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Traditional Rivals Singapore and Hong Kong Unite on Blockchain, FinTech

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The central banks and financial regulators of Singapore and Hong Kong have signed a Cooperation agreement to strengthen links and FinTech work on a blockchain trade finance project.

The Monetary Authority of Singapore (MAS) and the Monetary Authority of Kong Kong, two central banks of the two cities, today signed a FinTech co-operation agreement to strengthen the technologies and to develop the development of financial technologies in the South. East Asia.

The partnership is particularly noteworthy because of their geographical proximity and their common state-of-the-art ideologies that have systematically opposed the two cities as traditional rivals. Both cities are global hubs for trade, finance and travelers. Lately, however, there has been aggressive competition for cooperation, particularly in the financial sector.

"Traditionally as a financial center, there is this comparison between Singapore and Hong Kong," said Roy Teo, director of the development department of MAS's financial center in reference to the rivalry. "But when it comes to fintech, it is there that we recognize that there is a lot of need for collaboration between regulators."

The first collaboration will see the two financial authorities working on a cross-border trade finance initiative fueled by blockchain technology. The details of the project are currently rare but could prove to be an important venture between two major shopping centers. Aside from the joint innovation projects, the two monetary authorities will put each other in touch with local innovative companies and start-ups, exchange their skills and share information to promote the development of FinTech in their respective markets.

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MAS Director General Ravi Menon said:

This is one of our most important fintech cooperation agreements, given the extensive financial and commercial ties between Singapore and Hong Kong. We are particularly pleased that we have a live project to improve the trade finance corridor between the two financial centers.

The agreement was signed at the launch of HKMA FinTech Day in Hong Kong as part of Hong Kong FinTech Week, which is expected to bring together 3,000 executives from around the world. Singapore will hold its own FinTech festival in mid-November, where it is expected to release a technical report on Phase 2 of the Ubin project, a central bank initiative to develop and deploy a digital Singapore dollar on a blockchain.

Norman Chan, Chief Executive Officer of the Hong Kong De facto Central Bank, added:

Hong Kong and Singapore are the two major international financial centers in the region and are actively deploying financial technologies. The collaboration between HKMA and MAS will create a significant synergy for the development of fintech and more efficient financial flows between the two markets.

Image of lanterns from the Hong Kong port of Shutterstock.

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