Tencent Partners with The Asian Institute of Digital Finance to Spearhead Fintech Innovations in Asia

Developing deeper capabilities and building leadership pipeline to support the needs of digital financial services in the region

DigitalCFO Newsroom | 8 November 2021

Tencent announced at the Singapore Fintech Festival 2021 that it will be partnering with the Asian Institute of Digital Finance (AIDF), an institute within the National University of Singapore (NUS) that is jointly founded by The Monetary Authority of Singapore (MAS), the National Research Foundation (NRF) and NUS. Under the partnership, 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.

The two parties will collaborate to bring thought leadership to the fintech community and build fintech leadership pipeline in the region. In addition to organizing industry events and bespoke training programs, the areas of collaboration will also include:

  • Expanding knowledge expertise in Fintech Research: Tencent FiT and AIDF will conduct research into deep-tech solutions that will address real-world problems. The research will focus on areas such as cross-border payment for the continued growth of the industry and the benefits of the society.  
  • Developing the Fintech talent pool in Singapore: Tencent FiT and AIDF will offer curated training and development initiatives for employees as well as internship programmes for AIDF’s students.
  • Driving innovations in Asia’s Fintech scene: An annual research challenge competition will be jointly launched for AIDF students and participating fintech start-ups under the AIDF incubator programme.

“The fintech landscape is gaining tremendous momentum in the region due to digital acceleration in recent years. Through our partnership with AIDF, we want to support Asia’s smart city initiatives by nurturing the next generation of talents with global perspectives, as well as to drive financial innovations and leadership in the fintech industry,” says Forest Lin, Corporate Vice President of Tencent and President of Tencent Financial Technology. “We are committed to partnering with local regulators, research institutions and companies to seek innovative solutions to problems and to help businesses stay competitive within and beyond their markets. ”

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

In recent years, Asia has grown into one of the innovation hotspots of the fintech revolution. According to data from the latest EY Global FinTech Adoption Index survey, Asia has retained its global leadership in fintech adoption, with Singapore attaining a 67% adoption rate. In the past two years, consumer usage rates of fintech-powered services have doubled across key Asia markets. As Asia pushes the envelope on innovations for digital transformation, the partnership between Tencent FiT and AIDF will drive the advancement of the region’s financial services industry through tailor-made programmes and co-sharing of expertise.