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Hong Kong and Singapore to launch blockchain-based project to link their trade finance platforms

On October 25, Hong Kong and Singapore announced that they would cooperate on a cross-border trading project based on

The announcement of the Hong Kong Monetary Authority is as follows:

"The Hong Kong Monetary Authority (HKMA) and The Monetary Authority of Singapore (MAS) signs and has exchanged a cooperation agreement ("Agreement") in Hong Kong today (25 Oct. 2017) to strengthen cooperation in the field of financial technologies, in to strengthen ties between the two cities and foster the development of financial technologies in the region. "

Last year, HKMA with banks including HSBC and Standard Chartered worked on the construction of A finance platform commercial use of Blockchain technology to digitize and share business documents, automate processes and reduce the risk of fraud. 459004] At the same time, Singapore also planned to build a similar platform. The cooperation between Hong Kong and Singapore on this project "will improve the trade finance corridor between the two financial centers," according to Ravi Menon, general manager of MAS.

In addition, the platform could significantly increase the effectiveness of trade finance in the future. HKMA and MAS have stated that linking the two platforms is only part of a larger plan between their future collaboration on the Blockchain and other Fintech projects. The details of the cooperation will be announced by the two authorities next month.