The Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulatory authority, has inked a new cooperation with a pair of French regulators, helping improve relations and regulatory and fintech-oriented symbiosis between the two countries, per a MAS statement.
The new agreement includes a new partnership with both the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF). The cooperation includes a comprehensive framework regarding a number of fintech trends and will also entail shared information and joint innovation projects.
The agreement between the ACPR, the AMF, and the MAS will also help allow authorized fintech companies in both Singapore and France to facilitate their understanding of regulatory requirements in each jurisdiction, helping to improve trade and flow across the two markets.
The latest partnership represents the continued commitment of the MAS to bolster relations with other regulatory authorities. Late last year, the MAS embarked on an accord with the Swiss Financial Market Supervisory Authority (FINMA), aimed at fostering greater cooperation and development in the fintech space.
According to Ravi Menon, Managing Director, MAS, in a statement on the partnership: “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.”
“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,” explained Gérard Rameix, AMF Chairman, in an accompanying statement.
“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,” he added.