The New York State Department of Financial Services (DFS) has inked a memorandum of understanding (MoU) with France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) to boost ties in the fintech space.
The regulators have signed the latest MoU to bring fintech innovators into the New York and French markets.
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Under the agreement, DFS and ACPR will work together to boost fintech innovations in their individual markets, enhance consumer protection, and support financial innovators.
The regulators also agreed to refer fintech innovators to each other.
DFS superintendent Lacewell said: “DFS is pleased to partner with our French regulatory counterparts through this signed agreement.
“This will foster collaboration to support cross-border fintech developments, providing entrepreneurs speed to market opportunities in New York and France, while upholding robust consumer protection.”
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By GlobalDataACPR chairman Villeroy Galhau said: “This is the first cooperation agreement on fintech signed by the ACPR with an American Authority.
“I am sure this agreement will help connect two major fintech ecosystems and promote innovative financial services in both countries that should benefit consumers, corporates and the wider economy.”
US state banking regulator DFS is the first organisation to join Global Financial Innovation Network (GFIN) in 2019.
On the other hand, ACPR is the administrative authority that supervises the banking and insurance sectors and ensures financial stability.
The latest MoU builds on New York’s previously announced partnership with the Bank of Israel.
