South Korea’s Financial Services Commission (FSC) reported on Chairman Lee Eog-weon’s visits to India and Vietnam alongside President Lee Jae Myung’s state visits, aimed at strengthening bilateral financial cooperation and supporting Korean financial firms’ expansion and operations in local markets. The programme included senior-level meetings, financial cooperation forums and the signing of multiple cooperation arrangements, notably on financial hub development, cross-border QR code payment connectivity and nonperforming loan (NPL) market infrastructure. In India, Lee met Finance Minister Nirmala Sitharaman to discuss knowledge sharing and cooperation on fintech and cross-border QR payments, as well as expanding bilateral investment and startup cooperation linked to India’s National Investment and Infrastructure Fund. The FSC and Korea’s Financial Supervisory Service signed a memorandum of understanding (MOU) with India’s International Financial Services Centres Authority to share experience supporting the development of financial hubs in Korea (Seoul and Busan) and India (GIFT City). Separately, the Korea Financial Telecommunications and Clearings Institute (KFTC) and the National Payments Corporation of India (NPCI) signed an MOU to integrate Korea’s QR payment system with India’s Unified Payments Interface. In Vietnam, Lee met State Bank of Vietnam Governor Pham Duc An to discuss cooperation and operating conditions for Korean institutions, including acknowledging licences granted to Korea Development Bank’s Hanoi branch and Industrial Bank of Korea’s (IBK) local subsidiary and requesting cooperation on licensing for NH Bank and Nice Information Service; cooperation discussions also covered digital finance, cross-border payments and NPL management, while Korea Asset Management Corporation and Vietnam Asset Management Company signed an annex agreement to their 2019 MOU specifying cooperation areas for establishing an NPL trading platform. The Korea-India QR linkage is expected to be completed within the year, enabling visitors to pay via their chosen mobile apps without currency exchange and reducing fees by about two percentage points versus overseas credit card transaction fees. IBK plans to open its Vietnam subsidiary in October, and Korea and Vietnam agreed to advance QR payments integration following an agreement between KFTC and NAPAS, targeted at improving cross-border payment convenience for around 4.8 million annual travellers between the two countries.
South Korea Financial Services Commission 2026-04-26
South Korea Financial Services Commission deepens India and Vietnam cooperation with agreements on financial hubs cross-border QR payments and NPL infrastructure
South Korea’s Financial Services Commission detailed Chairman Lee Eog-weon’s visits to India and Vietnam to deepen bilateral financial cooperation and support Korean financial institutions’ expansion, yielding cooperation on financial hub development, cross-border QR payments and nonperforming loan (NPL) market infrastructure. In India, authorities agreed on fintech and QR payment cooperation, including MOUs to support financial hub development and integrate Korea’s QR system with India’s Unified Payments Interface, with QR linkage expected this year and lower transaction fees. In Vietnam, discussions covered licensing and operating conditions for Korean institutions, digital finance, cross-border payments and NPL management, including an annex agreement to establish an NPL trading platform and advance QR payment integration.