The Financial Supervisory Commission (FSC) has signed a financial technology (fintech) cooperation agreement with France’s Autorite de Controle Prudentiel et de Resolution (ACPR) to enhance collaboration on supporting innovation within their respective markets, the commission said on Tuesday last week.
That is the third fintech cooperation agreement the commission has signed with regulators abroad, following an agreement with the Polish Financial Supervision Authority in March last year and another with the Office of the Arizona Attorney General in September.
The Taiwan Financial Services Roundtable in May signed a fintech memorandum of understanding with the French Bureau of Taiwan and Paris&Co, which promotes economic development and innovation in Paris.
FSC Chairman Wellington Koo (顧立雄) and ACPR chairman Denis Beau signed the agreement on July 9 in Paris. The agreement enables the commission and the French regulator to support cross-border start-ups and to deepen local companies’ understanding of the other’s supervisory system.
They would set up a framework for sharing information on market developments and new regulations for financial innovation, the commission said, adding that the cooperation would generate more opportunities for fintech businesses in Taiwan and France, and build up a global market for financial innovation in each country.
Koo also met with Germany’s Federal Financial Supervisory Authority to improve cross-border supervisory cooperation on the banking and insurance industries, the commission said.
The commission said that it is promoting supervisory cooperation with the German regulator to make the scope of cooperation between them more complete, as there has been greater demand from Taiwanese financial institutions to establish a presence in continental Europe after Brexit.
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