Hong Kong and Singapore have committed to work on a strategic project on trade finance cross-border infrastructure, based on distributed ledger technology (DLT).
The countries have announced a new partnership that is expected to promote further development of the fintech ecosystem in Japan and Singapore.
The pilot project aimed at adopting blockchain for interbank payments will also involve the country’s stock exchange and eight local and foreign banks.
R3 has announced a deal with Singapore’s financial regulatory authority to establish the first dedicated distributed ledger technology (DLT) Center of Excellence in the Asian region.
Singapore is aiming to become a center for fintech due to the changes of the regulation system.