France’s prudential control authority and New York’s state department of Financial services have announced a MoU to ease entry for bilateral fintech’s hoping to scale in new markets. The agreement will encourage innovation in individual fintech markets, but will also foster consumer protection and will seek a set of guidelines to help fintech innovations to enter each other’s markets and to foster competition. This agreement is one of the first of it’s kind and shows how geographical boundaries are fading away for technological adoptions, even outside international trade zones or single markets, such as the EU or NAFTA.
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