Singapore and Hong Kong have become two of the world’s greatest fintech hubs, boasting numerous fintech startups and loose regulations on cryptocurrencies and financial technologies.
Thus, The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) signed an agreement to further increase the collaboration between the two cities in a joint effort to support blockchain and fintech.
The new project that MAS and HKMA are going to cooperate on involves trade finance cross-border infrastructure project, based on distributed ledger technology.
The CEO of HKMA shared his opinion on the new development:
“Hong Kong and Singapore are the two leading international financial centres 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”.
The Head of MAS, Ravi Menon, mentioned:
“MAS is delighted to embark on this FinTech partnership with Hong Kong. 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.”
Some of the efforts of HKMA to boost the fintech environment in Honk Kong include the joint project between HKMA and some big banks, like HSBC, for the development of a blockchain trading platform, as reported by Anatol Antonovici at Cryptoinvest.
With so many countries, like Russia, India and China, going for stricter and stricter regulations of cryptocurrencies, and especially bitcoin, Hong Kong and Singapore are becoming “fintech” leaders with strong blockchain and financial technology developments.