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Singapore and France to Enhance Cooperation in the Fintech Sector

Written by: Bridgewest

Singapore-and-France-to-enhance-cooperation-in-the-fintech-sectorKnown as a regional financial center, Singapore wants to enhance its regulations to attract more foreign investors with a high interest in the financial technology sector, shortly referred to as fintech. In order to achieve that, the government has signed several cooperation agreements with various countries, the latest one being with France. If you are interested in opening a fintech company in the city-state, our Singapore company formation experts can assist you.

What are the areas targeted by Singapore and France?

The Monetary Authority in Singapore (MAS) is the institution in charge with the regulations imposed to financial companies operating in the city-state, while French companies rely on the help of the Authority of Prudential Control and Resolution (ACPR) and the Financial Markets Authority (AMF). The agreement was drafted and agreed upon by the three authorities.

Singapore and France will cooperate on joint projects related to innovation in the financial sector, regulations related to the fintech industry and will also analyze the latest fintech trends. Fintech companies in Singapore and France will also be assisted in understanding the legislation in each country in order to have easier access to the other market and to increase the trade flow.

Our company registration agents in Singapore can offer information on the legislation related to the financial industry in the city-state. They can also help foreign investors who want to open a company in Singapore.

What does the agreement mean for Singapore?

For several years now, France is one of the most visible countries on the financial technology startup scene in Europe. With a strong orientation for innovation, France has tremendous investment and collaboration possibilities for fintech companies in Singapore.

The MAS can also work closer with the AMF in order to promote innovation in the financial services industry on the Singapore and French markets and also provide more facilities to consumers in both countries. Also, this new agreement is another chance for Singapore fintech companies to expand their operations in Europe and thus have a larger contribution to the city-state’s economy.

For assistance in starting a financial company in the Lion city, please feel free to contact our company formation consultants in Singapore.

 

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