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SINGAPORE CAN USE FINTECH TO BRIDGE ASEAN AND AFRICA: ALVIN TAN

The Africa Continental Free Trade Area (AfCFTA) allows for key trading
opportunities within the continent, and also on a regional and global basis.ST
PHOTO: LIM YAOHUI
Jolene Ang

 * Published
   Aug 24, 2021, 8:14 pm SGT

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SINGAPORE - The Republic can seize opportunities in financial technology
(fintech) to be the bridge between the Asean region and Africa, said Minister of
State for Trade and Industry Alvin Tan on Tuesday (Aug 24).

The Africa Continental Free Trade Area (AfCFTA) allows for key trading
opportunities within the continent, and also on a regional and global basis,
said Mr Tan.

The trade agreement, which came into effect on Jan 1 this year, has created the
largest free trade area in the world based on the number of countries it unites.



Fifty-four out of 55 African Union nations, with a combined gross domestic
product of US$3 trillion (S$4 trillion), come under the pact which allows access
to commodities, goods, and services across the continent.

Mr Tan said: "It's not just the free trade area that is exciting, it is also the
potential. What do you do with the free trade area, and how do you connect it to
Asean through Singapore?"

He was speaking virtually on the topic of economic resilience on Tuesday, at the
sixth edition of the Africa Singapore Business Forum organised by Enterprise
Singapore.





Mr Tan cited the Afro-Asia FinTech festival, which was part of the Singapore
FinTech festival last year.

"I think there's an opportunity for us to grow this fintech growth corridor
through Singapore and Kenya, towards Asean," said Mr Tan, who is also Minister
of State for Culture, Community and Youth.

"Africa has a strength in fintech, and the opportunity set for fintech is just
increasing. It's something that Asean can learn, but also there's a lot of
interchangeability, because e-payment is huge in Asean and you're basically
banking the 'unbanked'."

Mr Tan highlighted some challenges both Asean and Africa are facing, with the
first being the Covid-19 pandemic.

A second challenge is on anti-globalisation. "We've seen a little bit more
protectionism, great power rivalry and more fragmentation... This headwind is
pretty strong at the moment."

But there are also some bright spots, such as in technology - which helps
countries to leapfrog infrastructure constraints - and regionalism, with free
trade agreements presenting opportunities and facilitating investment.

The AfCFTA agreement will help to regionalise the area - something that Asean
has experienced, he said, while acknowledging that Africa is much bigger than
Asean.

"It helps to then facilitate the transfer, sale and trading of goods and
services, (and) the lowering trade of barriers and regulations so that they
don't form an impediment," said Mr Tan.


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He noted that it is also important for countries in Africa's free trade area to
look into opportunities to connect with other regions.

"Because then it opens up a whole plethora of opportunities... what we've learnt
in Asean is that it benefits Asean member states if we step out of Asean as
well, because then we are also punching above our size.

"And I think that if the African continent free trade area could also consider
doing that, I think the opportunities will be quite limitless."


MORE ON THIS TOPIC

 
Related Story

SINGAPORE SLIPS TO 4TH PLACE IN GLOBAL FINTECH RANKING BUT KEEPS TOP SPOT IN
ASIA-PACIFIC



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Topics: 
 * TRADE
 * COVID-19
 * ALVIN TAN

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