The Singapore FinTech Association (SFA) and the Fintech Association of Japan (FAJ) have inked a memorandum of understanding (MOU) to foster greater fintech cooperation, the two bodies said in a joint statement.

This partnership will be used to raise the profile of the Japanese fintech industry, and promote Singapore as a destination for Japanese businesses within Asia.

It will also see the two associations collaborating on joint projects to support fintech innovation and development, with members benefiting from the exchange of expertise in a bid to nurture global business opportunities.

The signing of the MoU was celebrated with a “friendship evening and sake tasting” at the Money 20/20 conference in Singapore on March 13.

SFA president Chia Hock Lai said the aim of the partnership is to bridge the gap between the fintech communities here and in Japan.

Separately, FAJ vice-chairman Natalie Shiori Fleming said that she looked forward to “growing synergies” through a deeper relationship with the local fintech community.

The partnership comes as the governments in both nations seek to enhance fintech capabilities in their respective countries. The joint statement said that the Financial Services Agency of Japan has updated its legislation to enable established banks and non-bank fintech companies to collaborate.

Last year, the Monetary Authority of Singapore established the financial services Industry Transformation Map, outlining fintech innovation as a growth strategy.

Also, data from KPMG’s Pulse of Fintech report showed that fintech funding in Singapore reached a record US$229 million (S$300 million) last year. – The Straits Times

Keikyu stations gear up for translation service

Japan’s Hitachi Ltd and Keikyu Corp have jointly developed an automatic translation system for railway station employees in cooperation with the National Institute of Information and Communications Technology, an agency under the jurisdiction of the Internal Affairs and Communications Ministry.

With more foreigners visiting Japan, station employees will need to increasingly communicate in foreign languages. The new system allows station employees to instantly translate conversations using a tablet device.

Keikyu plans to introduce the system on a trial basis in April at all of its about 70 stations.

It aims to officially launch the system in July.

The system will be equipped with artificial intelligence that instantly translates Japanese into foreign languages, and vice versa, when people speak into the tablet. The translation is displayed on the screen and is also provided in audio form.

The system has become more accurate at translating conversations that are common at train stations. It provides useful translations such as, “Please transfer at Keikyu Kamata Station,” and others for dealing with lost articles. The system can handle English, Chinese and Korean. – The Japan News