SFA, Austrade kick-off Project Lorikeet to support fintechs expansion in both markets

Supporting partners are HSBC and Amazon Web Services.

The Singapore FinTech Association (SFA) and the Australian Trade and Investment Commission (Ausrade) have inked a memorandum of understanding (MOU) to boost fintech trade and investment flows between the two nations.

The MOU also kickstarts Project Lorikeet, a programme that aims to support Singaporean fintechs’ expansion into Australia and vice versa.

Project Lorikeet will provide resources to Singapore-registered fintechs that have existing plans to expand into the Australian markets, and help participating fintechs set up a presence in Australia within 6 to 9 months.

Prior to the MOU and Project Lorikeet, the Austrade and SFA have previously worked together to help fintechs from their jurisdictions enter each other’s markets, the joint statement read.

Supporting partners of the programme are HSBC and Amazon Web Services.

Banking giant HSBC will provide banking support in Singapore, whilst Amazon Web Services will provide the fintechs with cloud solutions to support them in launching, building and growing their businesses in Australia.