The Monetary Authority of Singapore (MAS) and the State Bank of Viet Nam (SBV) have formed a new partnership to promote FinTech innovation and collaborate to deepen banking supervision.

Both the parties signed a memorandum of understanding (MoU) on financial innovation to encourage new joint projects, assist the FinTech companies of both the countries to understand each other’s jurisdiction and opportunities.

The MoU will also facilitate the information sharing between the two countries on emerging FinTech trends and developments.

MAS managing director Ravi Menon 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.”

The two entities have also amended the existing MoU on banking supervision to improve cooperation in crisis management.

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SBV governor Le Minh Hung 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.”