Authorities in France and Singapore have signed a cooperation agreement to boost innovation and FinTech in both regions.
It will allow authorised FinTech companies from both countries to improve their understanding of regulatory requirements in each region to help trades and flows across each others markets.
The Monetary Authority of Singapore (MAS), the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) all signed the agreement.
It also provides a framework under which ACPR, AMF and MAS can share information about emerging FinTech trends and regulatory issues, and explore potential joint innovation projects.
Ravi Menon, managing director at MAS, explained the cooperation agreement underscores the commitment from all involved to promote innovation in financial services.
Gérard Rameix, AMF chairman, added: “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.”