Vietnam is the latest country to ink a financial technology agreement with Singapore, making it the 20th co-operation agreement signed by the city-state.
The MAS (Monetary Authority of Singapore) and SBV (State Bank of Vietnam) just signed a co-operation agreement while Prime Minister of Vietnam – Mr. Nguyen Xuan Phuc to make official visit to Singapore on April 24, the two said in a statement. They will work together to support the development of financial technology ecosystems and foster financial innovation of both Vietnam and Singapore.
Singapore has sealed similar agreements with some other countries, such as Australia, Britain, Japan and Middle Eastern countries. The government has offered tech firms powerful incentives to settle in the Lion City, Singapore in a bid to establish itself as a fintech hub.
The MAS fintech chief, Sopnendu Mohanty said in a recent interview with media that, the move to grow Singapore as a fintech hub and a «smart financial center» is not done in isolation, but as part of a broader agenda to position Singapore as a «smart nation».