Singapore and France sign fintech cooperation deal

The Monetary Authority of Singapore has today announced a cooperation agreement with the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers to enhance fintech relations with France.

The Monetary Authority of Singapore has today announced a cooperation agreement with the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers to enhance fintech relations with France.

A new cooperation agreement between The Monetary Authority of Singapore (MAS), Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) is seeing Singapore and France sharing information about emerging fintech trends and potential joint innovation projects.

AMF chairman, Gérard Rameix, said the need to build bridges oversees was vital for maintaining progression across the global fintech ecosystem.

“The accelerated pace of digital transition in financial services is bringing deep-seated changes in cross-border financial trades and flows,” he said.

“The newly established fintch 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”.

MAS managing director, Ravi Menon, said the partnership would be especially beneficial, with each nation able to build on the other’s stronghold in its respective continent.

“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,” he said.

“This cooperation agreement underscores the commitment of ACPR, AMF and MAS to promoting innovation in financial services.”