18 July 2018
Visit www.gemalto.com

Singapore and Vietnam sign fintech innovation pact

25 April 2018  |  7022 views  |  0 Source: Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS) and the State Bank of Viet Nam (SBV) have agreed today 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, 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.”

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.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit info.nice.comVisit http://go.jumio.com/finextraAd

Top topics

Most viewed Most shared
Metro Bank opens developer portalMetro Bank opens developer portal
9784 views comments | 5 tweets | 14 linkedin
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
9579 views comments | 3 tweets | 7 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
9337 views comments | 6 tweets | 15 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
8563 views 19 comments | 14 tweets | 30 linkedin
Citi to streamline corporate receivables with HighRadiusCiti to streamline corporate receivables w...
8033 views comments | 1 tweets | 5 linkedin

Featured job

Find your next job