New York, French Finance Watchdogs Open Doors for Each Other's Fintech Startups

Jun 5, 2020 at 13:00 UTCUpdated Jun 5, 2020 at 14:18 UTC.Head of the Statue of Liberty on display in a park in Paris, 1883.The New York State Department of Financial Services and its French regulatory counterpart will work to "Ease the entry" for fintech innovators into their respective markets.

NYDFS and ACPR will refer fintech innovators to each other to, in principle, improve speed to market.

They will also exchange information about regulatory and policy issues, and ensure fintech startups in each other's jurisdiction receive equivalent levels of support and are provided regulatory and supervisory expertise.

"This is the first cooperation agreement on fintech signed by the ACPR with an American authority," ACPR's de Galhau said.

"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," he continued.

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