Banque de France Governor inaugurates Asia-Pacific Representative Office in Singapore
Singapore / Paris, 14 July 2022… The Banque de France today officially inaugurated its Asia-Pacific Representative Office in Singapore, which opened in 2020. Governor François Villeroy de Galhau of the Banque de France officiated the event, which was attended by the Ambassador of France to Singapore, and senior officials from the Monetary Authority of Singapore (MAS), foreign central banks and French financial institutions. Banque de France’s office in Singapore is its second overseas office, following the opening of a Representative Office in New York office in 2010.
2. At the inauguration event, Mr Villeroy de Galhau and Mr Ravi Menon, MAS Managing Director, reaffirmed the warm and long-standing relationship between the Banque de France and the MAS, which has yielded valuable bilateral collaborations in the areas of , and .
3. Mr Villeroy de Galhau said, “It is my great pleasure to be able to formally inaugurate our Asia-Pacific Representative Office here in Singapore. Although Covid-related restrictions have prevented us from fully deploying the initial roadmap assigned to our Singapore office, we have already started to reap the fruits of this endeavour, including for our relationship with the whole Asian region. Setting up a Representative Office in the heart of the Asia-Pacific region is a clear recognition of the growing importance of the region as a whole in today’s global economy. I wish to extend my sincere thanks to MD Menon and MAS principals and staff for their outstanding support.”
4. Congratulating Mr Villeroy de Galhau on the inauguration of its Asia-Pacific Office, Mr Menon said, “Co-operation between the Banque de France and MAS has grown substantially over the last two years despite Covid-19 disruptions, thanks to Governor Villeroy de Galhau’s proactive engagement. MAS is delighted to collaborate with a well-regarded, like-minded partner on emergent issues at the forefront of the global central banking community. Banque de France’s Asia-Pacific Representative Office is well-positioned as a bridge between Paris and Singapore as well as the greater European and Asian markets. I wish Banque de France every success as it continues to develop its footprint in the region.”
Opening Remarks by Mr Ravi Menon, Managing Director of MAS, at the 25th Anniversary Celebration of IMF-Singapore Regional Training Institute
The partnership will focus on finding ways to better mobilise financing to make digital services more affordable and accessible for underserved individuals and communities, and MSMEs, with the support of financial institutions and FinTech companies.
Mr Ravi Menon, Managing Director, MAS, spoke on MAS' efforts to build three foundational digital infrastructures, as well as MAS’ collaboration with UNDP to maximise opportunities for MSMEs.