The State Bank of Vietnam published an update on the National Payment Corporation of Vietnam (NAPAS) and Singapore’s NETS exchanging a memorandum of understanding to connect their systems and implement bilateral cross-border QR code retail payments between Vietnam and Singapore, in a ceremony witnessed by the two countries’ prime ministers. Once implemented, customers of member institutions in the NAPAS network will be able to make QR code payments at NETS acceptance points in Singapore, and customers of NETS member institutions will be able to pay by QR code at NAPAS acceptance points in Vietnam. The release also notes that, under Government direction and State Bank of Vietnam guidance, NAPAS has already completed cross-border QR connectivity with Thailand, Cambodia and Laos, is working on links with countries including China, South Korea and Japan, and expects the Vietnam–China cross-border QR payment service to be completed during 2025. The memorandum sets the basis for implementation of the Vietnam–Singapore QR linkage in the period ahead, without specifying a go-live date.
State Bank of Vietnam 2025-03-28
State Bank of Vietnam supports NAPAS and NETS memorandum to implement Vietnam–Singapore cross-border QR code retail payments
The State Bank of Vietnam announced a memorandum of understanding between the National Payment Corporation of Vietnam (NAPAS) and Singapore’s NETS to enable bilateral cross-border QR code retail payments. This will allow customers of NAPAS and NETS member institutions to make QR code payments at acceptance points in each other's countries. NAPAS has already established QR connectivity with Thailand, Cambodia, and Laos, and is working on similar links with China, South Korea, and Japan.