The FinTechs and BigTechs (especially the big US and Asian companies that are driving the digitalisation of the economy) offer new opportunities (new cyber security solutions, reduction in the cost of internal management for client entities, increase in financial inclusion, etc. ), but are equally a source of additional vulnerabilities, notably in terms of cyber risk, the weakening of financial ecosystems and the development of questionable practices in the use of data. The Banque de France is working actively on these issues within international and European fora, to promote the sharing of experiences and harmonisation of rules and practices, and encourage efforts to make financial sector agents more resilient. We also need to continue assessing the reforms already put in place, to check that they deliver the expected effects and to identify any unintended consequences. The FSB’s assessment shows that although certain measures have largely been implemented requirements for systemically important institutions, clearing – other aspects still have to be finalised, notably with regard to the monitoring of non-banking financial institutions. Only when these reforms are fully implemented will the financial system be effectively protected. T h e European integration projects are also essential for increasing the EU’s macroeconomic resilience. First we need to finalise Banking Union on an institutional level. One positive contribution would be to work towards a European deposit guarantee scheme. This could be based, at least initially, on covering liquidity requirements, with no permanent transfers between Member States.

Shanghai Futures Exchange (“SHFE”), one of China’s largest commodity futures exchanges, established a representative office in Singapore in June this year. Shanghai International Energy Exchange (“INE”), an international futures exchange set up in the Shanghai Free Trade Zone, has been authorised by MAS as a Recognised Market Operator in November 3/5  BIS central bankers' speeches  this year. SHFE and INE chose Singapore to be their first overseas outpost, given Singapore’s position as a key global commodities trading and financial hub, and an important link in the BRI. b. Fullerton Fund Management and APS Asset Management received their private fund management approvals in June 2017 and July 2018 respectively, allowing these asset managers to offer onshore investment products to institutional and high net worth investors in China. c. UOB has reinforced its commitment to China by opening a new headquarters building in Shanghai in November this year. UOB Plaza is the first Grade-A office building owned by a foreign bank in the Lujiazui Financial District. FinTech Collaboration between Shanghai and Singapore  Fourth, nurturing a conducive ecosystem for FinTech companies and start-ups. Together, Shanghai and Singapore can increase the potential for technology and innovative solutions that increase efficiency, improve risk management, create new 9  opportunities, and improve people’s lives. We are pleased that FinTech companies and payment service providers from Shanghai and Singapore are entering into commercial arrangements, bolstering FinTech linkages between both cities. a.