Hong Kong and Singapore have agreed to cooperate on a cross-border trade project based on blockchain technology as part of a broader joint strategy on financial technology.

The two Asian powerhouses' central banks signed a fintech deal Wednesday to collaborate on a number of projects including business innovation, data sharing and exchange of expertise.

"Hong Kong and Singapore are the two leading international financial centers in the region and are actively deploying fintech," Norman Chan, chief executive of the Hong Kong Monetary Authority (HKMA), said in an announcement Wednesday.

"Collaboration between the HKMA and MAS (Monetary Authority of Singapore) will create significant synergy for the development of fintech and more efficient fund flows between the two markets."

The announcement was made at a fintech conference in Hong Kong.