The Monetary Authority of Singapore (MAS) has inked a fintech agreement with the Hong Kong Monetary Authority (HKMA) to promote fintech growth and strengthen fintech ties across the regions.
Under the agreement, the two watchdogs will develop a trade finance cross-border infrastructure powered by distributed ledger technology.
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The regulators will also support innovative businesses, share information and exchange knowledge to assist fintech progress in both cities.
HKMA CEO Norman Chan said: “Collaboration between the HKMA and MAS will create significant synergy for the development of fintech and more efficient fund flows between the two markets.”
MAS managing director Ravi Menon added: “This is one of our more significant FinTech co-operation 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.”
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By GlobalDataRecently, both MAS and HKMA inked fintech cooperation agreement with Securities Commission Malaysia (SC). Prior to that, MAS signed a similar agreement with Bank of Thailand (BOT) in July 2017.
