Banque de France and Monetary Authority of Singapore Strengthen Financial Cooperation [fr]
The Banque de France (BDF) and the Monetary Authority of Singapore (MAS) jointly announced on 12 November 2019 that they will deepen financial linkages and foster closer cooperation in key areas.
BDF will open an Asian office in Singapore in early 2020. It will be BDF’s second office abroad after New York, opened in 2010. BDF is expanding its presence in Asia in response to the growing importance of the region in the global economy and financial markets.
BDF’s office in Singapore aims to provide enhanced monitoring of Asian economies and financial systems, and forge closer relations with central banks and financial authorities in the Asia-Oceania region. BDF will also set up a dealing room to strengthen its operational capacity to better serve international official sector entities in the Asian time zones.
Autorité de contrôle prudentiel et de résolution (ACPR), BDF and MAS also signed a Memorandum of Understanding (MOU) to enhance cooperation in cybersecurity, through regular information sharing on cyber incidents and threat intelligence. The MOU will also provide for staff exchanges to deepen working relationships and mutual learning. The signing of the MOU took place on the sidelines of the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019
Mr François Villeroy de Galhau, Governor, BDF, said, “MAS and BDF & ACPR have a very good and close relationship: our presence, this year again, at the Singapore FinTech Festival, with the start-ups that we support, proves it. The future opening of a permanent office in Singapore will be a key step in strengthening our link with the Asian continent, which is highly important in today’s globalized world.”
Mr Ravi Menon, Managing Director, MAS, said, “We are delighted that the BDF is setting up an office in Singapore. BDF joins a growing community of central banks, sovereign wealth and pension funds that have decided to anchor their overseas offices in Singapore, to gain closer insights on economic and financial market developments in Asia. The MOU on cooperation in cybersecurity between ACPR, BDF and MAS is an important milestone for the two countries, to strengthen cross-border cooperation and combat cyber risks.”