Watch Now: Journey to Formation and Impact Series with Singapore Fintech Association

As part of the Journey to Formation Learning and Impact Series, we were delighted to feature the successes of the Singapore Fintech Association (SFA). Special thanks to Shakeel Rashid, their Head of Partnerships and Communications, for sharing invaluable insights. Since its inception in 2016, SFA has been a pivotal player in Singapore’s ascent as a leading fintech hub and is widely recognised as one of the most successful fintech associations in Asia.

We encourage you to watch the recording to reflect and be inspired by their journey and success. Here are a few of our key highlights and takeaways from the conversation.

Tips for Welcoming and Managing Members

Warm Onboarding Process:

  • Create a welcoming environment for new members with a comprehensive onboarding process that includes a welcome packet, introduction meetings, and personalised support.
  • Host orientation sessions to familiarise new members with the association’s mission, activities, and benefits.

Regular Communication:

  • Maintain open lines of communication through regular newsletters, updates, and personalised messages to keep members informed and engaged.
  • Utilise various communication channels such as emails, social media, and member portals to reach a wider audience.

Member Support:

  • Offer dedicated support services to address member queries and concerns promptly.
  • Provide access to resources, including toolkits, guides, and consultation services, to assist members in maximising their benefits.

Engage Members in Activities:

  • Encourage member participation in events, committees, and discussion forums to foster a sense of community and belonging.
  • Solicit feedback regularly to understand member needs and improve association services.

Key Tips for Maintaining Inclusivity and Financial Viability in Associations

Membership eligibility and fees:

  • Design membership fees based on the revenue of member companies to ensure equitable contributions and financial viability.
  • Ensure inclusivity by welcoming diverse members and maintaining a structure that supports financial viability and equitable contributions.

Engagement and Strategic Partnerships:

  • Collaborate with government bodies and regulators to create a conducive environment for innovation.
  • Engage proactively with regulatory authorities to amplify the association’s impact and support industry growth.
  • Stay committed to supporting stakeholders and market participants to foster a dynamic ecosystem.
  • Contribute to the growth and maturation of the industry through initiatives and engagements that promote collaboration and innovation.

What Activities Can an Association Do?

Beyond your country

  • Act as a bridge for collaboration, knowledge exchange, and partnerships within and beyond geographical boundaries.
  • Organise business mission trips to help members explore and expand into new markets, forge strategic partnerships, and implement go-to-market strategies.

Networking Events:

  • Host regular meetings, conferences, and social events to facilitate networking and knowledge exchange among members.

Capacity building:

  • Develop specialised training initiatives in collaboration with government bodies and industry experts to enhance members’ skills.
  • Offer programmes that cater to various career stages, including mid-career switches and upskilling opportunities.
  • Create a repository of valuable resources, including research reports, industry analyses, and best practice guides. Make these easily accessible for members.

Address industry challenges and innovation

  • Initiate and support collaborative projects that address industry challenges and drive innovation.
  • Have members participating in working groups, research projects, and pilot programmes to contribute to industry advancements.

Advocacy and Policy Engagement:

  • Actively engage in policy discussions and advocate for regulatory changes that benefit the industry.
  • Provide members with insights and updates on regulatory developments and their implications.

These tips and activities have helped Singapore Fintech Association enhance their member engagement, attract new members, gain a strong reputation, and contribute significantly to the growth and development of fintech in their country and region. Hopefully they will support and inspire your DFA on your journey to formation and impact.


Posted on

June 3, 2024