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.