Singapore and Vietnam expand MOU on financial innovation

It enables cross-border retail payment connectivity using QR codes.

The Monetary Authority of Singapore (MAS) and the State Bank of Vietnam have enhanced their memorandum of understanding to further cooperate on financial innovation.

The upgraded MOU 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, MAS said in a statement.

“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 Vienam,” said Nguyen Thi Hong, governor of SBV.

The MOU 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, Nguyen said.

Stronger cooperation in financial services will support the deepening of economic and trade relations between Singapore and Vietnam, said Chia Der Jiun, managing director, MAS.