The State Bank of Vietnam said that, during Deputy Governor Pham Tien Dung’s participation in Vietnam’s high-level state visit to India and Sri Lanka, it exchanged a memorandum of cooperation with the Reserve Bank of India covering financial innovation and digital payments. The memorandum creates a framework for closer cooperation between the two central banks on financial and banking sector modernization, information sharing, management experience, and innovation initiatives in banking and payments. The most immediate area of work under the new framework is to support research and implementation of a cross-border retail payment link using QR codes between Vietnam and India. According to the State Bank of Vietnam, that project is intended to facilitate tourism, strengthen people-to-people exchanges, and support the use of local currencies in bilateral retail payment transactions.
State Bank of Vietnam 2026-05-09
State Bank of Vietnam exchanges memorandum with Reserve Bank of India on financial innovation and digital payments
The State Bank of Vietnam signed a memorandum of cooperation with the Reserve Bank of India on financial innovation and digital payments, establishing a framework for cooperation on financial and banking sector modernization, information sharing, management experience and innovation initiatives. The first project will support research and implementation of a cross-border retail QR code payment link between Vietnam and India to facilitate tourism, strengthen people-to-people exchanges and support the use of local currencies in bilateral retail transactions.