Singapore and France boost fintech ties
The Monetary Authority of Singapore (MAS) has signed agreements with France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) to enhance fintech co-operation between both countries.
ACPR is responsible for supervising the banking and insurance sectors in France, while AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected.
Gérard Rameix, AMF chairman, calls the deal a “newly established fintech bridge between France and Singapore” and “an important step for innovative players willing to develop their activities internationally”.
The trio’s deal provides a framework for sharing information about emerging trends, potential joint innovation projects, and regulatory issues pertaining to financial services.
The framework also allows authorised firms in the two nations to help their understanding of regulatory requirements in each jurisdiction.
The fintech world has developed a penchant for amicable activities, but MAS has a certain élan for cordial agreements.
Last year, MAS opened its purpose-built fintech innovation lab – known as Looking Glass @ MAS; and signed an agreement with the Swiss Financial Market Supervisory Authority (FINMA) to foster more fintech co-operation.