According to local bankers, up to twenty banks are willing to sign on to join the Blockchain power trade network, between Singapore and Hong Kong.
This step will move both countries in an institutional level of Blockchain partnership and applications.
The two national monetary councils have already planned ‘coopetition’ (cooperative competition) that the twenty banks will join. Despite their competition, the two countries are working together to increase the speed of transfer of digital documents and finance. This is going to be a huge splash in the financial space of Asia.
Singapore has to deal with some problems with ASEAN, while Hong Kong faces several problems with China. The two nations collaborating would have the chance to change the way the countries work in the trade.
For instance, documentation from one country to another takes about a week. Making this information digital on the blockchain could reduce the needed time down to seconds.
The countries form a strong financial alliance of two bigger hubs. Also, they are making real the concept that nations competing before, they can now work together to achieve greater things.
One official stated that whoever is working with one country, it means he’s working with both countries.