The central banks & financial regulators of Singapore and Hong Kong have signed a collaborative agreement concerning their FinTech ties.
The central banks and financial regulators of Singapore and Hong Kong have reportedly signed a collaborative agreement concerning their FinTech ties. The two countries will work on a blockchain trade finance project.
Under the agreement, The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) have committed to work on a strategic project on trade finance cross-border infrastructure that is based on distributed ledger technology or DLT.
Further, the two monetary authorities will collaborate on other FinTech projects, facilitate referrals of innovative businesses, share information, and exchange expertise. All this will be done to support financial innovation in Singapore and Hong Kong, according to MAS`s press statement.
“Hong Kong and Singapore are the two leading international financial centres in the region and are actively deploying FinTech.”, according to Mr Norman Chan, Chief Executive of the HKMA.
He elaborated by saying that their joint efforts will create synergy for the development of fintech and more efficient fund flows between the two markets.
“MAS is delighted to embark on this FinTech partnership with Hong Kong.”, commented Mr Ravi Menon, Managing Director of MAS.
He added that this is one of their more significant FinTech co-operation agreements, given the financial and trade linkages between Singapore and Hong Kong. Taking this into account, the project will enhance the trade finance corridor between the two financial centres, as he explained.
More details regarding the agreement will be announced by the two authorities next month.