News and Opinion about Millennials surrounded by fintech & insurtech + Opinion by S. Ernest Paul

Scandinavia and Asia join hands with a fintech backdrop

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scandasia.com

Joining hands and building fintech bridges for growth And while Sweden and Singapore may be in dialogue about entering into official fintech collaboration, Denmark has recently beaten Sweden, with no less than two collaborations inked on paper: between Copenhagen Fintech and Singapore Fintech Association and also between regulators MAS and the Danish Financial Supervisory Authority (Danish FSA). The latter aims to help fintech companies in the two countries expand into each other’s markets, and also to facilitate exchange of regulations information.

Singapore and Copenhagen organisations enter into fintech collaboration

In November 2016 the Swedish government introduced the Swedish fintech success to Southeast Asia by attending the Singapore Fintech Festival and bringing a business delegation from Sweden.

As for Sweden and Singapore Dusan also believes in stronger bilateral connections to come.

In addition, the cooperation agreement framework will enable regulators to share information about financial services innovations, reduce barriers to entry in new jurisdictions and further encourage innovation in Singapore and Denmark.

“Singapore and Sweden have many things in common by being open economies – which I believe, looking at the macro economy, is very important in today’s world. New deals between countries that there were not so important 1.5 years ago, is much more important today. I feel that there is there is tremendous amount of things that can be done; in particular within B2B fintech. I think we in Sweden have much better entrepreneurs. A strong entrepreneurship is not being built in a day, even if a government and money wants to do that. But what Singapore is catching up on is the regulatory in that they built an infrastructure, where they, at least regarding the finance inspection part, are well ahead of Sweden! Our central bank in Sweden is probably ahead of Singaporean regarding block chain and Bitcoin etc.”

Digital payments and loans Significantly, the telecoms also have a key role to play and where there is money to be made.

“The real fintech revolution, as far as I can see in Southeast Asia, is coming from the telecom companies. Partly because they control people’s connectivity but also that they have e-wallets and m-wallets and can digitize the usage and purchases. It is enough to open up an account at certain telecoms to use for certain daily needs and also have the connectivity. So there you have it.”

“Singapore and Sweden have many things in common by being open economies – which I believe, looking at the macro economy, is very important in today’s world. New deals between countries that there were not so important 1.5 years ago, is much more important today. I feel that there is there is tremendous amount of things that can be done; in particular within B2B fintech. I think we in Sweden have much better entrepreneurs. A strong entrepreneurship is not being built in a day, even if a government and money wants to do that. But what Singapore is catching up on is the regulatory in that they built an infrastructure, where they, at least regarding the finance inspection part, are well ahead of Sweden! Our central bank in Sweden is probably ahead of Singaporean regarding block chain and Bitcoin etc.”

Courtesy: scandasia.com/fintech-in-the-real-world-its-happening-in-asia/

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