Singapore signs fintech cooperation agreement with France

SINGAPORE and France on Monday signed an agreement to enhance cooperation in the fintech sector.

The Monetary Authority of Singapore (MAS) and Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) of France signed the agreement which 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.

MAS managing director Ravi Menon said the 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," he added.

Francois Villeroy de Galhau, governor of the Banque de France, chair of the ACPR, said: "I am delighted to sign the cooperation agreement with MAS. 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".

Gérard Rameix, AMF chairman, 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."