In the official visit to Vietnam of Singaporean Prime Minister Lawrence Wong, businesses of the two countries made a Memorandum of Understanding on cooperation to strengthen the comprehensive strategic partnership between Vietnam and Singapore. In particular, NAPAS was assigned to take lead in the cooperation with the Singapore Network for Electronic Transfers (NETS) on the launch of cross-border payment services via QR codes between Vietnam and Singapore.
Participants in the signing ceremony of the Memorandum of Understanding were Prime Minister Pham Minh Chinh; Singaporean Prime Minister Lawrence Wong and leaders of ministries, sectors, and enterprises of Vietnam and Singapore.
Under the witness of the Prime Ministers of the two countries, NAPAS and NETS signed a Memorandum of Understanding on cooperation in launching cross-border payment services via QR codes between Vietnam and Singapore in the coming time.
The two Prime Ministers witnessed the signing ceremony of the Memorandum of Understanding between NAPAS and NETS to set up bilateral retail payments via QR codes between Vietnam and Singapore
NAPAS and NETS pledge to set up the connection of the two systems to provide cross-border payment services using QR codes between Vietnam and Singapore in the Memorandum of Understanding. Thereby, customers of member organizations of the NAPAS system can make payments using QR codes at the network of payment acceptance points of the NETS system in Singapore and vice versa, customers of member organizations of the NETS system can make payments using QR codes at the network of payment acceptance points of the NAPAS system in Vietnam.
The significance of cooperation in launching cross-border payment services via QR codes between Vietnam and Singapore not only brings many practical benefits to people and tourists but also assists the promotion of trade, investment and tourism between the two countries in the coming time.
It can be seen that cross-border payment connections are a trend of many countries in the region and around the world with a purpose to promote the use of national currency in payment activities and economic development in general.
Under the Government's orientation and direction of the State Bank, NAPAS has been implementing a plan to expand cross-border payment connections using QR codes with many countries in the Asia region in the role of a provider for national retail payment system.
NAPAS has made connections with Thailand, Cambodia, Laos and is actively coordinating to set up connections with other countries such as China, Korea, Japan, etc. It is expected that the cross-border payment service via QR code between Vietnam and China will be launched this year.
In addition, NAPAS also proactively utilizes technical solutions, gradually improves service quality thanks to the close cooperation with domestic banks and payment intermediaries to provide cross-border payment services via QR codes to people in a convenient, fast and safe way.
