‘Fintech bridge’ to Singapore in the works to lift digital trade
The federal government is looking to use a new treaty with Singapore to increase exports of fintech services, following the new ‘‘open banking’’ regime.
The regime’s consumer data right policy could thus help facilitate cross-border data exchange to expand the digital economy.
The Department of Foreign Affairs and Trade said in March it had finalised negotiations of the Australia-Singapore Digital Economy Agreement, which is expected to become an additional chapter in the existing Singapore-Australia Free Trade Agreement.
It will reduce trade barriers and increase collaboration between businesses and government in Singapore and Australia by making it easier to move data between the two countries.
Senator Jane Hume, the Assistant Minister for Superannuation, Financial Services and Financial Technology, said she is exploring how an existing “fintech bridge” agreement with the UK might be extended to include Singapore, to help fintech start-ups take advantage of closer digital trade between the countries.
“Singapore is a valuable source of capital and skills for Australian firms,” she told The Australian Financial Review.
“If we could build a ‘bridge’ to Singapore, and then expand that out via a trilateral bridge between Australia, Singapore and the UK – that is a really exciting opportunity.”
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