Central banks in the growing fintech hubs of Hong Kong and Singapore have inked a business cooperation agreement that will foster innovation between joint fintech projects, the Hong Kong Monetary Authority said.

Both hubs will work towards joint innovation projects, business, and information sharing according to a speech made by Norman Chan, CEO for the Hong Kong Monetary Authority, or HKMA, it was reported today.

The HKMA will be working with the Monetary Authority of Singapore, or MAS, on these fintech innovations. These projects will all deal with financial technology, an industry where both regions have been working to grow innovation.

The first collaboration between Hong Kong and Singapore will deal with cross-border trade finance, for which they are turning to blockchain technology.

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