Hong Kong and Singapore Join Forces Over Fintech
- HKMA chief unveils cooperation agreement at fintech day
- Cities have pledged hundreds of millions to foster technology
Norman Chan
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Hong Kong and Singapore, which have vied for supremacy as financial technology hubs over the past couple of years, have now decided to join forces.
The cities’ central banks have signed a fintech cooperation agreement that will foster collaboration on business referrals, joint innovation projects, information sharing and the exchange of expertise, Norman Chan, chief executive of the Hong Kong Monetary Authority said Wednesday. The first joint project will be on trade finance, Chan said in a speech to open the HKMA Fintech Day.