Copenhagen FinTech, a Danish fintech ecosystem, has signed the first Memorandum of Understanding (MOU) with the Singapore Fintech Association in order to test solutions and offer access to the wider markets of Europe and ASEAN respectively.
The signing of the MOU took place in Singapore during an event to kick-start the exploratory process between the associations. The MOU marks the potential scope of collaboration, identifying possible roadblocks and building a bridge between Singapore and Copenhagen.
“It is the right time and with the right people” stated H.E. Dorte Bech Vizard, Ambassador of Denmark to Singapore and Brunei, during the signing event.
The first stem of the collaboration between both the countries aims to build fintech bridges that connect Asian companies to European and vice versa. From the Copenhagen FinTech, the event saw representatives from three start-ups – Sophie Blakstad CEO Hiveonline; Simon Ousager Account Executive Chainalysis; Nicholas Meilstrup CEO CrediWire, along with Jan Sirich, leader in Group Digital Nordea. Also from Singapore were Pauline Sim program manager FinLab, Shailesh Naik CEO MatchMove and Varun Mittal, representing the Singapore Fintech Association.
The factors that make the locations attractive includes regulatory regime, the depth and breadth of technical skills and the ability to connect with other countries for outsourcing and access. Denmark has gained a reputation for success in innovation, incorporating human-centric design as an essential element in their approach. On the other hand, Singapore is adept at scaling and execution. The combination of these nations offers a powerful platform for mutual innovation and success.
Sopnendu Mohanty, Chief FinTech Officer from the Monetary Authority of Singapore, described Denmark as “Singapore-like”, since it is equally reliable, consistent as well as a gateway to the region.
