Central Bank of France to open first Asian office in Singapore

They aim to forge closer relations with APAC central banks and financial authorities.

Banque de France (BDF) will open its Asian office in Singapore by early 2020, announced the Monetary Authority of Singapore (MAS) and BDF in a joint press release. This will mark as its second office abroad after its New York entry in 2010.

BDF said that the new Asian office will be vital for its goals to “forge closer relations with central banks and financial authorities in the Asia-Oceania region” as well as “monitor Asian economies and financial systems.”

The central bank will also set up a dealing room to strengthen its operational capacity to better serve international official sector entities in the Asian time zones.

In addition,BDF and France’s administrative authority on supervises the banking and insurance sectors have signed a memorandum of understanding with MAS to discuss cybersecurity and threat intelligence.