Singapore and Vietnam tie up for fintech cooperation

Additionally, the two countries also revised a partnership on banking supervision.

The Monetary Authority of Singapore (MAS) and the State Bank of Viet Nam (SBV) formed a new partnership to encourage FinTech innovation and to strengthen cooperation in banking supervision.

According to an announcement, the new memorandum of understanding (MOU) between MAS and SBV on financial innovation will facilitate joint innovation projects between the two countries, help FinTech companies in one jurisdiction better understand the regulatory regime and opportunities in the other, and encourage the sharing of information on emerging FinTech trends and developments.

MAS and SBV also revised their existing MOU on banking supervision to enhance cooperation in crisis management. "The MOU underscores the two regulators’ shared commitment to safeguarding the financial sectors in Singapore and Viet Nam," MAS said.

SBV governor Le Minh Hung said, “Viet Nam and Singapore have developed close cooperation in the banking sector in the past many years. With the signing of the revised MOU on cooperation and exchange of information in banking supervision and MOU on cooperation in the field of financial innovation, the framework for cooperation between our two agencies will be broadened and deepened, contributing importantly to the development of the strategic partnership between the two countries.”