SBV signed a Memorandum of Understanding (MoU) with representatives of the Asian Development Bank (ADB) and the Australian Department of Foreign Affairs and Trade (DFAT), aiming at comprehensive finance and financial-sector development. The MoU will create a framework to promote cooperation in the field of finance and banking and to enhance technical assistance on developing financial markets.
The MoU is important for promoting the cooperation among SBV, DFAT, and ADB, as a basis for implementing practical technical support to the banking industry and paving the way for increased enhancing cooperation in the near future. The collaborative activities will be implemented through an additional USD 1.2 million grant of DFAT as part of the technical assistance project managed by ADB. In the coming time, the technical assistance project will help increase access to wholesale loans for MFIs and review the legal framework on micro-finance. Also, the project will help in continuing the ADB support for fintech, including the testing legal framework and legal framework for fintech; designing and building a comprehensive financial website; and promoting the development of the corporate bond market through the establishment of a national credit rating agency.
Related Link (in Vietnamese): Press Release
Keywords: Asia Pacific, Vietnam, Banking, Australia, Fintech, ADB, Credit Rating Agency, Corporate Bond Market, SBV
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