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.

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.”

Recently, 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.