The French Prudential Supervision and Resolution Authority and the Financial Markets Regulator, better known by their acronyms ACPR and AMF, will share information about emerging fintech trends and regulatory issues pertaining to innovative financial services with the Monetary Authority of Singapore, as well as cooperate on potential joint innovation projects.
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.
Monetary Authority of Singapore managing director Ravi Menon and ACPR chair Francois Villeroy de Galhau, who is also governor of the Bank of France, welcomed the agreement, saying it “underscores” their commitment to promoting innovation in financial services and will create synergies for the two markets and promote innovative services, products and applications.
AMF chairman Gérard Rameix added: “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.”
“Cooperation between our authorities will create significant synergies for the two markets and greater understanding enabling fintech firms to extend their global reach and learn from their foreign counterparts.”