French President Francois Hollande and Singapore Prime Minister Lee Hsien Loong have agreed to declare 2018 as the France-Singapore year of innovation as the two countries seek closer cooperation in innovative industries, including fintech for insurance and banking.
The agreement was unveiled in a joint declaration on innovation by the two leaders, made on the last day of Hollande’s two-day state visit to Singapore.
With regard to the fintech industry, the Monetary Authority of Singapore (MAS) and its French counterparts have signed several agreements to create a framework for sharing of information about
emerging trends in fintech, potential joint innovation projects, and common regulatory issues.
“The framework will also allow authorised fintech companies in Singapore and France to facilitate their understanding of regulatory requirements in each jurisdiction, so as to foster trades and flows across the two markets,” they said in a press statement.
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