The Monetary Authority of Singapore (MAS) has entered an agreement with the Hong Kong Monetary Authority (HKMA) to bolster fintech ties between the two cities and promote fintech growth across the region.

Under the agreement, the regulators will collaborate on developing a trade finance cross-border infrastructure powered by distributed ledger technology.

The regulators will also work together to aid 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 said: “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 GlobalData

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.