India, May 29 -- The Government of India has issued a release:
The Reserve Bank of India and the State Bank of Vietnam on 05.05.2026 signed a Memorandum of Understanding (MoU) to promote cooperation in financial innovation and digital payments, including information sharing, regulatory coordination, and payment system connectivity for cross-border QR Code-based merchant payments.
The MoU marks a forward-looking and substantive step towards strengthening bilateral cooperation in financial innovation and digital payments, with potential to enhance cross-border payment linkages and position India as a major fintech hub.
With the approval of the Union Cabinet, the Reserve Bank of India (RBI) and the State Bank of Vietnam (SBV) signed a Memorandum of Understanding (MoU) on 05.05.2026 for cooperation in financial innovation and digital payments. The Reserve Bank of India (RBI) and the State Bank of Vietnam (SBV) aim to deepen cooperation in areas of financial innovations and digital payments by facilitating potential joint innovation and digital payment programs and projects, including the development of connectivity in payments system to enable cross-border transactions between the two countries for QR code-based merchant payments.
Brief of the MoU
Major impact, including employment generation potential
This Memorandum of Understanding between the Reserve Bank of India and the State Bank of Vietnam, is primarily a regulatory cooperation framework that is essential for maintaining smooth cross-border financial activities. It essentially envisages a mechanism for cooperation and information exchange in the area of fast payment systems, messaging system and card switches.
Disclaimer: Curated by HT Syndication.
