French and Israeli regulators to cooperate on fintech and advanced tech

French and the Israeli financial authorities signed a cooperation agreement to exchange information on innovation and fintech trends in their respective markets. The two authorities will also be able to discuss together the regulatory issues related to blockchain, crypto-assets, artificial intelligence or the use of data and the development of automated advice.

The two regulators intend to support innovative companies in their international development, by helping them to better understand the regulations in each of the two countries and the statutes essential to carry out their activities. To enable this dialogue with project holders and FinTechs before their development or during the pre-authorization phasis, each of the two authorities will rely on its team dedicated to fintechs and innovation. In July 2018, the ISA created a Fintech Innovation Hub. In May 2016, the AMF launched its Fintech, Innovation and Competitiveness division.

Robert Ophèle, chair of French regulator Autorité des marchés financiers, said in a statement: “In the last three years the AMF has made clear its focus on financial innovation and on making Paris a more competitive financial marketplace. The new agreement with the Israel Securities Authority is part of this move and will make it easier for French fintechs to grow internationally. Cooperation between our two authorities will offer significant synergies on both our markets and will improve our mutual understanding of innovation trends”.

Anat Guetta, chair of the Israel Securities Authority, said in a statement: “The agreement with France, which promotes an innovative approach to regulation itself, is another step that will provide ISA and Israeli companies with a broad international perspective on the latest trends and opportunities and will support fintech growth in Israel and worldwide”.

Read the full release

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