Attending the event, on the VNBA side were Dr. Nguyen Quoc Hung - Vice President and General Secretary, along with representatives of the Standing Agency's departments and units and representatives of the VietFintech Club.
On the Austrade side, there were Mr. Jonathan Saw - Australian Trade & Investment Counselor in Vietnam and Cambodia; Ms. Arabella Bennett - Second Secretary of the Australian Embassy in Vietnam; Mr. Cao Chinh Thanh - Acting Senior Business Development Director of Austrade and Ms. Chrystie Dao - representative of VSV Capital.
Dr. Nguyen Quoc Hung - Vice President cum General Secretary of VNBA
Speaking at the ceremony, Dr. Nguyen Quoc Hung emphasized that the signing of the Memorandum of Understanding with Austrade is an important milestone, demonstrating the strong commitment of both sides in promoting strengths, promoting innovation and supporting the building of a sustainable Fintech ecosystem in Vietnam and Australia. At the same time, he believes that this cooperation will contribute to improving the digital transformation and innovation capacity of the finance and banking sector.
According to Dr. Hung, the Vietnamese Fintech market is growing strongly with about 260 businesses operating. In that context, the Vietnamese Government's issuance of Decree No. 94/2025/ND-CP on a controlled testing mechanism (sandbox) for financial technology solutions is a great opportunity but also poses many challenges in terms of regulatory compliance, innovation and safe development.
The signing of the Memorandum of Understanding between VNBA and Austrade is not only a practical step to realize the goal of developing the Fintech sector but also opens up opportunities for effective cooperation between the two sides, contributing to the comprehensive digital transformation of the finance and banking sector in each country. Dr. Nguyen Quoc Hung also highly appreciated the active working spirit of the parties in the process of preparation, exchange and agreement on cooperation content.
Mr. Jonathan Saw - Australian Trade & Investment Counselor
Speaking at the ceremony, Mr. Jonathan Saw - Australian Trade & Investment Counselor - expressed his honor to witness the important cooperation milestone between Austrade and VNBA. He affirmed that the cooperation between the two sides reflects the shared aspirations of Australia and Vietnam in promoting financial and digital innovation and deepening connections in the technology sector - one of the most dynamic and fastest growing sectors today.
With Vietnam recently celebrating the 50th anniversary of national reunification, Mr. Jonathan Saw said that this is also a time to look back on the impressive development journey of Vietnam - a country that has become one of the fastest growing economies in the region and an important partner of Australia within the framework of the Comprehensive Strategic Partnership.
Australia always attaches importance to its relationship with Vietnam, especially in the context of the Australian Government implementing the Southeast Asia Economic Strategy to 2040. In particular, the digital economy and financial services are identified as two of the top priority areas. With a young, tech-savvy population and a rapidly growing digital ecosystem, Vietnam is considered an ideal partner for Australia in its innovation journey.
Mr. Jonathan Saw emphasized that Vietnam has achieved many impressive achievements in promoting electronic payments, developing blockchain technology and digital banking. These are favorable foundations for expanding bilateral cooperation, especially in the field of Fintech.
Performing the signing ceremony
“The Memorandum of Understanding signed today is not only an agreement, but also a platform connecting Australian Fintech companies with financial institutions in Vietnam, supporting startups to scale up, promoting modern, comprehensive and safe financial solutions,” Mr. Jonathan Saw shared.
He also said that through initiatives such as the Landing Pad program, Austrade will continue to accompany startups in penetrating the Vietnamese market as well as expanding to regional markets.
According to the content of the memorandum of understanding, the two sides will strengthen cooperation in the following areas: organizing workshops, sharing knowledge and experience in financial innovation; supporting Fintech companies to access the market; cooperation in open banking, cybersecurity, data infrastructure, RegTech, embedded finance; connecting universities, financial institutions and regulatory agencies; promoting presence at bilateral and regional Fintech events...
In which, the two sides commit to keep information confidential and comply with the laws of each country. The memorandum is effective within the framework of goodwill, not legally binding (except for the confidentiality clause and term), with a periodic assessment mechanism every 6 months to ensure effective implementation.
The event marks a new step forward in the financial and banking cooperation relationship between Vietnam and Australia, aiming to build a modern and creative Fintech ecosystem, contributing to promoting sustainable economic growth of the two countries.
Within the framework of the signing ceremony of the Memorandum of Understanding between VNBA and Austrade, a thematic discussion session with the topic "Opportunities for cooperation between Australia and Vietnam in the field of financial technology" took place with the participation of many prestigious speakers from agencies, organizations and Fintech enterprises of the two countries.
Mini talk
The speakers shared their opinions on the opportunities, challenges, as well as the role of VNBA and the Vietnam Fintech Club (VietFintech Club) in connecting and promoting the development of the Fintech sector; at the same time, proposed specific solutions to realize bilateral cooperation.
According to Mr. Allan Nguyen, Co-founder and CFO of EzyRemit (Australia), the legal system is a decisive factor for the development of Fintech. While Australia has a clear and stable legal system, in Vietnam, regulations are still in the process of being completed, sometimes inconsistent in implementation.
“This creates many difficulties for Fintech businesses, especially international startups, when implementing business activities in Vietnam. In addition, differences in business culture and consumer behavior are also barriers that require time to adapt,” said Mr. Allan Nguyen. However, he still expressed optimism and appreciated the great opportunities that the Vietnamese market is opening up for the Fintech sector. Mr. Truong Quang Viet - Deputy General Director of Viettel Digital Services Company, Deputy Head of VietFintech Club, commented: “Vietnam's Fintech market is growing rapidly with about 260 companies, an average growth rate of 25%, and a scale of about 18 billion USD. Vietnam is promoting financial inclusion, perfecting the legal framework and supporting fintech startups. However, there are still challenges in terms of high-quality human resources, data security and open banking development…”
The delegates agreed that there are many opportunities for substantive cooperation between Vietnam and Australia, especially in areas such as: digital payments, digital credit, corporate finance, open banking, RegTech, embedded finance and cyber security. In particular, the delegates agreed that the most important factor at present is to turn commitments into specific, practical actions. Accordingly, VNBA and Austrade will establish a joint working group to effectively implement the Memorandum of Understanding.
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