Japan’s FSA Signs Fintech Collaboration Agreement with French Agencies
Japan’s Financial Services Agency (FSA) has signed cooperation frameworks with two French financial regulators - the Autorite des Marches Financiers (AMF) and the Autorite de Controle Prudentiel et de Resolution (ACPR). The frameworks are intended to promote collaboration around financial technology development in the two markets.
In practical terms, the collaboration agreements will promote increased communication around new trends and innovation, regulatory issues and any other relevant information pertaining to change in the financial sector. The cooperation frameworks also include referral mechanisms for financial innovators, in order to facilitate their entry into the French or Japanese markets.
Both countries already have individual frameworks supporting the development of fintechs and innovation in the sector, while also ensuring that regulations are adapted to ensure consumer protection and financial stability. More specifically, the authorities provide specialised guidance to new market entrance regarding authorisation applications and how regulation applies to them.
These new collaboration agreements are part of a trend towards enhanced intra-organisational cooperation, as fintechs increasingly operate on a global level.