A new initiative sees Singaporean fintechs getting support to expand overseas, with Malaysia showcased as an attractive location for foreign investment.

The Singapore Fintech Association (SFA) launched Project Tapir, aimed at partnering with Malaysia-based venture capital (VC) firms, Artem Ventures and OSK Ventures International Berhad (OSKVI). According to an announcement issued Monday, it will identify and showcase promising startups that are keen to launch in Malaysia.

This includes companies in payments, regtech, insurtech, AI, sustainability and climate-related tech, education, healthcare space, and enterprise tech. It will also comprise other emerging technologies where Artem Ventures and OSKVI specialize, according to a media release Monday. 1337 Ventures, a Malaysian-based VC firm specializing in early-stage technology startups, is supporting the project as a secondary partner.

Higher Chances

SFA hopes these partnerships under Project Tapir will provide Singapore FinTechs with a comprehensive ecosystem that ensures a higher chance of go-to-market, when anchored by Artem Ventures and OSKVI, with 1337 Ventures as a partner.

«Artem Ventures and OSKVI both have deep expertise in the Malaysian Fintech space and we hope this latest initiative will support our members and positively impact both the economic and talent markets in both countries,» Shadab Taiyabi, President of SFA, said.

Malaysia Visit in May

Under the arrangement, SFA will play a key role in shortlisting potential Singapore Fintech companies to be part of an SFA delegation that will travel to Malaysia for a business mission in May 2024.

Both anchor venture capital firms will support the selected companies in their expansion efforts in Malaysia, including providing access to local industry insights and advice.

Cross-border Collaboration

The overarching initiative will benefit both the Singaporean and Malaysian governments' aspirations by promoting their respective interests in neighboring countries. With it, Singaporean fintechs get support when expanding overseas while Malaysia is showcased as an attractive location for foreign investment.