Singapore and Viet Nam Enhance Cooperation in Financial Innovation and Banking Supervision
Singapore, 25 April 2018… 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.
2 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.
3 MAS and SBV also revised their existing MOU on banking supervision to enhance cooperation in the field of banking supervision and crisis management. The MOU underscores the two regulators’ shared commitment to safeguarding the financial sectors in Singapore and Viet Nam.
4 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.”
5 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.”
6 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.
About the Monetary Authority of Singapore
As Singapore’s central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As Singapore’s integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.
About the State Bank of Vietnam
The State Bank of Vietnam (SBV) is a ministerial agency of the Government - the Central Bank of the Socialist Republic of Vietnam. The SBV performs the state management of monetary and banking activities and foreign exchange; performs the issuance of money, acts as the bank of credit institutions and provides monetary services for the Government; and performs the state management of public services under the jurisdiction of the State Bank. The operations of the SBV aim at stabilizing the value of Vietnamese currency, ensuring safe and sound banking operations and the system of credit institutions, ensuring safety and efficiency of national payment system, and contributing to socio – economic development under the socialist orientation.