitions of the controlling stakes in (i) PolicyPal, Singapore’s InsurTech pioneer and first graduate of MAS’ FinTech Sandbox; (ii) CapBridge Financial, Singapore’s first regulated securities exchange for digital assets and private companies and Singapore’s leading integrated private market ecosystem platform; and (iii) FOMO Pay, the one-stop QR code and digital payment solution provider in Southeast Asia. These acquisitions reflect AMTD’s fusion-in strategy by integrating innovative companies into its unique SpiderNet ecosystem, and its ambition to continue to build out its one-stop cross-market intelligent digital financial services platform. AMTD will continue to bring its capital markets expertise and extensive connections with global new economy companies to Southeast Asia, and empower more entrepreneurs in their innovation and development, and finally interconnect with the global markets.
About AMTD Group
AMTD Group is a leading comprehensive financial services conglomerate, with businesses in investment banking, asset management, digital financial solutions; and non-financial services areas including strategic investments, real estate and education.
AMTD International (NYSE: HKIB; SGX: HKB), a subsidiary of AMTD Group, comprises the largest independent investment bank in Asia and one of Asia’s largest independent asset management companies, and has been a leading investor in FinTech and new economy sector. AMTD International successfully listed on the New York Stock Exchange in 2019, representing the first Hong Kong headquartered financial institution listed on NYSE. On April 8, 2020, AMTD International completed its successful listing on SGX-ST, which marks a series of historical milestones, including:
• The first company ever to be dual listed on NYSE and SGX;
• The first company featuring dual-class shares (DCS) listed on SGX;
• The largest financial institution headquartered in China and Hong Kong listed on SGX as measured by market capitalisation;
• The first Hong Kong financial institution listed on SGX;
• The largest company in terms of market capitalisation listed in Singapore year to date; and
• The first company to conduct a digital listing ceremony in Singapore.
AMTD Digital, the digital solutions arm of AMTD Group headquartered in Singapore, covering digital financial services, digital media marketing and data intelligence, digital connectors and ecosystem, and digital investments. AMTD Digital aims to build a one-stop, comprehensive, cross-market, and innovative digital financial services platform.
About Singapore FinTech Association (SFA)
Singapore FinTech Association (SFA) is a cross-industry non-profit initiative, intended to be a platform designed to facilitate collaboration between all market participants and stakeholders in the FinTech ecosystem.
It is designed to be an effective platform for members to engage with multiple stakeholders to find solutions to issues. SFA has 50 MOUs with associations and government bodies around the world. Leveraging on its domestic network of 360+ FinTech companies and industry partners and global network in more than 32 countries, SFA aims to:
• Be a platform designed to facilitate collaboration between all market participants and stakeholders in the FinTech ecosystem. It is designed to be an effective platform for members to engage with multiple stakeholders to find solutions to issues and to promote best FinTech practices in a collaborative, open, and transparent manner;
• Represent the FinTech industry, uphold the integrity of its members, support the building of relationships within the FinTech community, and collaborate with regional as well as international FinTech organizations; and
• Educate, inform and communicate by developing a connected FinTech ecosystem, channelling effective and relevant information among members and externally; foster innovation among Association members and the Singapore FinTech ecosystem; accelerate development of FinTech companies operating in or entering into Singapore, and their subsequent integration and acceleration into the Singapore FinTech ecosystem; and represent, align and support common interests by coordinating and catalysing otherwise individual actions so that the Association can represent the FinTech community.