The Monetary Authority of Singapore (MAS) is continuing its push to collaborate with financial regulators around the world to improve Fintech innovation and collaboration. MAS today announced a cooperation agreement with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) in France.
The agreement creates a framework under which ACPR, AMF, and MAS will share information about emerging Fintech trends while helping to identify potential joint innovation projects and possible regulatory issues. As one may expect, the agreement will enable Fintech companies authorised in Singapore and France to better understand each regulatory environment and to expand services between the two countries.
Singapore is a noted global leader in the Fintech sector and clearly seeks to lead the world in creating a robust ecosystem to drive innovation in the financial services sector. France is a bit late to the game but has recognized the importance of removing barriers to Fintech innovation and would like to become a preferred option for Fintech startups in a post-Brexit Europe. Another important aspect of Singapore is the fact there is basically a single regulatory body that acts as a point of contact for other countries to partner with. In the US, for example, there are innumerable agencies overseeing financial services – a fact that hobbles innovation in a sector of industry that is of strategic importance.
The Autorité de contrôle prudentiel et de résolution is responsible for supervising the banking and insurance sectors in France. The AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected, providing investors with adequate information and supervising the orderly operation of markets.
Ravi Menon, Managing Director, MAS, said the cooperation agreement underscored the commitment of both Singapore and France to promote innovation;
“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,” said Menon.
Francois Villeroy de Galhau, Governor of the Banque de France, Chair of the ACPR, said he was delighted to sign the agreement with MAS. Villeroy d Galhau expects valuable synergies to be engendered that will benefit consumers, businesses, and the wider economy.
Gérard Rameix, AMF Chairman, added;
“The accelerated pace of digital transition in financial services is bringing deep-seated changes in cross-border financial trades and flows. 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”.