The State Bank of Vietnam reported that Deputy Governor Pham Tien Dung met Singapore’s Ambassador Jaya Ratnam to strengthen Vietnam–Singapore cooperation in banking, including preparations to establish bilateral retail payment connectivity using QR codes. The SBV linked the planned QR payments connection to its 2018 memorandum of understanding on financial innovation (Fintech) with the Monetary Authority of Singapore (MAS), which it said has supported progress in digital banking and will continue to provide a foundation for the bilateral payments link. It also noted it has already implemented bilateral QR retail payment links with Cambodia, Thailand and Laos, and framed a Singapore connection as supporting cross-border transactions and travel while aligning with ASEAN efforts to expand cashless payments and promote financial integration and digital transformation. The Singapore Ambassador indicated MAS is ready to support Vietnam on anti-money laundering work, including strengthening supervisory capacity. The SBV said it would connect the QR retail payments service with Singapore “soon”, without providing an implementation date.
State Bank of Vietnam 2025-01-24
State Bank of Vietnam plans to connect bilateral QR retail payments with Singapore and deepen cooperation with MAS
The State Bank of Vietnam (SBV) and Singapore's Ambassador Jaya Ratnam discussed enhancing Vietnam-Singapore banking cooperation, focusing on bilateral QR code retail payment connectivity. This initiative builds on a 2018 memorandum with the Monetary Authority of Singapore (MAS) and aligns with ASEAN's cashless payment and financial integration goals. The SBV has similar QR payment links with Cambodia, Thailand, and Laos, and MAS is prepared to assist Vietnam in anti-money laundering efforts.