Australia and the Philippines have agreed to cooperate in promoting trade and investment within the financial technology (fintech) sector, marking a major step towards enhancing the technological collaboration between the two nations.
The memorandum of understanding that formalises the partnership was signed by FinTech Alliance.ph founding chairman Lito Villanueva and Australian Trade and Investment Commission (Austrade) general manager for Southeast Asia Mukund Narayanamurti.
The agreement is set to strengthen the engagement between the Philippines and Australia in fintech policy and regulation, increasing access to capital opportunities and addressing existing barriers.
Australian Ambassador to the Philippines, HK Yu PSM, FCPA, highlighted the rapid growth of digital economies in both countries, emphasizing the potential for an expanded trade and investment relationship.
“Australia and the Philippines’ digital economies are growing rapidly and dynamically – there is so much more that we can do to realize the full potential of our trade and investment relationship,” the ambassador said.
This partnership follows the recent upgrade of the Philippines-Australia relationship to a Strategic Partnership, as declared by Philippine President Ferdinand Marcos and Australian Prime Minister Anthony Albanese.
It also aligns with the Australian government’s economic focus on Southeast Asia, evidenced by the launch of “Invested: Australia’s Southeast Asia Economic Strategy to 2040″ in September.
Under this collaboration, FinTech Alliance.ph and Austrade will initiate projects to innovate financial services in both countries, leading to enhanced commercial opportunities.
“We are very honored to be working together with the Australian government to further accelerate the rapid progress we are making in the fintech and trade industry, as well as for our digital economy,” Villanueva said.
The partnership is guided by strategic frameworks, including the Philippines Development Plan 2023-2028 and Australia’s Southeast Asia Economic Strategy. These plans aim to increase two-way trade and investment, focusing particularly on the digital economy.
Additionally, the partnership will facilitate information sharing on emerging market trends and technological advancements to improve the fintech ecosystem.