Mainboard-listed ST Engineering has signed a memorandum of understanding (MOU) with Elevandi to jointly support fintech start-ups, collaborate on cybersecurity training and certification and research sustainability solutions with ST Engineering’s corporate venture unit.
Elevandi is a non-profit organisation set up by the Monetary Authority of Singapore in 2021. Both parties signed the MOU on Nov 15 at the Singapore FinTech Festival 2023.
The collaboration will first focus on organisations based in Southeast Asia and Australia. ST Engineering’s president for enterprise (digital) Tan Bin Ru says the collaboration extends the group’s focus in fintech. “[It] provides opportunities to co-develop innovative solutions that harness transformative technologies to combat fraud and fight financial crime.”
Amid growing adoption of digital financial services, ST Engineering is committed to bringing its “national-grade” digital and cybersecurity solutions and expertise to help financial services organisations, including digital banks, strengthen their cybersecurity posture, adds Tan.
Pat Patel, executive director of Elevandi, says: “We are excited to collaborate with ST Engineering to advance fintech in the digital economy and accelerate innovation. This partnership is timely as we continue to drive technology adoption and growth across Asia, Africa, Europe and soon in Latin America. It adds significant value to our key audiences within the policy, finance and tech communities, enhancing education, providing insights and strengthening digital resilience.”
Shares in ST Engineering closed 5 cents higher, or 1.33% up, at $3.82 on Nov 15.
