The Autorité des Marchés Financiers (AMF) announced on Monday that Japan’s Financial Services Agency (FSA) has signed two agreements today, one with the AMF and another with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) of France.
The agreements with the FSA aim to promote innovation between Japan and France’s financial markets. According to the statement released by the AMF, it will lead to more innovation between the two countries, including regulation.
The AMF, FSA, and ACPR have all promoted the development of financial technology and innovation in their respective financial markets. The three regulatory bodies have also made it their priority to ensure regulations are up to date to ensure consumer protection and financial stability.
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According to the statement, the collaboration was a natural step as fintech companies and other financial innovators are increasingly offering services at a global level. Under the agreement, there will also be referral mechanisms for financial innovators. This will facilitate their entry into both the French or Japanese markets.
Japan’s FSA Committed to Staying on Top of Fintech Trends
The FSA is responsible for regulating banks, insurance companies and the capital markets in Japan. The agreements announced today are in line with the FSA’s commitment to staying on top of the latest financial innovations and trends.
Earlier this year, Finance Magnates reported that the Japanese regulator created a Strategy Development and Management Bureau that will be responsible for providing an up-to-date regulatory regime. Specifically, the bureau deals with anti-money laundering procedures, developments in financial technology and the cryptocurrency market.
Outside of the FSA, other financial institutions in Japan are strengthening their ties with global regulators and large financial firms. At the beginning of this month, Nomura, the largest brokerage in Japan, announced that it had signed a memorandum of understanding (MOU) with the Industrial and Commercial Bank of China Limited (ICBC). The aim of the agreement is to explore a potential business alliance.