The Monetary Authority of Singapore (MAS), Singapore`s central bank and financial authority has signed a cooperation agreement with France to improve
The Monetary Authority of Singapore (MAS), Singapore`s central bank and financial authority has signed a cooperation agreement with France to improve FinTech ties between the two countries.
The cooperation agreement puts on paper the collaboration between Singapore`s central bank, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the authority monitoring banks & insurance companies in France and the France`s stock market regulator Autorité des Marchés Financiers (AMF).
Francois Villeroy de Galhau, chairman of the ACPR who is also the governor of the Banque de France, the country’s central bank, said:
“Cooperation between MAS and ACPR will create synergies for our two markets and promote innovative services, products and applications that have the potential to benefit consumers, corporates and the wider economy.”
The agreement will build a “Fintech bridge between France and Singapore”, according to AMF Chairman Gérard Rameix. In this way, French industry companies can learn from similar businesses in Singapore.
Also, “authorized” FinTech companies from France and Singapore will be able to receive guidance from the authorities about regulatory requirements in the jurisdictions of each country, explained cryptocoinnews.com.
“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.”, commented MAS managing director Ravi Menon.
Singapore has been said to be technology-friendly and is often described as one of Asia`s leading FinTech hubs.
The Monetary Authority of Singapore (MAS), the central bank in the country, has reportedly completed its blockchain inter-bank payments proof-of-concept (PoC) as a co-project with the US-based blockchain start-up R3, as cryptocoinnews.com wrote earlier this month.
MAS is setting a trend by signing similar agreements with south Indian government of Andhra Pradesh, the central Bank of South Korea and others.
It remains to be seen how MAS and Singapore will position themselves in the financial technology field.