The Monetary Authority of Singapore (MAS) has inked agreements with financial regulators in France, Autorite de Controle Prudentiel et de Resolution (ACPR) and the Autorite des Marches Financiers (AMF), to strengthen mutual cooperation in the fintech space.
Under the agreement, the regulators will exchange data about emerging fintech trends as well as help each other identify potential joint innovation projects.
The agreement will allow fintech startups in Singapore and France to enhance their understanding of each other’s regulatory landscape and expand services between the two jurisdictions.
AMF chairman Gerard Rameix said: “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.”
The agreement with the French watchdogs comes close on the heels of another fintech agreement signed between MAS and Abu Dhabi Global Market.
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Commenting on the latest agreement, MAS managing director Ravi Menon said: “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.”