The Monetary Authority of Singapore and the State Securities Commission of Vietnam have officially entered into a Letter of Intent to work together on capital markets regulation and the oversight of digital assets.
This partnership aims to facilitate the sharing of insights regarding regulatory frameworks, supervisory strategies, and measures to combat money laundering.
The letter’s purpose is to bolster Vietnam’s capabilities in developing its regulatory framework for digital assets while encouraging further collaboration between the two financial authorities. This will involve an exchange of expertise in financial oversight.
This agreement aligns with the ongoing enhancement of bilateral economic relationships after upgrading Singapore-Vietnam ties to a Comprehensive Strategic Partnership. It will also promote the exchange of knowledge on counter-terrorism financing and the integrity of financial markets.
The signing of the LOI was witnessed by Singapore’s Prime Minister Lawrence Wong and the General Secretary of Vietnam, To Lam, during an official visit to Singapore.
Lim Tuang Lee, Singapore’s Assistant Managing Director for Capital Markets, stressed the significance of cross-border financial connectivity and noted that this partnership reflects a shared dedication to market stability.
Vu Thi Chan Phuong, Chairperson of the SSC, remarked that this agreement signifies a new chapter in economic cooperation between Singapore and Vietnam, fostering fair and transparent financial markets.