Singapore launches project to promote fintech firm expansion into Malaysia

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The Singapore Fintech Association (SFA) has partnered with two Malaysian VC firms, Artem Ventures and OSK Ventures International (OSKVI), to launch Project Tapir, which aims to promote the expansion of Singapore-based fintech firms into the neighboring country.

1337 Ventures, another Malaysian VC firm, will also act as a “secondary partner” to this initiative, SFA said in a statement, though it did not elaborate on what that would entail.

The association will be tasked to identify promising firms for Malaysian expansion, which it plans to start in May. The new project will target companies operating in the payments, insurtech, AI, and emerging technologies sectors, among others.

In the second half of 2023, AI companies focusing on fintech in Singapore saw a 77% year-on-year increase in funding, while the crypto and insurtech sectors experienced an 86% and 25% decrease in investments, respectively, according to KPMG.

According to the statement, Project Tapir will also help showcase Malaysia as an attractive location for foreign investments.

“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,” SFA president Shadab Taiyabi said.

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