Major New Fintech Push Emerges as Firms Unite

Mobile payments doesn’t get far without development operations behind it, and the dizzying pace of development we’ve seen so far is partially in thanks to various financial technology (fintech) associations working to push development. Recently, one major move was spotted—though in a way, it’s actually three moves at once—as the Fintech Association of Hong Kong signed three different memoranda of understanding with various global fintech operations.

The Hong Kong association signed said memoranda with not only the Singapore Fintech Association and the Taiwan Fintech Association—both operations within comparatively close geographic scope—but also with the Swiss Finance + Technology Association, showing that Hong Kong wants to go global with this initiative.

The newly-aligned group, reports note, will have a particular focus on supporting the overall development of fintech worldwide. This includes the potential for joint responses to regulators, as well as participation in member group events in a bid to get more word out about fintech developments.

Fintech Association of Hong Kong interim general manager Musheer Ahmed noted “Collaboration is crucial to the development of FinTech, not just in Hong Kong but globally. It is also one of the founding principles of FTAHK. Our partnerships with the Singapore FinTech Association, the FinTech Industry Development Association in Taiwan and the Swiss Finance + Technology Association are excellent examples of how we want to work with all relevant parties to the benefit of the wider community.”

With an overarching intent focused on advocacy, collaboration and education, the branching out into other markets—including one market that isn’t so nearby—is likely a sound idea. The groups can help shoulder some development costs together, and help get the word out together. They can encourage smaller developer shops to get into the fray and get more product out on the table. That’s good news for all concerned.

Of course, even four fintech associations like this may not be able to swing the kind of weight an Apple or a Samsung can in the market. That might make the overall impact of this association somewhat limited. However, it’s safe to say every little bit helps, and in this case, every little bit puts that much extra into play and gives us all a chance to see new and exciting fintech developments.