The Monetary Authority of Singapore (MAS) and the State Bank of Vietnam (SBV) have agreed today to enhance their existing Memorandum of Understanding (MOU) to further cooperate on financial innovation.
The upgraded MOU on financial innovation will facilitate an expanded scope of cooperation on joint digital innovation projects, promote payment connectivity between Singapore and Vietnam, and support FinTech operations in both markets, the MAS statement on 12 March said.
Chia Der Jiun, managing director of MAS, said: “Singapore and Viet Nam enjoy a longstanding, multi-faceted partnership in financial services. Stronger cooperation in financial services will support the deepening of economic and trade relations between our countries. Today, with the exchange of this upgraded MOU, we reaffirm our commitment to cooperate in the development of our financial sectors, including through FinTech innovation and payments connectivity.”
Nguyen Thi Hong, Governor of SBV, said: “The close cooperation in the banking and financial sector between Viet Nam and Singapore over the years has demonstrated its positive role in supporting bilateral trade and investment relations, leading to significant achievements. Singapore serves as a great inspiration for financial innovation in the region and globally.
“Today’s MOU strengthens the foundation for both sides to further promote cooperation, enhance the exchange of information and experiences, which we believe will be highly constructive to the development of the regulatory framework for the Fintech sector in Viet Nam. This MOU also enables the opportunity for cross-border retail payment connectivity using QR codes, with active participation of SBV, MAS, switching companies and commercial banks from both countries.”
The exchange of the upgraded MOU was witnessed by His Excellency Lawrence Wong, Singapore Prime Minister and His Excellency To Lam, General Secretary of the Communist Party of Viet Nam during the latter’s Official Visit to Singapore from 11-13 March 2025.
