During the official visit of Prime Minister Nguyen Xuan Phuc to the Republic of Singapore from April 25-28th, 2018, in the witness of Prime Minister Nguyen Xuan Phuc and Singapore Prime Minister Lee Hsien Loong, the new Memorandum of Understanding (MOU) on financial innovation and the enhanced MOU on banking supervision were signed by the Governor of the State Bank of Vietnam (SBV) Le Minh Hung and the Managing Director of the Monetary Authority of Singapore (MAS) Ravi Menon.
SBV Governor Le Minh Hung signs MOU with MAS Managing Director Ravi Menon
Accordingly, the new MOU between SBV and MAS on financial innovation will facilitate joint innovation projects between the two countries; help Fintech companies better understand the regulatory regime and opportunities; and encourage the sharing of information on emerging Fintech trends and developments. The new partnership in Fintech will encourage joint initiatives to improve the quality of financial services and enhance financial inclusion in both countries and within ASEAN.
SBV and MAS also revised their existing MOU signed in 2007 on banking supervision to enhance cooperation in crisis management. The revised MOU aims to expand and deepen the scope of cooperation in the area of banking supervision in the context of the establishment of cross-border credit institutions. At the same time, the MOU underscores the two regulators’ shared commitment to safeguarding the financial sectors in Singapore and Viet Nam.
Prior to this signing ceremony, the SBV Governor Le Minh Hung had a meeting with MAS Managing Director Ravi Menon to discuss the macroeconomic situation, the operations of two central banks and the situation of the banking system of the two countries; as well as the potential cooperation between the two countries. The SBV Governor Le Minh Hung said, “Viet Nam and Singapore have developed close cooperation in the banking sector for 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 greatly to the development of the strategic partnership between the two countries.”
VA