The Monetary Authority of Singapore (MAS) and the State Bank of Viet Nam (SBV) have announced that they have agreed to establish a new partnership to encourage FinTech innovation and to strengthen cooperation in banking supervision.
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.
Mr Ravi Menon, Managing Director, MAS, said:
Singapore and Vietnam share a strong common interest to improve the supervision of our banks, and to promote financial innovation. The new partnership in FinTech will encourage joint initiatives to improve the quality of financial services and enhance financial inclusion in both our countries and within ASEAN.
Mr Le Minh Hung, Governor of SBV, added:
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.
The MOU on financial innovation and the enhanced MOU on banking supervision were signed by MAS Managing Director and SBV Governor during the Official Visit of His Excellency Nguyen Xuan Phuc, Prime Minister of Viet Nam, to Singapore this week.