Singapore, Hong Kong to work on trade finance project

Their first project will use distributed ledger technology for cross-border trade finance.

The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA) signed an agreement for cooperation on fintech development within the region during the HKMA's FinTech Day.

According to a press release, MAS and HKMA have committed to work on a strategic project on trade finance cross-border infrastructure, based on distributed ledger technology, as their first collaborative initiative. The two will announce more details next month.

The two countries will also work together on facilitating referrals of innovative businesses, sharing information, and exchanging fintech and financial expertise.