Tencent announced a partnership with the Asian Institute of Digital Finance (AIDF), a National University of Singapore (NUS) institute co-founded by the Monetary Authority of Singapore (MAS), the National Research Foundation (NRF), and NUS, at the Singapore Fintech Festival 2021. Tencent Financial Technology (FiT) and AIDF will collaborate in the areas of research, education, and entrepreneurship to better support Asia’s fast-growing digital finance industry under the terms of the agreement.

The two parties will work together to bring thought leadership to the fintech community and to develop the region’s fintech leadership pipeline. The areas of collaboration will include: organizing industry events and bespoke training programs, as well as:

Fintech Research: Increasing knowledge and expertise

Tencent FiT and AIDF will work together to develop deep-tech solutions to real-world problems. The study will concentrate on topics such as cross-border payment for the industry’s continued growth and societal benefits.

Developing Singapore’s Fintech talent pool:

Tencent FiT and AIDF will collaborate to provide employees with curated training and development opportunities, as well as internship opportunities for AIDF students.

Innovators in Asia’s Fintech scene include:

Under the AIDF incubator program, an annual research challenge competition will be launched for AIDF students and participating fintech start-ups.

According to Corporate Vice President of Tencent Forest Lin, the fintech landscape in the region is gaining tremendous momentum in recent years due to digital acceleration and through their partnership with AIDF, they hope to support Asia’s smart city initiatives by nurturing the next generation of talents with global perspectives, as well as drive financial innovations and leadership in the fintech industry and that they are committed to working with research institutions, local regulators, and businesses to find solutions that is innovative to solve problems and to assist businesses in remaining competitive both within and outside of their markets.

Executive Director, Asian Institute of Digital Finance, National University of Singapore Duan Jin-Chuan says that their 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 saying that their collaboration will help advance cutting-edge digital financial technologies, pushing Asia’s Fintech frontier forward.

Asia has emerged as one of the fintech revolution’s innovation hotspots in recent years. According to the latest EY Global FinTech Adoption Index survey, Asia continues to lead the world in fintech adoption, with Singapore reaching a rate of 67 percent. Consumer use of fintech-powered services has doubled in key Asian markets in the last two years. Tencent FiT and AIDF’s partnership will drive the advancement of the region’s financial services industry through tailor-made programs and expertise sharing as Asia pushes the envelope on digital transformation innovations.