Following in the footsteps of the UK and US, François Villeroy de Galhau, governor of the Banque de France, announced that its prudential arm, the Autorité de contrôle prudentiel et de resolution, and the Autorité des marchés financiers regulator would set up dedicated fintech regulatory sandbox.
French fintech startups welcomed the move, noting that it could help speed up the regulatory process. Damien Guermonprez, chief executive of payments startup Lemon Way, said: "The single window for fintechs is going to enable the entrepreneurs to save precious time because the answers of the ACPR and the AMF will converge." Lemon Way is part of France Fintech, a recently launched lobby group for startups. The move by France's regulators follows the launch of a similar unit by the UK’s Financial Conduct Authority in late 2014. Established as part of the UK government’s wider plans to help foster fintech, the FCA’s Project Innovate assists companies through the regulatory process. Its also provides a “regulatory sandbox”, an environment for financial companies large and small to test new products safely.