Singapore and France establish Fintech Bridge to foster innovation

The Monetary Authority of Singapore (MAS) announced that it has signed cooperation agreements with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) of France in a move to foster fintech cooperation between Singapore and France.

“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,” Ravi Menon, Managing Director of MAS, stated.

The cooperation agreement between both the countries offers a framework, where ACPR, AMF, and MAS will share information about emerging fintech trends. There will also be potential joint innovation projects and regulatory issues that are pertaining to innovative financial services.

The fintech framework will also permit authorized fintech companies and startups in Singapore and France to facilitate the understanding of both regulatory requirements in each jurisdiction. By doing so will foster trades and flows across the two markets.

“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,” Gérard Rameix, AMF Chairman, said.

MAS recently signed a cooperation agreement with Abu Dhabi Global Market (ADGM) to encourage the fintech entrepreneurship. Earlier this month, MAS also established a Cooperation Framework with the Financial Services Agency (FSA) of Japan, to enhance fintech linkages between both countries.