(SINAGPORE, 12 November 2019): The French central bank announced today that it will open its first Asian office in Singapore in early 2020.
According to the bank, called Banque de France (BDF), the move is to expand its presence in Asia as the growing importance of the region in the global economy and financial markets. It will be BDF’s second office abroad after New York, opened in 2010.
The 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.
Besides that, 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.
BDF made the above announcement jointly with the Monetary Authority of Singapore (MAS) .
According to the joint statement, MAS and BDF will deepen financial linkages and foster closer cooperation in key areas.
In the meantime, Autorité de contrôle prudentiel et de résolution (ACPR), BDF and MAS will also sign a Memorandum of Understanding (MOU) on the sidelines of the Singapore FinTech Festival and Singapore Week of Innovation and Technology (SFF x SWITCH) 2019.
The MOU signed is to enhance cooperation in cybersecurity, through regular information sharing on cyber incidents and threat intelligence, as well as staff exchanges between the three parties to deepen working relationships and mutual learning.
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 of MAS, said, “We are delighted that the BDF has 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 also an important milestone for the two countries, to strengthen cross-border cooperation and combat cyber risks.”