The Monetary Authority of Singapore (MAS) has signed cooperation agreements with Autorite de controle Prudentiel er de Resolution (ACPR) and Autorite des Marches Financiers (AMF) to strengthen the fintech ties between Singapore and France.
The agreement provides a framework in which ACPR, AMF and MAS will share information about emerging fintech trends, potential innovation projects and regulatory issues related to financial services.
In addition, the agreement grants authorised fintech companies in both countries to better understand and facilitate trade services across both markets.
"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.
"The accelerated pace of digital transition in financial services is bringing deep-seated changes in cross-border financial trades and flows.The newly established fintech bridge between France and Singapore is an important step for innovative players willing to develop their activities internationally," commented Gerard Rameix, Chairman, AMF.
"Cooperation between MAS and ACPR will create synergies for our two markets and promote innovative services, products and applications that have the potential to benefit consumers, corporates and the wider economy," added Francois Villeroy de Galhau, Governor of the Banque de France, Chair of the ACPR.