Hong Kong along with Singapore have agreed to cooperate on a cross-border trade project based on blockchain technology as part of a broader joint strategy on financial technology.
The two Asian powerhouses’ central banks signed a fintech deal Wednesday to collaborate on several projects including business innovation, data sharing along with exchange of expertise.
“Hong Kong along with Singapore are the two leading international financial centers from the region along with are actively deploying fintech,” Norman Chan, chief executive of the Hong Kong Monetary Authority (HKMA), said in an announcement Wednesday.
“Collaboration between the HKMA along with MAS (Monetary Authority of Singapore) will create significant synergy for the development of fintech along with more efficient fund flows between the two markets.”
The announcement was made at a fintech conference in Hong Kong.