On January 23, 2025, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Pham Tien Dzung had a meeting with Mr. Jaya Ratnam, Ambassador of the Republic of Singapore to Vietnam.
An overview of the meeting
At the meeting, Deputy Governor Pham Tien Dzung welcomed Mr. Jaya Ratnam and his colleagues from the Singapore Embassy to visit and work with the SBV. Deputy Governor Pham Tien Dzung expressed his desire to promote and strengthen Vietnam-Singapore cooperation in the banking sector in order to further support the bilateral trade and investment ties between the two countries.
Sharing about the cooperation between the SBV and the Monetary Authority of Singapore (MAS) in the bilateral payment connections using QR codes, the Deputy Governor said that the Memorandum of Understanding (MoU) on Cooperation in the fintech sector signed in 2018 between the SBV and the MAS has opened up great opportunities for Vietnam in promoting digital banking services. In the coming time, the MoU would continue to contribute to creating a solid foundation for the implementation of the bilateral QR payment connectivity.
Deputy Governor Pham Tien Dzung speaks at the meeting
Deputy Governor Pham Tien Dung emphasized that the SBV has successfully implemented the connections for bilateral retail settlement using QR codes with the neighboring countries, including Cambodia, Thailand and Laos. Based on a strong financial technology foundation and a great potential for tourism and trade between the two countries, the SBV will soon connect with Singapore to create more favorable conditions for the people of the two countries in transactions and tourism activities, thereby helping to develop the tourism sector and the economy of the two countries. The implementation of this initiative is also associated with the financial and monetary cooperation in the ASEAN region to promote non-cash payment, the financial integration and the digital transformation processes, as well as the sustainable development of the ASEAN region.
Mr. Jaya Ratnam, Ambassador of the Republic of Singapore to Vietnam speaks at the meeting
Also at the meeting, on behalf of the Singapore Embassy to Vietnam, Mr. Jaya Ratnam expressed his thanks to the SBV for the valuable contributions to the development of the cooperative relationship between the two countries over the past time.
Exchanging information in the areas of mutual interest, the Singaporean Ambassador spoke highly of the bilateral cooperative relationship between the two countries over the past time, with the year 2025 marking the 60th anniversary of Singapore's National Day and the 80th anniversary of Vietnam's National Day. The Ambassador also affirmed that the MAS would be willing to support Vietnam in its anti-money laundering efforts.
In the context of the complex and unpredictable developments in the regional and international situations, the Ambassador emphasized the importance of promoting the cooperative relationship between the two countries and wished to leverage the comprehensive strategic partnership as a driving force to promote more in-depth cooperation, especially in the fields of finance and banking between the two countries in the coming time.
HY