Long presented as rivals, the two major financial centers of Asia, hong Kong and Singapore, have just announced a co-operation agreement in the field of new technologies financial (Fintech), that the one and the other were developing already very actively, but separately. “The cooperation between the monetary authority of hong Kong (HKMA) and that of Singapore (MAS) will create a significant synergy favourable to the development of Fintech and make more fluid the exchange of funds between the two markets,” said, Wednesday, 25 October, Norman Chan, the director of the HKMA.
The first area covered by the agreement between hong Kong and Singapore is the financing of regional trade, which should be transformed by the use of the blockchain (the system of secure transactions on the Net). “Logically, banks will push their customers to go on the new system, which will eliminate all friction in the payments often tied to documentation, letters of credit for customs formalities,” said Charles d’haussy, head of Fintech at InvestHK, the government agency that promotes investment in hong Kong. “In fine, these are the financial players and business who will make decisions for the deployment of these new technologies – and this comes before any economic sense “, swatch Antoine Blondeau, co-founder of Sentient Technologies, a business of artificial intelligence based in San Francisco, which has notably developed the language Siri. “It is clear, however, that the agreement between hong Kong and Singapore noted the willingness of the two places strong financial Asia to play a key role in the development of standards and regulation mechanisms. “
A revolution in the market
“It is important to be able to say to the banks who come to us [in Singapore], if you work with us, you work with them…