The Monetary Authority of Singapore (MAS) and the State Bank of Viet Nam (SBV) have agreed to upgrade their Memorandum of Understanding on Financial Innovation to expand bilateral cooperation on financial innovation. The upgraded arrangement broadens collaboration to include joint digital innovation projects, work to promote payment connectivity between Singapore and Viet Nam, and support for FinTech operations in both markets. SBV indicated the MOU enables an opportunity for cross-border retail payment connectivity using QR codes, involving SBV, MAS, switching companies and commercial banks from both countries.
Monetary Authority of Singapore 2025-03-12
Monetary Authority of Singapore and the State Bank of Viet Nam upgrade cooperation on financial innovation and payment connectivity
The Monetary Authority of Singapore and the State Bank of Viet Nam have upgraded their Memorandum of Understanding on Financial Innovation to enhance bilateral cooperation. The agreement includes joint digital innovation projects, promotion of payment connectivity, and support for FinTech operations. It also facilitates cross-border retail payment connectivity using QR codes.