The Financial Services Agency (FSA), Japan’s financial regulator, has signed fintech cooperation agreements with two French authorities to promote innovation in the financial sector.

The Japanese regulator signed the agreements with the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

ACPR supervises the banking and insurance sectors in France. AMF operates as an independent public authority to ensure that all savings invested in financial products are protected.

The agreements offer a framework to encourage exchanges on trends, regulations and other relevant issues concerning innovation in financial sector.

Additionally, it will allow Japanese and French fintech companies to enter and operate in respective markets.

Both the countries already support innovation and development in the fintech industry.  The signing of fintech cooperation agreements is expected to further facilitate the development at a time when fintechs companies are increasingly offering services at a global level.

Headquartered in Tokyo, FSA is the regulator of all banks, insurance companies and capital markets in the country.

As a regulator, it is responsible for inspection, supervision, and surveillance of all financial systems.

In September, FSA signed an agreement with the Dubai Financial Services Authority (DFSA) to partner in the development of fintech.

Both the authorities agreed to work on fintech innovation at the Dubai International Financial Centre (DIFC) as well as in Japan.