[Federal Register Volume 88, Number 129 (Friday, July 7, 2023)]
[Notices]
[Pages 43297-43300]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[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: 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.

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 [email protected].

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:
     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;
     Certify that it has identified any matter pending before 
any bureau or office in the Department of Commerce;
     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
     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:
     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;
     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
     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 https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories.html/. 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 (https://www.sba.gov/document/support--table-size-standards), 
which vary by North American Industry Classification System (NAICS) 
Code. The SBA Size Standards Tool (https://www.sba.gov/size-standards) 
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 https://www.trade.gov/trade-missions).

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.

[[Page 43299]]

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:

 Payments (mobile payment and others)
 Insurance Technology
 Regulatory FinTech
 Lending
 Cross-border Trade Finance
 New Economy Finance
 Sustainable Finance/Finance
 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.

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


[[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 https://travel.state.gov/content/passports/en/alertswarnings.html. 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 (https://www.trade.gov/trade-missions) 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, [email protected]
Gemal Brangman, Trade Events Management Task Force, Washington, DC, 
202-482-3773, [email protected]
Vincent Tran, Office of Finance & Insurance, Washington, DC, 202-713-
0242, [email protected]
Christopher Quinlivan, U.S. Commercial Service, U.S. Embassy--
Singapore, +65 6476 9037, [email protected]
Daniel Lew, U.S. Commercial Service, U.S. Embassy--Tokyo, Japan, 
[email protected]
Jay Park, U.S. Commercial Service, U.S. Embassy--Seoul, South Korea, 
+82-2-397-4533, [email protected]

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