The Monetary Authority of Singapore (MAS) and the State Bank of Vietnam (SBV) 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 Vietnam.
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 Vietnam, to Singapore this week.