Regulators in France and New York have struck an agreement that will make it easier for their fintech firms to enter each other's markets.
The New York State Department of Financial Services (DFS) and Autorité de Contrôle Prudentiel et de Résolution (ACPR) say that their Memorandum of Understanding is designed to strengthen New York and France's positions as fintech hubs.
Under the deal, DFS and ACPR will refer fintech innovators to each other to help facilitate entry into their respective markets.
The watchdogs will also exchange information about regulatory and policy issues, ensure that firms in each other's jurisdiction receive equivalent levels of support, and share regulatory and supervisory expertise and best practices.
Villeroy de Galhau, chairman, ACPR, says: "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."
Superintendent of Financial Services Linda Lacewell adds: "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."