DFS and ACPR in France sign a memorandum of understanding to stimulate FinTech innovations

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The New York State Department of Financial Services (DFS) announced that the organization has signed a memorandum of understanding with the Supervisory Authority and Resolution (ACPR) to facilitate the entry of innovators from the fintech on the New York and French markets, advancing New York and France as innovation centers for FinTech.

“DFS is pleased to partner with our French regulatory counterparts through this signed agreement. This will foster collaboration to support cross-border FinTech developments, allowing entrepreneurs to quickly access market opportunities in New York and France, while maintaining strong consumer protection, “said Superintendent Lacewell.

The agreement was signed by Superintendent of Financial Services Linda A. Lacewell and the Governor of the Banque de France and the President of the ACPR François Villeroy de Galhau. The memorandum builds on the governor’s previous partnership with the Bank of Israel and highlights the department’s commitment to develop future financial innovations to advance the New York market.

Under the leadership of Superintendent Lacewell, DFS encouraged the expansion of financial innovation across all financial services, products and sectors, to improve consumer access and market resilience. The Superintendent has created a new research and innovation division, strengthening the mission of the Department as technology transforms industry.

Under the agreement, DFS and ACPR will come together to encourage innovation in their individual financial services markets, improving consumer protection and helping financial innovators to enter and comply with regulations in their respective jurisdictions, thereby encouraging healthy competition in the market.

Organizations have agreed to refer financial technology innovators, to ensure that innovators in the other’s jurisdiction receive an equivalent level of support, exchange information on regulatory and policy issues and share expertise and best practices in regulation and oversight.

“This is the first financial technology cooperation agreement signed by the ACPR with an American authority. He highlights 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 the two countries that should benefit consumers, businesses and the economy as a whole, “said the Governor of the Bank. of France and the president of the ACPR, Villeroy de Galhau.

In 2019, DFS became the first U.S. banking regulator to join the Global Financial Innovation Network (GFIN). Earlier, the Department issued guidance and a request for state-regulated institutions engaged in the trade of virtual currency, amid the outbreak of the new coronavirus (COVID-19).

Supported by the Banque de France, the ACPR is the administrative authority which supervises the banking and insurance sectors and ensures financial stability. The Department is also responsible for protecting the clients of supervised institutions and for combating money laundering and the financing of terrorism. Its operational services report to its General Secretariat.



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