State Bank of Vietnam and Monetary Authority of Singapore upgrade memorandum of understanding on financial innovation and payment connectivity

The State Bank of Vietnam reported that Governor Nguyễn Thị Hồng, during Vietnam’s state visit to Singapore, exchanged an upgraded memorandum of understanding with the Monetary Authority of Singapore on cooperation in financial innovation, aimed at advancing collaboration on payment connectivity and supporting FinTech development. Exchanged in the presence of General Secretary Tô Lâm and Singapore Prime Minister Lawrence Wong, the upgraded MoU is intended to strengthen information and experience sharing relevant to developing FinTech regulatory frameworks and to facilitate consideration of cross-border retail payment connectivity using QR codes with the participation of regulators, switching organisations and commercial banks. The update also linked bilateral work to wider ASEAN monetary and financial cooperation agendas, including financial inclusion, capital account liberalisation and intra-ASEAN payment system connectivity, and noted that bilateral QR-code payments were included in the leaders’ joint statement accompanying the upgrade of Vietnam–Singapore relations to a comprehensive strategic partnership. Separately, the Governor visited Vietcombank’s representative office in Singapore and encouraged the bank to explore expanding activity in the market, particularly in international payments, trade finance and FinTech cooperation.