Hong Kong & Singapore Form Fintech Collaboration

Hong Kong & Singapore

Time to start choosing up teams to compete in the fintech/blockchain space. Yup, now even rival city states like Hong Kong & Singapore are teaming up to collaborate on blockchain projects like cross-border trade and financing. This could be just the tip of the iceberg of governments and central banks working together to better compete in the global innovation race. So, if these two powerhouses in the financial world team up who could be next? China/Russia? Switzerland/UK? Dubai/Japan? Who knows. OK, who wants to be on the U.S. innovation team? Oh come on, ANYBODY? Please?
(Bill Taylor/CEO)

“Hong Kong and Singapore have agreed to cooperate on a cross-border trade project based on blockchain technology as part of a broader joint strategy on financial technology.

The two Asian powerhouses’ central banks signed a fintech deal Wednesday to collaborate on a number of projects including business innovation, data sharing and exchange of expertise.

“Hong Kong and Singapore are the two leading international financial centers in the region and are actively deploying fintech,” Norman Chan, chief executive of the Hong Kong Monetary Authority (HKMA), said in an announcement Wednesday.

“Collaboration between the HKMA and MAS (Monetary Authority of Singapore) will create significant synergy for the development of fintech and more efficient fund flows between the two markets.”

The announcement was made at a fintech conference in Hong Kong.

Collaboration, not competition

Both city-states are traditionally considered rivals for the position of Asia’s top financial hub.

Collaboration on a distributed ledger technology project would be significant for both markets, allowing cross-border trade and financing…”

Full Story at CNBC.com