New York and France Regulators Ink A New MoU For FinTech Partnership

The world of Financial Technology (FinTech) is making a considerable progress as government agencies and regulators are now coming together to create new rules and robust frameworks for the working of the new developments in the markets.

Recently, the regulators in the New York and France have signed a Memorandum of Understanding (MoU) which makes it easier for either of them to enter other’s market and strengthen their positions as FinTech hubs.

The New York State Department of Financial Services (DFS) and Autorité de Contrôle Prudentiel et de Résolution (ACPR) have signed the MoU saying that it will ensure a larger cooperation between the two countries for future Fintech developments.

As per the deal, ACPR and DFS will refer their respective FinTech innovators to each other  while facilitating entry into their respective markets. Both the regulators will exchange important information pertaining to regulatory and policy issues.

Thus, they will ensure that firms in each other’s jurisdictions will receive equal support from both ends while sharing regulatory and supervisory expertise and the best practices.

Superintendent of Financial Services at the Department of Financial Services, Linda A. Lacewell, said: “This will foster collaboration to support cross-border fintech developments, providing entrepreneurs speed to market opportunities in New York and France, while upholding robust consumer protection”.

Apart from sharing the regulatory information, both the authorities will knowledge and expertise on all the innovations taking place in the sector. This will also help in contributing for the effectiveness and efficiency of their respective FinTech sectors.

Governor of the Banque de France and ACPR Chairman François Villeroy de Galhau said that this agreement underscore the regulators’ common commitment of innovation in FinTech regulation.

“This is the first cooperation agreement on fintech signed by the ACPR with an American authority. It underscores the ties between the two Authorities and their strong commitment to innovation. I am sure this agreement will help connect two major fintech ecosystems and promote innovative financial services in both countries that should benefit consumers, corporates and the wider economy,” he said.