Malaysia and Singapore Step Up Fintech Game

As the financial technology sector starts to take off across the globe, Malaysia and Singapore are combining forces to stay a step ahead of the game.

Malaysian banking powerhouse CIMB has announced a partnership with a local Singapore accelerator named Startupbootcamp Fintech to help provide guidance to startups in the City-State. CIMB will provide expert business advice in addition to funding for both the accelerator and startups that participate.

CIMB chief executive Zafrul Aziz said the accelerator will provide both traditional support within Singapore as well as bolstering partnerships within Asia, in particular Thailand and Indonesia. Kuala Lumpur, the capital of Malaysia and location of CIMB headquarters, has long been a key player in Asian development and cooperation.

CIMB hopes to push both competition and cooperation within the region to remain agile and strong in the international scene.

Startupupbootcamp Fintech will open early next year and provide about 10 positions for startups. Startups are allowed to apply on their own, but the accelerator itself will send out invitations to a select few who show promise. These selected startups will be able to participate in the accelerator’s FastTrack tour program, which provides face-to-face access to industry insiders before the accelerator begins.

Several successful startups in the region have lauded Singapore as a potential fintech global hub of the future, noting that Singaporean companies are already developing unique financial technology solutions.