Fintech associations from across the Asia-Pacific region have announced the formation of the Asia-Pacific Fintech Network, which will facilitate greater collaboration throughout the region and encourage innovation across borders.

Nine associations got together to formally launch the network at the Asian Financial Forum event in Hong Kong—by signing a Statement of Intent.

The associations joining the coalition hail from Australia, Hong Kong, Japan, Malaysia, Middle East and North Africa (MENA), Philippines, Singapore, Taiwan and Thailand. Furthermore, according to the participating organisations, the network’s doors are open to other associations in the region that are interested.

Some activities planned by the network include:

• Co-organizing events in their respective markets to exchange information about recent developments and to facilitate trade and bilateral foreign direct investment
• Developing and fostering collaboration between companies in Asia with startups, corporates, regulators, business partners and investors
• Hosting joint webinars, seminars and workshops to share knowledge of technologies, products, services, and standard

The new network aims to focus on a range of sectors and themes which stand to benefit most from a collaborative approach, such as regtech, blockchain, payment systems, artificial intelligence and financial inclusion.

Henri Arslanian, Chairman of the Fintech Association of Hong Kong, said:

“Innovation develops best through collaboration and cooperation across borders. We hope the launch of the Asia-Pacific Fintech Network will catalyse even more advances throughout the region.”

Beyond Henri, other associations chimed in with similar messages of collaborating with and building off the efforts of one another, seeing it as a key to push fintech forward, especially since, there is a shift in global economic weight towards the Asian side of the world.

Featured image via Rachel Martin on Unsplash