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Singapore and Vietnam establish partnerships for Fintech innovation and banking supervision

Singapore and Vietnam establish partnerships for Fintech innovation and banking supervision

According to a press
release
, 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 MAS-SBV Memorandum of Understanding (MOU) on financial innovation
and the enhanced MOU on banking supervision were signed by MAS Managing
Director Mr Ravi Menon
and SBV Governor Mr Le Minh Hung, during the
Official Visit of His Excellency Nguyen Xuan Phuc, Prime Minister of Vietnam,
to Singapore this week.

The MAS-SBV MOU on financial innovation will facilitate
joint innovation projects between the two countries, helping Fintech companies
in one jurisdiction better understand the regulatory regime and opportunities
in the other, and encouraging the sharing of information on emerging Fintech
trends and developments.

“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,” said Mr Ravi Menon, Managing Director of
MAS.

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.

“Vietnam 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,” said Mr Le Minh Hung, Governor of SBV.

Other than this agreement on Fintech and banking supervision,
Singapore and Vietnam also
signed
several other MOUs covering a range of issues from water and waste
management, LNG development, renewable energy, and trade standards.

According to Straits
Times
, Singapore Prime Minister Lee Hsien Loong also announced that Hanoi,
Ho Chi Minh City and Da Nang in Vietnam will be part of the ASEAN Smart Cities network
which is being proposed by Singapore.

"I visited all three cities during my two visits to
Vietnam last year and was very impressed with their rapid urban development.
Their inclusion in the smart cities network will add to ASEAN's vibrancy,"
said
Prime Minister Lee.

More details on the network, which aims to better connect
digital infrastructure and services like e-payments across the region, will be
announced when ASEAN leaders gather for the 32nd ASEAN Summit this weekend.

Feature image: Monito

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