Five MOUs signed to enhance collaboration in e-commerce, fintech, and more

On March 14, businesses and trade organisations from Singapore and Thailand inked five memorandums of understanding (MOUs) to deepen their economic ties in areas such as e-commerce, fintech, and cross-border trade. These agreements were made during the 7th Singapore-Thailand Enhanced Economic Relationship Ministerial Meeting, held in Singapore.

The high-level meeting was co-chaired by Singapore’s Second Minister for Trade and Industry, Tan See Leng, and Thailand’s Minister of Commerce, Pichai Naripthaphan. Both officials affirmed the strong and enduring economic partnership between the two nations, highlighting the significance of ongoing collaborations between businesses in both countries.

Notably, the meeting saw the exchange of the 2025-2027 Work Plan between the Intellectual Property Office of Singapore and Thailand’s Department of Intellectual Property, aimed at enhancing cooperation in intellectual property.

Several key business deals were announced during the meeting:

iFast, a Singapore-listed digital banking platform, entered an MOU with Thailand’s TSFC Securities to create a fintech platform that will provide Thai securities companies access to global investment products.
Shopee Thailand partnered with Thailand’s Department of International Trade Promotion to establish a dedicated Thai store on the Shopee platform, promoting Thai products across Southeast Asia.
The Meat Traders Association of Singapore signed two separate MOUs with Thailand’s Swine Producers and Processors for Exporting Association and the Thai Broiler Processing Exporters Association to improve trade in agricultural products.
The Consumers Association of Singapore and Thailand’s Office of Consumer Protection formalised a partnership to enhance cooperation in managing cross-border consumer complaints and disputes related to business-to-consumer transactions.
In his opening speech, Minister Tan highlighted the growing interest of Singapore companies in investing in Thailand across various sectors, such as manufacturing, real estate, finance, and insurance services. He also pointed out that emerging sectors like electric vehicles, renewable energy, and the digital economy were key areas of focus.

Tan further stated that Singapore had consistently been one of Thailand’s top investors, ranking as the largest investor in 2024, with a total of 357.5 billion baht (approximately S$14.21 billion) in foreign direct investment (FDI) that year. Bilateral trade reached S$44.47 billion in 2024, making Thailand Singapore’s ninth-largest trading partner.

Tan concluded by looking ahead to the next 60 years of diplomatic relations, aiming to further strengthen the partnership and create more opportunities for businesses and people in both countries.

Additionally, Tan announced that the Singapore Business Federation would host its Singapore Regional Business Forum in Bangkok later in 2025, continuing efforts to foster deeper economic integration.