MFAA expands horizons with offer to help Singapore

by Caroline Dann10 Jul 2012

The MFAA is strengthening its ties with Singapore’s Mortgage and Finance Association (MFAS), claiming the country is ripe for a brokerage industry.

Last week, CEO Phil Naylor offered MFAA’s full assistance – namely, advice and guidance - to the MFAS in setting up broker networks.
 
“At the moment in particular, MFAS is looking to enhance its education standards in a similar way to Australia and we’ve shared with them our experience in this regard,” he told Australian Broker Online.
 
Naylor compared the current climate in Singapore to that of Australia 15 years ago – poised for growth.
 
“There is a strong housing market in both countries. While broking is now well established in Australia, it is still in a more fledgling state in Singapore, perhaps similar to Australia about 15 years ago. 
 
“However, the opportunities for development of the sector in Singapore are as attractive as they were 15 years ago in Australia.  We are pleased that MFAS has sought our advice in assisting them to build the broking sector,” he said.
 
Australian brokers breaking into the Singaporean market was not off the cards, either.
 
“There may be opportunities for Australian mortgage brokers to expand across Asia and as an industry organisation, we are keen to pass on the benefits our experience to other countries,” he said.

COMMENTS

  • by Concerned 10/07/2012 10:40:55 AM

    Phil, what are you doing with our money?

    I am assuming this relationship with Singapore will require both labour and expenditure (i.e. trips overseas) from MFAA funds which will ultimately be paid for by increased member contributions. I have watched the waste and excesses generated by the MFAA over the last 10 years increase with every rise in membership fees.

    Phil, I think it is time for an overhaul. Please stop wasting our money! Enough is enough. Do not justify your junkets by saying that the average broker might benefit from additional sales through Asia. You know this is simply not true as most of us generate our income from our local area.

  • by KT 10/07/2012 1:04:33 PM

    Concerned....excellent points.....I too am concerned our MFAA fees are wasted on this Asia initiative....how the heck is this supposed to help us paying Aust MFAA members?

  • by ACL 10/07/2012 1:38:58 PM

    Well, thought Phil mentions clearly, that it is 'advice and guidance' ... how does that necessarily translate to using members' funds? In guiding and teaching, surely there are reciprocal benefits that MFAA can learn as well.. is there limits to learning and growth?