Israel and Singapore took a step further in strengthening their bilateral relations with the signing of a Memorandum of Understanding to foster greater cooperation and to fuel sustainable growth between Singapore FinTech Association and Israeli City TLV. Both SFA or Singapore FinTech Association and Israeli City TLV association are nonprofit organizations catering to financial and technological collaborations in their respective countries and regions. The MoU is aimed at enhancing cross border associations, joint ventures and mutually beneficial endeavors not just in Singapore and Israel but around the world.
Towards the end of the last year, leaders of SFA and Israeli City TLV conducted a joint televised conference focusing primarily on small to medium enterprises. Experts see this development as the beginning of coming together of two major fin-tech ecosystems in the world. An Israeli delegation had attended the Fintech Festival in Singapore and talks are scheduled to continue through the new year to bring more associated organizations onboard. Both Israel and Singapore have robust financial services sector and are among the technological pioneers of the world. There is of course a plethora of similarities transcending finance and technology.
Israel, home to more than eight and a half million people, is among the smaller nations in the world like Singapore, home to more than five and a half million people. Yet, both countries have a formidable economy. Israel has a GDP of more than three hundred billion and Singapore is almost at three hundred billion. The per capita GDP of Israel and Singapore are around thirty seven thousand and fifty three thousand dollars. Both countries have similar life expectancy as well, at around eighty two years. Singapore is a global hub of financial services. Israel is a global hub of deep tech startups. The MoU is a natural extension between two nations with identical sensibilities, not just in industry or business in general but also in management of cities. The level of innovation in both countries has no equal.
The execution of the MoU will allow Israeli and Singaporean businesses to share technologies, expertise and best practices. The common objective is to contribute to the culture of innovation so both markets grow at a rate beyond their current capacities. In his official statement, President of Israeli City TLV Mr. Shmuel Ben-Tovim said that Singapore has been an important partner in their growing global FinTech network. The natural synergies between the two nations are further enforced by the shared ambition for excellence in technology and innovation. Israeli City TLV is presently working on implementing the MOU and is attempting to bring other relevant associations such as The Floor, IATI, Fintech Aviv, Start-up Nation and Israel Export Institute within the ambit of the agreement. The President of SFA, Mr. Chia Hock Lai said that Singapore Fintech Association has a lot in common with the Israeli City TLV, much like the similarities between the two peoples. Associations from both the countries will aim to learn from one another leading to rewarding developments for all stakeholders.
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