RBI, State Bank Of Vietnam Sign MoU To Boost Digital Payments And Fintech Cooperation

New Delhi, May 30 (KNN) The Reserve Bank of India (RBI) and the State Bank of Vietnam (SBV) have signed a Memorandum of Understanding (MoU) to strengthen cooperation in financial innovation and digital payments, including cross-border QR code-based merchant payment connectivity.

The agreement, signed on May 5, 2026, with approval from the Union Cabinet, aims to enhance collaboration in areas such as information sharing, regulatory coordination, and development of digital payment systems between the two central banks.

Focus On Digital Payment Innovation And Regulatory Cooperation 

According to the MoU, both institutions will cooperate on emerging trends in digital payments, innovative financial technologies, regulatory frameworks, and best practices in payment system oversight. 

It also provides for potential joint programmes and projects focused on enabling interoperability between payment systems of the two countries.

Cross-Border QR Payments To Ease Trade And Tourism Flows 

A key focus of the framework is the development of cross-border QR code-based merchant payments, which is expected to enable faster, more transparent, and cost-efficient transactions between India and Vietnam.

Officials noted that the initiative is expected to improve efficiency in cross-border transactions, support trade and tourism flows, and expand export opportunities for businesses in India.

The MoU is intended as a broad framework for collaboration and does not create binding obligations, but is expected to facilitate greater regulatory alignment and technical cooperation in the payments ecosystem.

(KNN Bureau)