Hong Kong and Singapore collaborate on Fintech deal, agree to work on Blockchain

The Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS) signed and exchanged a cooperation agreement in Hong Kong today  on the 25^th of October to strengthen cooperation on Fintech, with a view to bolstering ties between the two cities and fostering Fintech development within the region.

The HKMA and MAS will collaborate on a number of initiatives, including joint innovation projects, referrals of innovative businesses, information sharing and exchange of expertise, to facilitate financial innovation in Hong Kong and Singapore. The Agreement, signed between heads of the two organizations, was exchanged at the Fintech Day organized by the HKMA.

The two authorities have also committed to working on a strategy project on trade finance cross-border infrastructure, based on Distributed Ledger Technology, as their first collaborative initiative, which will facilitate cross-border trade and financing.  Details will be announced by the two authorities next month.

Mr. Norman Chan, Chief Executive of the HKMA, said, “Hong Kong and Singapore are the two leading international financial centers in the region and are actively deploying Fintech.  Collaboration between the HKMA and MAS will create significant synergy for the development of Fintech and more efficient fund flows between the two markets.”

Mr. Ravi Menon, Managing Director of MAS, said, “MAS is delighted to embark on this FinTech partnership with Hong Kong.  This is one of our more significant Fintech cooperation agreements, given the extensive financial and trade linkages between Singapore and Hong Kong.  We are especially pleased that we have a live project to enhance the trade finance corridor between the two financial centres.”