France and USA have decided to strengthen together their FinTech relation by signing a Memorandum of Understanding (MoU). The same has been signed between New York State Department of Financial Services (DFS) and Autorite’ de Controle Prudentiel et de Resolution (ACPR).
The MoU has been signed on mutually agreed grounds of facilitating entry into their respective markets and exercising various FinTech innovative technologies.
There will be overseers exchanging information about regulatory and important policy issues. This will lead to surety in receiving equal levels of support in their own dominions. The parties are expected to share regulatory and supervisory skills and best practices practicable.
Chairman of ACPR Vileroy de Galhau was quoted saying, “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.”
DFS superintendent Linda Lacewell said, “This will foster collaboration to support cross-border FinTech developments, providing entrepreneurs speed to market opportunities in New York and France, while uploading robust consumer protection. Under Lacewell, DFS has attained higher innovation level and market development across all financial services, products and sectors aiming at improving consumer access and market flexibility. This has made the organization a remarkable one on the FinTech sector on account of growth and regulation. In 2019 DFS was recognized as the first US state banking regulator to join the Global Financial Innovation Network (GFIN).