India and Vietnam strengthen digital payments cooperation; Historic agreement between RBI and State Bank of Vietnam!

• Digital payments cooperation between India and Vietnam strengthened
• Historic agreement between RBI and State Bank of Vietnam!

A major step has been taken towards strengthening digital payments and financial innovation between India and Vietnam. The Reserve Bank of India (RBI) and the State Bank of Vietnam (SBV) have signed a historic Memorandum of Understanding (MoU) on 5 May 2026. The agreement aims to enhance digital payment systems, financial innovation and cross-border payment cooperation between the two countries, an official statement said on Friday.

According to an official statement, the agreement, which was executed after receiving Union Cabinet approval, will enable India and Vietnam to work towards integrating a QR code-based merchant payment system, which will make transactions between the two countries easier and faster.

The agreement between RBI and SBV will establish a comprehensive framework for cooperation in the areas of financial innovation and digital payments. This will facilitate exchange of information between the two countries on new technologies, digital payment systems, regulatory frameworks and trends in emerging markets.

The agreement also provides for possible joint projects and programs. It will specifically focus on developing a cross-border QR code-based payment system to streamline transactions between India and Vietnam.

Japan Gold Export : Black game of gold in Japan! Production is 4 tons, but export is over 200 tons, what type exactly?

The initiative is also expected to significantly benefit trade and tourism between the two countries. The government believes that once the new system is implemented, cross-border payments will become more transparent, faster and less costly.

This will give customers advance information about charges and facilitate real-time transactions. This could create new export opportunities for Indian businesses and strengthen economic ties between the two countries.

The deal is also seen as important for establishing India as a global fintech hub. According to RBI, increased digital payment connectivity will boost India’s technological capabilities and digital financial services internationally. The agreement was signed by the Deputy Governor of RBI and the Deputy Governor of State Bank of Vietnam.

According to the government, the MoU is primarily a regulatory cooperation framework aimed at ensuring faster and safer financial transactions between the two countries. This will establish cooperation and exchange of information in areas such as fast payment systems, messaging systems and card switch networks.

Share Market Crash: Father! 5 lakh crore Ashrangoli! Sensex plunges by 1092 degrees, what happened at the last moment?