FinTech Mission Asia

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The purpose of this business development trade mission is to introduce U.S. firms to the rapidly evolving market for financial services and technology and to engage in a discussion with key decision-makers as to how to engender sustainable policies and regulatory environments to support bilateral trade in financial technology products and services. The mission will enable participating firms and organizations to gain market insights, make industry contacts, solidify business strategies, advocate for enabling policies, and advance specific projects, with the goal of increasing U.S. exports and policy engagement with these Indo-Pacific markets. By participating in an official U.S. industry delegation, rather than traveling to the region independently, U.S. companies will enhance their ability to secure meetings in-country and gain greater exposure through association with the U.S. diplomatic mission. 

The mission stop in Singapore will be centered around the annual Singapore FinTech Festival (SFF) where mission participants will receive access to the show and participate in mission planned activities around the festival. The SFF is the largest FinTech festival in the world and a knowledge platform for the global FinTech community.  Participants will not be expected to exhibit at the Singapore Fintech Festival, but if interested in doing so, the Commercial Service Singapore will help them navigate the process to purchase space at the U.S. pavilion.

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Mission Participants Will:

• Learn about regional priorities, policy and regulatory changes, projects, and business opportunities.
• Make industry and government/authority contacts.
• Meet pre-screened potential buyers, agents, distributors, or joint venture partners.
• Participate in Networking Receptions.
• Solidify business strategies and advance specific project goals.

Bonus Feature:

• In Singapore, the mission will include access to the Singapore Fintech Festival, where participants will participate in mission planned activities at the show. 

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The mission is designed for U.S. firms and organizations who play a part in the financial technology industry, especially those with products in the following categories: 
 

• Payments (mobile payment and others) 

• Insurance Technology 

• Reg FinTech  

• Lending 

• Cross-border trade finance 

• New Economy Finance 

• Sustainable Finance / Finance 

• Blockchain Infrastructure Solutions 
   

This list is not intended to be exhaustive of all opportunities but shows best prospect sectors. Applications from companies selling products or services within the scope of this mission, but not specifically identified, will be considered, and evaluated by the International Trade Administration on a case-by-case basis. 

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FINANCIAL TECHNOLOGIES   

BUSINESS DEVELOPMENT MISSION TO  

SINGAPORE AND JAPAN 

WITH AN OPTIONAL STOP IN SOUTH KOREA 

Dates: NOVEMBER 13 – 20, 2023 

MISSION DESCRIPTION 

The United States Department of Commerce, International Trade Administration (ITA) is organizing a financial technologies business development mission to Singapore and Tokyo, Japan, with an optional stop in Seoul, South Korea from November 13 to 20, 2023. 

The purpose of the mission is to expand opportunities for U.S. companies in the Indo-Pacific region at the intersection of financial services, financial technology, payments, reg fintech, and sustainable financial technology. This mission will also be part of delivering and advancing U.S. technology, standards and commercial interests in this vital region of the world. 

The objective is to identify, where appropriate and in line with U.S. policy objectives, trade promotion opportunities that will help cement U.S. financial technology organizations as global leaders in this emerging industry, while also creating new commercial opportunities and encouraging strong regulation and supervision worldwide. 

The mission is designed for U.S. firms and organizations who play a part in the financial technology industry, especially those with products in the following categories: 
 

• Payments (mobile payment and others) 

• Insurance Technology 

• Reg FinTech  

• Lending 

• Cross-border trade finance 

• New Economy Finance 

• Sustainable Finance / Finance 

• Blockchain Infrastructure Solutions 
   

This list is not intended to be exhaustive of all opportunities but shows best prospect sectors. Applications from companies selling products or services within the scope of this mission, but not specifically identified, will be considered, and evaluated by the International Trade Administration on a case-by-case basis. 

COMMERCIAL SETTING   

​In May 2022, the United States launched the Indo-Pacific Economic Framework for Prosperity (IPEF) with Japan, Republic of Korea, and Singapore being part of this initiative. The goal of IPEF is to advance sustainability, inclusiveness, economic growth, and competitiveness to benefit each of the participating economies. U.S. financial technology industry and private companies have various commercial solutions to address sustainability and economic inclusion, which this mission can serve as a catalyst.  

In 2023, the U.S. will also host the Asia-Pacific Economic Cooperation (APEC) meetings.  During its 2023 APEC Host Year, the United States will continue to focus on sustainable economic growth. This mission will serve as one means to further U.S. and APEC economy private sector collaborations to establish responsible and sustainable financial technology industry standards and practices. 

​This trade mission will be a catalyst to help both showcase U.S. financial technology industry, services, and products and serve as a U.S. commercial diplomacy win to assist with ensuring the Indo-Pacific region will look at U.S. based financial services and technology standards and approaches for their financial services industry. The mission will provide curated visits to key governmental agencies, non-governmental, and other local industry organizations in the market. Trade mission partners include high level government representatives as well as directors from leading incubators and business associations. Delegations will also be visiting key private sector companies and organizations in the local market that is challenging to set-up meetings, such as possible visits to the Tokyo Stock Exchange, Singapore Big 4 local banks, leading asset management companies in Japan and Singapore, and local investment organizations. 

Singapore 
 
According to the U.S. Bureau of Economic Analysis, the U.S. financial services industry exported over $2.3 billion worth of services to Singapore in 2021 – a decade high. The Singapore government believes that everything they do in FinTech has to have a larger purpose, namely, to improve the lives of individuals, to build a more dynamic economy, and to promote a more inclusive society. Singapore’s FinTech journey is about innovation, inclusion, and inspiration.   

Singapore serves as the financial center hub for the ASEAN Southeast Asia region at large.  
Singapore’s financial services market is estimated to grow by an average 4% to 5% per annum during 2021 – 2025. Specifically, the Singapore Fintech Market is poised to grow at CAGR of 7% by 2027. In addition, ASEAN member countries Vietnam, Philippines, Thailand, and Indonesia consistently rank in the top 20 countries in terms of financial technology adoption.  

On November 6, 2022, ITA leadership met with Singapore Secretary of the Ministry of Trade and Industry Gabriel Lim on the U.S.-Singapore Partnership for Growth and Innovation Annual Dialogue to deepen U.S.-Singapore cooperation on key economic issues. This mission will be under the commercial cooperation umbrella of the PGI dialogue. 

The mission in Singapore will be centered around the annual Singapore FinTech Festival (SFF) where mission participants will receive access to the show and participate in mission planned activities around the festival. The SFF is the largest FinTech festival in the world and a knowledge platform for the global FinTech community. The number of international participants has consistently attracted more than 60,000 participants from over 160 countries. Singapore Fintech Festival 2022 featured more than 850 speakers from private and public sectors who participated in plenary sessions, industry panels and roundtables. The Singapore Fintech Festival exhibition saw more than 570 exhibitor booths including 25 international country pavilions. Over 4,000 meetings were facilitated through SFF’s business matching platform. Many of the SFF participants are C-suite, senior management level decision makers, and influencers in the Asian fintech industry.   
 
Singapore FinTech Festival is organized by the Singapore government’s Monetary Authority of Singapore and is where regulators, policy makers, venture capitalists, private equity, family offices and global investors converge to shape the future of financial technology. Past speakers have included Central Banks Governors, Treasury officials, and other high level key regulators in the industry. The Department of Commerce ITA has led three previous financial technology trade missions with fully subscribed U.S. companies with an average of over 20 delegates. The mission has led to U.S. companies and industry increased financial services exports to the country and region. Major regional financial services sponsors of the event include Prudential Insurance, Temasek, UOB Bank, DBS, and others. The SFF is an ideal conference for U.S. companies to attend as 52% of the world’s top 50 most well-funded FinTechs in the world, 60% of the world’s top 50 global banks, and 79 central banks and regulators are in attendance. Mission participants can expect to be in Singapore for this unique event where we will organize a special program for participants, which will consist of a country briefing, industry networking, a visit to the Singapore Fintech Festival, and B2B meetings. In addition, the mission will give delegates the opportunity to meet players in the fintech industry, such as international banks, that have fintech project work experience, the Monetary Authority of Singapore, that set the policies and development strategies for technology and innovation in the financial sector, and the Fintech Innovation Centre and Fintech Consultancy. Participants will not be expected to exhibit at the Singapore Fintech Festival, but if interested in doing so, the Commercial Service Singapore will help them navigate the process to purchase space at the U.S. pavilion. 
 
 

Japan 

Japan is considered a top financial market in Asia for U.S. industry and is an ideal target country for expanded U.S.-Asia commercial engagements. According to the Bureau of Economic Analysis, the U.S. financial services industry exported over $2.255 billion worth of services to Japan in 2020 and $2.225 billion in 2021. Japan has the third largest economy in the world and its fintech market grew from $3.2 billion in 2019 to approximately $11 billion in 2022. Japan also has a lot of legacy financial IT systems that need upgrading and which could use U.S. financial service providers and U.S. commercial engagements. 
 
The Tokyo Metropolitan Government has launched plans to turn the Japanese capital city into a global financial center in Asia with the launch of the “Global Financial City: Tokyo” Vision 2.0” Report and to roll out the welcome carpet for foreign financial companies to enter, sell, and establish a presence in Japan. Tokyo has launched a bilateral financial services partnership with other key countries such as the UK and France, and thus this trade mission will deepen US-Tokyo/Japan financial services. Tokyo is already currently ranked as a top ten global financial center and all the major Japanese financial corporations are headquartered in Tokyo.  

The visit to Tokyo will include meetings with Japanese national policymakers in the financial technology portfolio, a possible stop at the Tokyo Stock Exchange, meetings with Japanese global banks with significant fintech and digital assets work, fintech and startup accelerators, and Tokyo Metropolitan government representatives working on the Tokyo financial technology portfolio.      
 
Major Japanese banks presence in the market for U.S. firms with significant financial technology operations include Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group, among others. U.S. companies will also potentially meet with corporate venture capital firms such as Softbank, Sony Innovation Fund, Mizuho Capital, along with public innovation funds such as Keio Innovation Initiative and the Japan Investment Corporation.  
 

South Korea (Optional Stop) 
 
Korea is the 3rd largest economy in Asia and its financial technology market is one of the most innovative and forward thinking in the region. The Korean government has designated FinTech as one of its 24 key areas to support innovation as a means to spur growth in the Korean financial industry. The Korean government has also established the FinTech Support Centre to support the growth of the industry. As of 2019, South Korea’s fintech adoption rate reached 67 percent of the digitally active adult population. On April 1, 2019, the Korean government also introduced a regulatory sandbox scheme for fintech companies to experiment with financial innovative products.  

The Korean government has also shown concern for anti-money laundering and other consumer protection matters. The government has amended the Korea’s Act on Reporting and Use of Certain Financial Transaction Information which will apply to virtual asset service providers (“VASP”) (e.g., cryptocurrency exchanges and other virtual asset service providers). This new policy and regulation will create tremendous opportunities for U.S. financial technology companies providing AML/KYC services to the local market.  

South Korea’s fintech industry estimated there were 45 million fintech users in 2022 and over 400 fintech companies. The visit in Korea will include meetings with national policymakers in the financial technology portfolio, Korean local banks such as Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank with significant fintech and digital assets work, and representations of fintech and startup accelerators (ie. Seoul Fintech Lab).  
 
South Korea’s financial technology market is growing rapidly. One of the major reasons for this growth has been the support of the South Korean government. The Korean Financial Services Commission introduced the Financial Regulatory Sandbox in April 2019. A reputable Korean startup accelerator is NEOPLY based in Seoul, Korea, while accelerators Crevisse, Magna, and others provide supportive and local insights and venture capital for financial technology companies.  
 

Other Products and Services     

The foregoing analysis of the financial technology opportunities in Singapore, Japan, and Korea is not intended to be exhaustive, but illustrative of the many opportunities available to U.S. businesses. Applications from companies selling products or services within the scope of this mission, but not specifically identified, will be considered and evaluated by the U.S. Department of Commerce. Companies whose products or services do not fit the scope of the mission may contact their local U.S. Export Assistance Center (USEAC) to learn about other business development missions and services that may provide more targeted export opportunities. Companies may go to http://trade.gov to obtain such information.  

MISSION GOALS 

The purpose of this business development trade mission is to introduce U.S. firms to the rapidly evolving market for financial services and technology and to engage in a discussion with key decision-makers as to how to engender sustainable policies and regulatory environments to support bilateral trade in financial technology products and services. The mission will enable participating firms and organizations to gain market insights, make industry contacts, solidify business strategies, advocate for enabling policies, and advance specific projects, with the goal of increasing U.S. exports and policy engagement with these Indo-Pacific markets. By participating in an official U.S. industry delegation, rather than traveling to the region independently, U.S. companies will enhance their ability to secure meetings in-country and gain greater exposure through association with the U.S. diplomatic mission. 

MISSION SCENARIO 

The business development mission will include, where available, meetings with national and/or local government officials, chambers of commerce, and business groups; business appointments with pre-screened potential business partners, such as buyers, agents, distributors and/or joint venture partners; and networking receptions for companies and trade associations representing companies interested in expanding and developing business in the region. Recognizing that each participant’s objectives and opportunities will be different, this mission strives to blend structured activities at the group level with a high degree of customization through individual matchmaking appointments. Final meetings and introductions will be based on the overall composite of confirmed participants and availability of outside parties. In Singapore, the mission will include access to the SFF, where participants will participant in mission planned activities at the show. 

PROPOSED TIMETABLE: 

*Note: The final schedule and potential site visits will depend on the availability of host government and business officials, specific goals of mission participants, and ground transportation. 

PARTICIPATION REQUIREMENTS 

All parties interested in participating in the trade mission must complete and submit an application package for consideration by the DOC. All applicants will be evaluated on their ability to meet certain conditions and best satisfy the selection criteria as outlined below. A minimum of 12 companies and maximum of 20 firms and/or trade associations will be selected to participate in the mission from the applicant pool. A minimum of six companies will be recruited for the optional stop to Seoul, South Korea. 

FEES AND EXPENSES 

After a firm or trade association has been selected to participate on the mission, a payment to the Department of Commerce in the form of a participation fee is required. The participation fee for the Business Development Mission will be $3900 for small or medium-sized enterprises (SME) 1; and $4600 for large firms or trade associations. The fee for each additional firm representative (large firm or SME/trade organization) is $750.  Companies opting to participate in the optional stop to Seoul, South Korea will pay an additional fee of $1,300 for SMEs and $2100 for large firms or trade associations. All fees also include access to the SFF in Singapore, where participants will participant in mission planned activities at the show. Expenses for travel, lodging, meals, and incidentals will be the responsibility of each mission participant. Interpreter and driver services can be arranged for additional cost. Delegation members will be able to take advantage of U.S. Embassy rates for hotel rooms. 

If, and when, an applicant is selected to participate on a particular mission, a payment to the Department of Commerce in the amount of the designated participation fee below is required. Upon notification of acceptance to participate, those selected have 5 business days to submit payment or the acceptance may be revoked.   

Participants selected for a trade mission will be expected to pay for the cost of personal expenses, including, but not limited to, international travel, lodging, meals, transportation, communication, and incidentals, unless otherwise noted. Participants will, however, be able to take advantage of U.S. Government rates for hotel rooms. In the event that a mission is cancelled, no personal expenses paid in anticipation of a mission will be reimbursed. However, participation fees for a cancelled mission will be reimbursed to the extent they have not already been expended in anticipation of the mission. 

If a visa is required to travel on a particular mission, applying for and obtaining such a visa will be the responsibility of the mission participant. Government fees and processing expenses to obtain such a visa are not included in the participation fee. However, the Department of Commerce will provide instructions to each participant on the procedures required to obtain business visas.  

Trade Mission members participate in trade missions and undertake mission-related travel at their own risk. The nature of the security situation in a given foreign market at a given time cannot be guaranteed.  The U.S. Government does not make any representations or guarantees as to the safety or security of participants. The U.S. Department of State issues U.S. Government international travel alerts and warnings for U.S. citizens available at https://travel.state.gov/content/passports/en/alertswarnings.html.  Any question regarding insurance coverage must be resolved by the participant and its insurer of choice. 

CONDITIONS FOR PARTICIPATION 

Applicants must submit a completed and signed mission application and supplemental application materials, including adequate information on their products and/or services, primary market objectives, and goals for participation that is adequate to allow the Department of Commerce to evaluate their application. If the Department of Commerce receives an incomplete application, the Department may either: reject the application, request additional information/clarification, or take the lack of information into account when evaluating the application. If the requisite minimum number of participants is not selected for a particular mission by the recruitment deadline, the mission may be cancelled.   

Each applicant must also certify that the products and services it seeks to export through the mission are either produced in the United States, or, if not, are marketed under the name of a U.S. firm and have at least fifty-one percent U.S. content by value. In the case of a trade association or organization, the applicant must certify that, for each firm or service provider to be represented by the association/organization, the products and/or services the represented firm or service provider seeks to export are either produced in the United States or, if not, marketed under the name of a U.S. firm and have at least 51% U.S. content. 

A trade association/organization applicant must certify to the above for all of the companies it seeks to represent on the mission. 

In addition, each applicant must: 

• Certify that the products and services that it wishes to market through the mission would be in compliance with U.S. export controls and regulations;  

• Certify that it has identified any matter pending before any bureau or office in the Department of Commerce;  

• Certify that it has identified any pending litigation (including any administrative proceedings) to which it is a party that involves the Department of Commerce; and  

• Sign and submit an agreement that it and its affiliates (1) have not and will not engage in the bribery of foreign officials in connection with a company’s/participant’s involvement in this mission, and (2) maintain and enforce a policy that prohibits the bribery of foreign officials. 

In the case of a trade association/organization, the applicant must certify that each firm or service provider to be represented by the association/organization can make the above certifications. 

SELECTION CRITERIA 

Targeted mission participants are U.S. firms, services providers and trade associations/organizations providing or promoting U.S. products and services that have an interest in entering or expanding their business in the mission’s destination country. The following criteria will be evaluated in selecting participants: 

• Suitability of the applicant’s (or in the case of a trade association/organization, represented firm’s or service provider’s) products or services to these markets;  

• The applicant’s (or in the case of a trade association/organization, represented firm’s or service provider’s) potential for business in the markets, including likelihood of exports resulting from the mission; and 

• Consistency of the applicant’s (or in the case of a trade association/organization, represented firm’s or service provider’s) goals and objectives with the stated scope of the mission. 

Balance of company size and location may also be considered during the review process. 

Referrals from a political party or partisan political group or any information, including on the application, containing references to political contributions or other partisan political activities will be excluded from the application and will not be considered during the selection process. The sender will be notified of these exclusions. 
 

TIMELINE FOR RECRUITMENT AND APPLICATIONS 

Mission recruitment will be conducted in an open and public manner, including publication in the Federal Register, posting on the Commerce Department trade mission calendar (https://www.trade.gov/trade-missions) and other Internet web sites, press releases to general and trade media, direct mail, notices by industry trade associations and other multiplier groups, and publicity at industry meetings, symposia, conferences, and trade shows. Recruitment for the mission will begin immediately and conclude no later than August 25, 2023. The U.S. Department of Commerce will review applications and inform applicants of selection decisions on a rolling basis. Applications received after August 25, 2023, will be considered only if space and scheduling constraints permit. 

CONTACTS 

Peter Sexton

U.S. Commercial Service 

U.S. Export Assistance Center – New York, NY 

212-809-2647 

Peter.Sexton@trade.gov 

Gemal Brangman 

Trade Events Management Task Force 

Washington, DC 

202-482-3773 

Gemal.Brangman@trade.gov 

Vincent Tran

Office of Finance & Insurance 

Washington, DC 

202-713-0242 

Vincent.Tran@trade.gov 

Christian Koschil

U.S. Commercial Service
 
U.S. Embassy - Singapore
 
Christian.Koschil@trade.gov   

Daniel Lew 

U.S. Commercial Service  

U.S. Embassy – Tokyo, Japan  

Daniel.Lew@trade.gov 

Jay Park 

U.S. Commercial Service  

U.S. Embassy - Seoul, South Korea  

+82-2-397-4533 

Jay.Park@trade.gov