On 12 March 2025, the Monetary Authority of Singapore (MAS) and the State Bank of Viet Nam (SBV) upgraded their existing Memorandum of Understanding (MOU) on Financial Innovation, reaffirming their commitment to deeper collaboration in digital financial services, payment connectivity, and FinTech innovation. The exchange of the upgraded MOU was witnessed by Singapore Prime Minister His Excellency Lawrence Wong and General Secretary of the Communist Party of Viet Nam His Excellency To Lam during the latter’s Official Visit to Singapore from 11-13 March 2025.
The original MOU on Financial Innovation was first signed by MAS and SBV on 25 April 2018 in Singapore. The newly expanded agreement will enhance cooperation in digital financial innovation, payment system connectivity, and FinTech ecosystem development between the two nations. The upgraded MOU will facilitate joint digital innovation projects, foster cross-border payment integration, and provide regulatory support for FinTech operations in both markets.
The enhanced MOU will focus on joint digital innovation projects aimed at advancing financial technology solutions, cross-border payment system integration between Singapore and Viet Nam, particularly in QR code-based retail payments and regulatory cooperation and capacity building to support the development of Viet Nam’s FinTech regulatory framework.
Speaking on the strengthened partnership, Mr. Chia Der Jiun, Managing Director of MAS, stated, “Singapore and Viet Nam enjoy a longstanding, multi-faceted partnership in financial services. Stronger cooperation in financial services will support the deepening of economic and trade relations between our countries. Today, with the exchange of this upgraded MOU, we reaffirm our commitment to cooperate in the development of our financial sectors, including through FinTech innovation and payments connectivity.”
Highlighting the agreement, Ms. Nguyen Thi Hong, Governor of SBV, stated, “The close cooperation in the banking and financial sector between Viet Nam and Singapore over the years has demonstrated its positive role in supporting bilateral trade and investment relations, leading to significant achievements. Singapore serves as a great inspiration for financial innovation in the region and globally. Today’s MOU strengthens the foundation for both sides to further promote cooperation, enhance the exchange of information and experiences, which we believe will be highly constructive to the development of the regulatory framework for the Fintech sector in Viet Nam. This MOU also enables the opportunity for cross-border retail payment connectivity using QR codes, with active participation of SBV, MAS, switching companies and commercial banks from both countries.”
