Regulators in Singapore and Vietnam have established a new partnership to encourage FinTech innovation and strengthen cooperation in banking supervision.
The Monetary Authority of Singapore (MAS) and the State Bank of Viet Nam (SBV) have created a new Memorandum of Understanding (MOU) will facilitate joint innovation projects between the two countries.
It aims to 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. The regulators also revised their existing MOU on banking supervision to enhance cooperation in crisis management.
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.”
The joint venture aims to improve the supervision of its banks and promote financial innovation. It will also encourage joint initiatives to improve the quality of financial services and enhance financial inclusion in both our countries and within ASEAN.
Earlier this year, the Singapore FinTech Association (SFA) and the FinTech Association of Japan (FAJ) formed a partnership. The pair have signed a memorandum of understanding (MOU) to ‘foster greater FinTech cooperation’, both bodies said in a joint statement. They will work together to collaborate on joint projects and initiatives to support FinTech innovation and development. It will be used to raise the profile of the Japanese FinTech industry and promote Singapore as a destination for Japanese business.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
