DFS and France’s ACPR signs MoU to boost international FinTech innovations

Source: IBS Intelligence 2020-06-08

The New York State Department of Financial Services (DFS) has announced that the organisation has signed a Memorandum of Understanding (MOU) with France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) to ease entry for fintech innovators into the New York and French markets, furthering New York and France as innovation hubs 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, providing entrepreneurs speed to market opportunities in New York and France, while upholding robust consumer protection,” said Superintendent Lacewell.

The agreement was signed by Superintendent of Financial Services Linda A. Lacewell and Governor of the Banque de France and ACPR Chairman François Villeroy de Galhau. The MoU is built on the previous partnership announced by the Governor with Bank of Israel and emphasises on the Department’s commitment to the development of future financial innovations to advance the New York market.

Under Superintendent Lacewell’s leadership, DFS has been encouraging the expansion of financial innovation across all financial services, products and sectors, to improve consumer access and market resiliency. The Superintendent established a new Research and Innovation Division, strengthening the mission of the Department as technology transforms the industry.

Under the agreement, DFS and ACPR will unite to encourage innovation in their individual financial services markets, enhancing consumer protection, and supporting financial innovators to enter and meet regulations in each other’s jurisdictions, consequently encouraging healthy market competition.

The organisations have agreed to refer fintech innovators to each other, ensure that innovators in each other’s jurisdiction receive equivalent levels of support, exchange information about regulatory and policy issues and share regulatory and supervisory expertise and best practices.

“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,” said Governor of the Banque de France and ACPR Chairman Villeroy de Galhau.

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

Backed by the Banque de France, the ACPR is the administrative authority that supervises the banking and insurance sectors and ensures financial stability. The Department is also responsible for protecting the customers of the supervised institutions and ensuring the fight against money laundering and the financing of terrorism. Its operational departments come under its General Secretariat.

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DFS and France’s ACPR signs MoU to boost international FinTech innovations

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