HONG KONG — Monetary authorities of China's Hong Kong Special Administrative Region and Singapore signed on Wednesday an agreement to strengthen cooperation on fintech, with a view to bolstering ties between the two sides and fostering fintech development within the region.

The agreement, signed between heads of the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS), was exchanged in Hong Kong at the Fintech Day organized by the HKMA.

The HKMA and MAS will collaborate on a number of initiatives, including joint innovation projects, referrals of innovative businesses, information sharing and exchange of expertise, to facilitate financial innovation in Hong Kong and Singapore, the HKMA said in a press release.

The two sides have also committed to working on a strategy project on trade finance cross-border infrastructure, based on Distributed Ledger Technology, as their first collaborative initiative, which will facilitate cross-border trade and financing.

Details will be announced by the two authorities next month.