On March 27, 2017 both Singapore and France reached a cooperation agreement to help enhance and support one another as far as the FinTech sector is concerned, further legitimizing this relatively new industry and helping to stabilize this major part of the Singapore and French economy going forward.
Understanding that the landscape of the FinTech industry is moving and shifting at a breakneck pace, far faster than most anyone could have anticipated, both France and Singapore independently reached out to one another in an effort to “join forces” to better monitor trends and emerging technology in the FinTech world as well as to provide assistance and backing to one another during joint innovation projects.
Representatives from both governments have spoken overwhelmingly positive about one another, making sure to mention that this new FinTech cooperation agreement also has stipulations that both nations will work with one another to form more robust and critical regulation for the FinTech service industry – much-needed regulation especially as the FinTech community really starts to take off on the global market today.
On top of that, both of these nations are going to make sure that the companies, corporations, and investors in each of these countries are as well advised about different rules, regulations, and restrictions that may exist in Singapore or France. This is going to foster a real sense of cooperation, a real sense of business friendliness, and forge tight ties between these two countries that are continuing to make efforts to expand their economic base and influence in the global business community.
Innovation is the name of the game
Singapore and France partnering up like this to make sure that the FinTech community is established correctly in both of their countries isn’t all that new or all that surprising.
Similar nations around the world have similar cooperation agreements already in place, including individual agreements that both Singapore and France have with other countries that are very similar to this one. What is a little bit different about this cooperative agreement, however, is that both sides appear to be very eager and very open about transparency as far as innovation in the FinTech sector is concerned.
As we highlighted above, the FinTech sector is moving forward at an almost breakneck pace. Different global events (outside of Singapore and France, as well as outside of their influence) have major impacts on the FinTech sector in both of these countries, and both nations recognize the value of innovating with one another – combining resources and experience – to combat these changes and to shift on-the-fly as far as policy or regulation may be concerned.
At the end of the day, these kinds of agreements are only going to help further legitimize and stabilize the often rocky road that is the FinTech sector. It will be very interesting to see how this particular agreement shakes out in the years and decades to come, and it is a certainty that other nations around the world will be paying close attention to this cooperative agreement as well.
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