Tencent revealed at the Singapore Fintech Festival 2021 that it will be teaming up with the Asian Institute of Digital Finance (AIDF), which is an institute within the National University of Singapore (NUS) that has been established by the Monetary Authority of Singapore (MAS), the National Research Foundation (NRF) and NUS.
As mentioned in a release, Tencent Financial Technology (FiT) and AIDF will work cooperatively in the areas of research, education, and entrepreneurship in order to effectively support Asia’s digital finance sector.
The two parties will aim to bring thought leadership to the Fintech community and “build Fintech leadership pipeline in the region,” the update noted.
In addition to organizing relevant programs, the areas of collaboration will reportedly include:
- Expanding knowledge expertise in Fintech Research: Tencent FiT and AIDF will “conduct research into deep-tech solutions that will address real-world problems.” The research will “focus on areas such as cross-border payment for the continued growth of the industry and the benefits of the society.”
- Developing the Fintech talent pool in Singapore: Tencent FiT and AIDF will “offer curated training and development initiatives for employees as well as internship programs for AIDF’s students.”
- Driving innovations in Asia’s Fintech scene: An annual research challenge competition will be “jointly launched for AIDF students and participating fintech start-ups under the AIDF incubator program.”
Forest Lin, Corporate Vice President of Tencent and President of Tencent Financial Technology, stated:
“The fintech landscape is gaining tremendous momentum in the region due to digital acceleration in recent years. Through our partnership with AIDF, we want to support Asia’s smart city initiatives by nurturing the next generation of talents with global perspectives, as well as to drive financial innovations and leadership in the fintech industry. We are committed to partnering with local regulators, research institutions and companies to seek innovative solutions to problems and to help businesses stay competitive within and beyond their markets.”
Duan Jin-Chuan, Executive Director, Asian Institute of Digital Finance, National University of Singapore, remarked:
“The joint initiatives with Tencent are meant to nurture the next generation of fintech leaders and contributors in the region with both technical knowledge and industry expertise. The collaboration will also help advance cutting-edge digital financial technologies, pushing Asia’s Fintech frontier forward.”
Asia has emerged as one of the innovation hotspots of the Fintech revolution.
Data from the EY Global Fintech Adoption Index survey reveals that Asia has retained its international leadership in Fintech adoption, with Singapore “attaining a 67% adoption rate.”
During the past couple years, consumer usage rates of Fintech-powered services have “doubled across key Asia markets.”
As Asia “pushes the envelope on innovations for digital transformation, the partnership between Tencent FiT and AIDF will drive the advancement of the region’s financial services industry through tailor-made programmes and co-sharing of expertise,” the announcement noted.