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Notice2023-14355

Announcement of Approved International Trade Administration Trade Mission

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Published

July 7, 2023

Issuing agencies

Commerce DepartmentInternational Trade Administration

Abstract

The United States Department of Commerce, International Trade Administration (ITA), is announcing one upcoming trade mission that will be recruited, organized, and implemented by ITA. This mission is: Financial Technologies Business Development Mission to Singapore and Japan, with an optional stop in South Korea--November 13-20, 2023. A summary of the mission is found below. Application information and more detailed mission information, including the commercial setting and sector information, can be found at the trade mission website: https:// www.trade.gov/trade-missions. For each mission, recruitment will be conducted in an open and public manner, including publication in the Federal Register, posting on the Commerce Department trade mission calendar (https://www.trade.gov/trade-missions-schedule) and other internet websites, press releases to general and trade media, direct mail, broadcast fax, notices by industry trade associations and other multiplier groups, and publicity at industry meetings, symposia, conferences, and trade shows.

Full Text

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<title>Federal Register, Volume 88 Issue 129 (Friday, July 7, 2023)</title>
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[Federal Register Volume 88, Number 129 (Friday, July 7, 2023)]
[Notices]
[Pages 43297-43300]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-14355]

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DEPARTMENT OF COMMERCE

International Trade Administration

Announcement of Approved International Trade Administration Trade
Mission

AGENCY: International Trade Administration, Department of Commerce.

SUMMARY: The United States Department of Commerce, International Trade
Administration (ITA), is announcing one upcoming trade mission that
will be recruited, organized, and implemented by ITA. This mission is:
Financial Technologies Business Development Mission to Singapore and
Japan, with an optional stop in South Korea--November 13-20, 2023. A
summary of the mission is found below. Application information and more
detailed mission information, including the commercial setting and
sector information, can be found at the trade mission website: <a href="https://www.trade.gov/trade-missions">https://www.trade.gov/trade-missions</a>. For each mission, recruitment will be
conducted in an open and public manner, including publication in the
Federal Register, posting on the Commerce Department trade mission
calendar (<a href="https://www.trade.gov/trade-missions">https://www.trade.gov/trade-missions</a>-schedule) and other
internet websites, press releases to general and trade media, direct
mail, broadcast fax, notices by industry trade associations and other
multiplier groups, and publicity at industry meetings, symposia,
conferences, and trade shows.

FOR FURTHER INFORMATION CONTACT: Jeffrey Odum, Events Management Task
Force, International Trade Administration, U.S. Department of Commerce,
1401 Constitution Avenue NW, Washington, DC 20230; telephone (202) 482-
6397 or email <a href="/cdn-cgi/l/email-protection#e4ae81828296819dcaab809189a49096858081ca838b92">[email&#160;protected]</a>.

SUPPLEMENTARY INFORMATION:

The Following Conditions for Participation Will Be Used for the Mission

Applicants must submit a completed and signed mission application
and supplemental application materials, including adequate information
on their products and/or services, primary market objectives, and goals
for participation that is adequate to allow the Department of Commerce
to evaluate their application. If the Department of Commerce receives
an incomplete application, the Department of Commerce may either:
reject the application, request additional information/clarification,
or take the lack of information into account when evaluating the
application. If the

[[Page 43298]]

requisite minimum number of participants is not selected for a
particular mission by the recruitment deadline, the mission may be
cancelled.
Each applicant must also certify that the products and services it
seeks to export through the mission are either produced in the United
States, or, if not, are marketed under the name of a U.S. firm and have
at least fifty-one percent U.S. content by value. In the case of a
trade association or organization, the applicant must certify that, for
each firm or service provider to be represented by the association/
organization, the products and/or services the represented firm or
service provider seeks to export are either produced in the United
States or, if not, marketed under the name of a U.S. firm and have at
least 51% U.S. content.
A trade association/organization applicant must certify and agree
to the above for every company it seeks to represent on the mission. In
addition, each applicant must:
<bullet> Certify that the products and services that it wishes to
market through the mission would be in compliance with U.S. export
controls and regulations;
<bullet> Certify that it has identified any matter pending before
any bureau or office in the Department of Commerce;
<bullet> Certify that it has identified any pending litigation
(including any administrative proceedings) to which it is a party that
involves the Department of Commerce; and
<bullet> Sign and submit an agreement that it and its affiliates
(1) have not and will not engage in the bribery of foreign officials in
connection with a company's/participant's involvement in this mission,
and (2) maintain and enforce a policy that prohibits the bribery of
foreign officials.
In the case of a trade association/organization, the applicant must
certify that each firm or service provider to be represented by the
association/organization can make the above certifications.

The Following Selection Criteria Will Be Used for the Mission

Targeted mission participants are U.S. firms, services providers
and trade associations/organizations providing or promoting U.S.
products and services that have an interest in entering or expanding
their business in the mission's destination country. The following
criteria will be evaluated in selecting participants:
<bullet> Suitability of the applicant's (or in the case of a trade
association/organization, represented firm's or service provider's)
products or services to these markets;
<bullet> The applicant's (or in the case of a trade association/
organization, represented firm's or service provider's) potential for
business in the markets, including likelihood of exports resulting from
the mission; and
<bullet> Consistency of the applicant's (or in the case of a trade
association/organization, represented firm's or service provider's)
goals and objectives with the stated scope of the mission. Balance of
company size and location may also be considered during the review
process.
Referrals from a political party or partisan political group or any
information, including on the application, containing references to
political contributions or other partisan political activities will be
excluded from the application and will not be considered during the
selection process. The sender will be notified of these exclusions. The
Department of Commerce will evaluate applications and inform applicants
of selection decisions on a rolling basis until the maximum number of
participants has been selected.

Trade Mission Participation Fees

If and when an applicant is selected to participate on a particular
mission, a payment to the Department of Commerce in the amount of the
designated participation fee below is required. Upon notification of
acceptance to participate, those selected have 5 business days to
submit payment or the acceptance may be revoked.
Participants selected for a trade mission will be expected to pay
for the cost of personal expenses, including, but not limited to,
international travel, lodging, meals, transportation, communication,
and incidentals, unless otherwise noted. Participants will, however, be
able to take advantage of U.S. Government rates for hotel rooms. In the
event that a mission is cancelled, no personal expenses paid in
anticipation of a mission will be reimbursed. However, participation
fees for a cancelled mission will be reimbursed to the extent they have
not already been expended in anticipation of the mission.
Trade mission members participate in trade missions and undertake
mission-related travel at their own risk. The nature of the security
situation in a given foreign market at a given time cannot be
guaranteed. The U.S. Government does not make any representations or
guarantees as to the safety or security of participants. The U.S.
Department of State issues U.S. Government international travel alerts
and warnings for U.S. citizens available at <a href="https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories.html/">https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories.html/</a>. Any question
regarding insurance coverage must be resolved by the participant and
its insurer of choice.

Definition of Small- and Medium-Sized Enterprise

For purposes of assessing participation fees, an applicant is a
small or medium-sized enterprise (SME) if it qualifies as a ``small
business'' under the Small Business Administration's (SBA) size
standards (<a href="https://www.sba.gov/document/support--table-size-standards">https://www.sba.gov/document/support--table-size-standards</a>),
which vary by North American Industry Classification System (NAICS)
Code. The SBA Size Standards Tool (<a href="https://www.sba.gov/size-standards">https://www.sba.gov/size-standards</a>)
can help you determine the qualifications that apply to your company.

Important Note About the Covid-19 Pandemic

Travel and in-person activities are contingent upon the safety and
health conditions in the United States and the mission countries.
Should safety or health conditions not be appropriate for travel and/or
in-person activities, the Department will consider postponing the event
or offering a virtual program in lieu of an in-person agenda. In the
event of a postponement, the Department will notify the public and
applicants previously selected to participate in this mission will need
to confirm their availability but need not reapply. Should the decision
be made to organize a virtual program, the Department will adjust fees,
accordingly, prepare an agenda for virtual activities, and notify the
previously selected applicants with the option to opt-in to the new
virtual program.
Mission List: (additional information about trade missions can be
found at <a href="https://www.trade.gov/trade-missions">https://www.trade.gov/trade-missions</a>).

Financial Technologies Business Development Mission to Singapore and
Japan, With an Optional Stop in South Korea--November 13-20, 2023

Summary

The United States Department of Commerce, International Trade
Administration (ITA) is organizing a financial technologies business
development mission to Singapore and Tokyo, Japan, with an optional
stop in Seoul, South Korea from November 13 to 20, 2023.
The purpose of the mission is to expand opportunities for U.S.

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companies in the Indo-Pacific region at the intersection of financial
services, financial technology, payments, reg fintech, and sustainable
financial technology. This mission will also be part of delivering and
advancing U.S. technology, standards, and commercial interests in this
vital region of the world.
The objective is to identify, where appropriate and in line with
U.S. policy objectives, trade promotion opportunities that will help
cement U.S. financial technology organizations as global leaders in
this emerging industry, while also creating new commercial
opportunities and encouraging strong regulation and supervision
worldwide.
The mission is designed for U.S. firms and organizations who play a
part in the financial technology industry, especially those with
products in the following categories:

<bullet> Payments (mobile payment and others)
<bullet> Insurance Technology
<bullet> Regulatory FinTech
<bullet> Lending
<bullet> Cross-border Trade Finance
<bullet> New Economy Finance
<bullet> Sustainable Finance/Finance
<bullet> Blockchain Infrastructure Solutions

This list is not intended to be exhaustive of all opportunities but
shows best prospect sectors. Applications from companies selling
products or services within the scope of this mission, but not
specifically identified, will be considered, and evaluated by the
International Trade Administration on a case-by-case basis.

Commercial Setting

This trade mission will showcase U.S. financial technology services
and products and help ensure the Indo-Pacific region will look at U.S.
financial services and technology standards and approaches for their
own financial services industry. The mission will provide curated
visits to key governmental agencies, non-governmental organizations,
and other local industry organizations in the market. Trade mission
partners include high level government representatives as well as
directors from leading incubators and business associations.
Delegations will also be visiting key private sector companies and
organizations in the local market that are challenging to set-up
meetings with, such as possible visits to the Tokyo Stock Exchange,
Singapore Big 4 local banks, leading asset management companies in
Japan and Singapore, and local investment organizations.
In May 2022, the United States launched the Indo-Pacific Economic
Framework for Prosperity (IPEF) with 13 other countries, including
Singapore, Japan, and the Republic of Korea. The goal of IPEF is to
advance sustainability, inclusiveness, economic growth, and
competitiveness to benefit each of the participating economies, with
which the U.S. financial technology industry can participate and
support.
In 2023, the United States is hosting the Asia-Pacific Economic
Cooperation (APEC) meetings. As part of its 2023 APEC Host Year, the
United States continues to focus on sustainable economic growth. This
mission will serve as one means to further U.S. and APEC economy
private sector collaborations to establish responsible and sustainable
financial technology industry standards and practices.

Proposed Timetable

* Note: The final schedule and potential site visits will depend
on the availability of host government and business officials,
specific goals of mission participants, and ground transportation.

------------------------------------------------------------------------

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Saturday/Sunday, November 11- <bullet> All Trade Mission Participants
12, 2023. Arrive in Tokyo, Japan by Sunday.
<bullet> Optional: No-Host Evening
Reception for Participants.
Monday, November 13, 2023: Full Day program in Tokyo, Japan:
Japan. <bullet> Welcome remarks by U.S.
Ambassador.
<bullet> U.S. Mission Japan market
briefing.
<bullet> Networking Lunch.
<bullet> Welcome remarks on Japanese
Financial Services Market by Ministry
Official.
<bullet> Panel discussion on Japanese
Financial Technologies Market.
<bullet> Networking Reception at the
U.S. Ambassador's Residence.
Tuesday, November 14, 2023: Partial Day program in Tokyo, Japan:
Japan. <bullet> Visit to the Tokyo Stock
Exchange & Panel.
<bullet> Lunch Roundtable with
Japanese Banks.
<bullet> Tour of Tokyo FinTech
Accelerator.
<bullet> Meeting with Tokyo
Metropolitan Government FinTech.
<bullet> Tokyo Mission Stop Hot Wash.
<bullet> Travel--Tokyo to Singapore.
Wednesday, November 15, 2023: Full Day program day in Singapore:
Japan--Singapore. <bullet> Introductory Market Briefing
Singapore.
<bullet> Singapore FinTech Festival
visit.
<bullet> Networking reception at
Ambassador/DCM's residence.
Thursday, November 16, 2023: <bullet> B2B meetings.
Singapore. <bullet> Sponsored Networking Reception.
Friday, November 17, 2023: <bullet> Briefing from Singapore Ministry
Singapore. Officials.
<bullet> Tour of local Singapore
Innovation Labs.
<bullet> Meeting and networking with
local companies and industry
professionals.
Main Mission Concludes.
Saturday/Sunday, November 18- <bullet> (Optional) Trade Mission
19, 2023: S Korea (Optional Participants Arrive in Seoul, South
Stop). Korea.
Monday, November 20, 2023: S <bullet> Trade Mission Participants Full
Korea (Optional Stop). Day in Seoul, South Korea.
<bullet> Visit to Fintech Center Korea.
<bullet> Panel with Financial Supervisory
Service.
<bullet> Visit to Korean Central Bank
FinTech Hub.
<bullet> Matchmaking Sessions.
<bullet> Visit to Korean Financial
Services Commission.
<bullet> Networking Reception with South
Korean Fintech Accelerator.
Tuesday, November 21, 2023... <bullet> Participants return home.
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[[Page 43300]]

Participation Requirements

All parties interested in participating in the trade mission must
complete and submit an application package for consideration by the
DOC. All applicants will be evaluated on their ability to meet certain
conditions and best satisfy the selection criteria as outlined below. A
minimum of 12 companies and maximum of 20 firms and/or trade
associations will be selected to participate in the mission from the
applicant pool. A minimum of six companies will be recruited for the
optional stop to Seoul, South Korea.

Fees and Expenses

After a firm or trade association has been selected to participate
on the mission, a payment to the Department of Commerce in the form of
a participation fee is required. The participation fee for the Business
Development Mission will be $3,900 for small or medium-sized
enterprises (SME) 1; and $4,600 for large firms or trade associations.
The fee for each additional firm representative (large firm or SME/
trade organization) is $750. Companies opting to participate in the
optional stop to Seoul, South Korea will pay an additional fee of
$1,300 for SMEs and $2,100 for large firms or trade associations. All
fees also include access to the SFF in Singapore, where participants
will participant in mission planned activities at the show. Expenses
for travel, lodging, meals, and incidentals will be the responsibility
of each mission participant. Interpreter and driver services can be
arranged for additional cost. Delegation members will be able to take
advantage of U.S. Embassy rates for hotel rooms.
If an applicant is selected to participate on a particular mission,
a payment to the Department of Commerce in the amount of the designated
participation fee is required. Upon notification of acceptance to
participate, those selected have 5 business days to submit payment or
the acceptance may be revoked.
Participants selected for a trade mission will be expected to pay
for the cost of personal expenses, including, but not limited to,
international travel, lodging, meals, transportation, communication,
and incidentals, unless otherwise noted. Participants will, however, be
able to take advantage of U.S. Government rates for hotel rooms. In the
event that a mission is cancelled, no personal expenses paid in
anticipation of a mission will be reimbursed. However, participation
fees for a cancelled mission will be reimbursed to the extent they have
not already been expended in anticipation of the mission.
If a visa is required to travel on a particular mission, applying
for and obtaining such a visa will be the responsibility of the mission
participant. Government fees and processing expenses to obtain such a
visa are not included in the participation fee. However, the Department
of Commerce will provide instructions to each participant on the
procedures required to obtain business visas.
Trade mission members participate in trade missions and undertake
mission-related travel at their own risk. The nature of the security
situation in a given foreign market at a given time cannot be
guaranteed. The U.S. Government does not make any representations or
guarantees as to the safety or security of participants. The U.S.
Department of State issues U.S. Government international travel alerts
and warnings for U.S. citizens available at <a href="https://travel.state.gov/content/passports/en/alertswarnings.html">https://travel.state.gov/content/passports/en/alertswarnings.html</a>. Any question regarding
insurance coverage must be resolved by the participant and its insurer
of choice.

Timeframe for Recruitment and Applications

Mission recruitment will be conducted in an open and public manner,
including publication in the Federal Register, posting on the Commerce
Department trade mission calendar (<a href="https://www.trade.gov/trade-missions">https://www.trade.gov/trade-missions</a>) and other internet websites, press releases to general and
trade media, direct mail, notices by industry trade associations and
other multiplier groups, and publicity at industry meetings, symposia,
conferences, and trade shows. Recruitment for the mission will begin
immediately and conclude no later than July 21, 2023. The U.S.
Department of Commerce will review applications and inform applicants
of selection decisions on a rolling basis. Applications received after
July 21, 2023, will be considered only if space and scheduling
constraints permit.

Contacts

Peter Sexton, U.S. Commercial Service, U.S. Export Assistance Center--
New York, NY, 212-809-2647, <a href="/cdn-cgi/l/email-protection#1444716071663a47716c607b7a5460667570713a737b62">[email&#160;protected]</a>
Gemal Brangman, Trade Events Management Task Force, Washington, DC,
202-482-3773, <a href="/cdn-cgi/l/email-protection#3f785a525e53117d4d5e5158525e517f4b4d5e5b5a11585049">[email&#160;protected]</a>
Vincent Tran, Office of Finance & Insurance, Washington, DC, 202-713-
0242, <a href="/cdn-cgi/l/email-protection#b0e6d9ded3d5dec49ee4c2d1def0c4c2d1d4d59ed7dfc6">[email&#160;protected]</a>
Christopher Quinlivan, U.S. Commercial Service, U.S. Embassy--
Singapore, +65 6476 9037, <a href="/cdn-cgi/l/email-protection#f6959e849f858299869e9384d887839f989a9f809798b68284979293d8919980">[email&#160;protected]</a>
Daniel Lew, U.S. Commercial Service, U.S. Embassy--Tokyo, Japan,
<a href="/cdn-cgi/l/email-protection#0b4f6a65626e6725476e7c4b7f796a6f6e256c647d">[email&#160;protected]</a>
Jay Park, U.S. Commercial Service, U.S. Embassy--Seoul, South Korea,
+82-2-397-4533, <a href="/cdn-cgi/l/email-protection#2b614a52057b4a59406b5f594a4f4e054c445d">[email&#160;protected]</a>

Gemal Brangman,
Director, Trade Events Management Task Force.
[FR Doc. 2023-14355 Filed 7-6-23; 8:45 am]
BILLING CODE 3510-DR-P

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