Singapore, France partner to ease cross-border operations of fintech companies

Singapore, France partner to ease cross-border operations of fintech companies

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The Monetary Authority of Singapore (MAS) said on Monday it has partnered with the authorities in France to enhance fintech cooperation between the two countries. It has signed cooperation agreements with the Autorite de Controle Prudentiel et de Resolution (ACPR) and the Autorite des Marches Financiers (AMF).

“The newly established FinTech bridge between France and Singapore is an important step for innovative players willing to develop their activities internationally,” Gerard Rameix, AMF chairman. “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,” he added.

Thanks to the agreements, the authorities will share information about emerging fintech trends, potential joint innovation projects, and regulatory matters. Moreover, fintech companies regulated in either Singapore or France will be able to better understand the regulatory requirements in each jurisdiction, which would enable them to foster trades and flows across the two 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,” MAS managing director Ravi Menon said.

The MAS is its central banks and financial authority body of Singapore. Earlier this month, the regulator also partnered with its Japanese counterpart, the Financial Services Agency (FSA), to enhance fintech companies.

In mid-2016, the ACPR created a FinTech Innovation Unit which to serve as a point of entry for financial startups and to assist them in the ACPR licensing process. The FinTech Innovation Unit works on behalf of the ACPR and cooperates with the AMF.

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