Two law firms in Singapore and Malaysia have joined forces to launch fintech practices across both countries to capitalise on the growth of the respective fintech sectors.

Law firms from neighbouring nations Singapore and Malaysia are establishing fintech practices to be based in both countries to work together on issues around financial technology regulation and the nexus between intellectual property (IP) law and fintech, according to Finews Asia.

A Finews Asia report showed that Singapore-based Allen & Gledhill, and Kuala Lumpur-based Rahmat Lim & Partners, had launched the collaboration to fill the identified market-gap between fintechs and regulators.

Allen & Gledhill said the three main legal concerns faced by fintechs in 2017 were financial regulatory issues, technology-related agreements, and intellectual property protection.

The fintech practices in both nations would aim to present legal solutions to common problem areas faced by fintechs in the compliance space, and assist them to navigate complicate regulatory processes.

The day-to-day workings of the practices would include advising, negotiating and drafting fintech-related agreements, advising on data protection and IP matters such as prosecuting, enforcing and defending copyright, patents, trademarks and domain names.

The co-heads for the Singapore fintech practice are Allen & Gledhill’s Adrian Ang and Alexander Yap, while Wan Kai Chee and Raymond Yong from Rahmat Lim would take on the co-head positions at the Malaysian practice.