It is Fintech week in Hong Kong so there is plenty going on regarding alternative finance in the Asian financial center. According to a report in CFOInnovation, the Fintech Association of Hong Kong (FTAHK) made a timely move to sign Memorandums of Understanding with not one, but three different Fintech Associations.
FTHK inked partnerships with the Singapore Fintech Association, the Taiwan Fintech Industry Development Association and the Swiss Finance + Technology Association. It is interesting to note that the Monetary Authority of Singapore and Hong Kong Monetary Authority agreed to partner up on Fintech as well this week. Singapore is the leading Fintech hub in Southeast Asia today. Hong Kong may have been slow out of the gate but the global financial center is moving rapidly to stake its claim in the world of disruptive finance. It simply makes sense for the two to work together.
Commenting on the MOU, Musheer Ahmed, interim GM of FTAHK, said,
“Collaboration is crucial to the development of Fintech, not just in Hong Kong but globally. It is also one of the founding principles of FTAHK.”
Chia Hock Lai, president of the Singapore Fintech Association, added;
“Our partnership with the FinTech Association of Hong Kong will help us set Asia even more firmly within the global FinTech community.”