New York and France Draft FinTech Collaboration

The New York State Department of Financial Services (DFS) and its counterpart in France have mutually agreed to ease regulations and policies for fintech startups looking to set up shop in the respective markets.

The memorandum of understanding (MoU), signed with the French Autorite de Controle Prudentiel et de Résolution (ACPR) on June 3, seeks to expand the innovative capacities of both locations. In 2019, DFS became the first US state banking regulator to join the Global Financial Innovation Network (GFIN).