Singapore and France have boosted fintech ties with new cooperation agreements. The signings came during a visit to the city-state by French President François Hollande.
The Monetary Authority of Singapore (MAS) has signed cooperation agreements with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) of France to enhance fintech cooperation between both countries.
The cooperation agreement provides a framework under which ACPR, AMF, and MAS will share information about emerging fintech trends, potential joint innovation projects, and regulatory issues pertaining to innovative financial services.
The framework will also allow authorised fintech companies in Singapore and France to facilitate their understanding of regulatory requirements in each jurisdiction, so as to foster trades and flows across the two markets.
Growing Global Reputation
In the past couple of years Singapore has inked similar agreements with Australian,British, Japanese and Middle Eastern jurisdictions. The Lion City has also taken the lead with financial technology breakthroughs and is home to a growing community of innovation labs.
«This cooperation agreement underscores the commitment of ACPR, AMF and MAS to promoting innovation in financial services. We look forward to closer interactions between our respective fintech ecosystems, more opportunities for our businesses, and greater convenience for consumers in both our countries,» said Ravi Menon, Managing Director, MAS.
