SINGAPORE: To promote closer cooperation between Singapore and France in innovation industries, French President Francois Hollande and Singapore Prime Minister Lee Hsien Loong agreed to declare 2018 as the France-Singapore Year of Innovation on Monday (Mar 27).
This was announced in a joint declaration on innovation by Mr Lee and Mr Hollande, issued on the last day of the latter's two-day state visit to Singapore.
Events will be held in both countries next year to encourage "further reflection on how the two countries could work together to mutually reinforce each other's efforts to attain their innovation goals", the Prime Minister's Office (PMO) said in a press release.
Both leaders shared the view that the two countries have much to learn from each other’s experience and approach to foster innovation, PMO added.
For example, French and Singaporean agencies, enterprises, public and private research organisations, as well as institutions of higher learning are already actively engaged in several collaborative projects involving innovation in areas such as science and advanced engineering, transport, urban management, nuclear safety and satellite technology.
At the France-Singapore Innovation Forum on Monday, both countries introduced new initiatives in areas such as space technologies and renewable energies, PMO said.
AGREEMENTS TO BOOST FINTECH COOPERATION
Singapore and France also signed agreements to enhance FinTech cooperation.
The Monetary Authority of Singapore (MAS) on Monday inked the deals with the French authority which supervises the banking and insurance industries, as well as the stock market regulator in France.
The agreements provide a framework under which they will share information about emerging FinTech trends, potential joint innovation projects and regulatory issues relating to innovative financial services, the three authorities said in a joint media release.
"The framework will also allow authorised FinTech companies in Singapore and France to facilitate their understanding of regulatory requirements in each jurisdiction, so as to foster trades and flows across the two markets," they added.