HANOI - Vietnam and Australia have signed a memorandum of understanding to strengthen bilateral cooperation in financial technology, local daily newspaper Nhan Dan (People) reported Monday.

The agreement, inked between the Australian Trade and Investment Commission (Austrade) and the Vietnam Banks Association, aims to develop a robust fintech ecosystem and boost trade and investment in digital financial services, the report added.

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According to the state-owned media outlet, both countries will promote academic collaboration, support fintech delegations, and encourage digital innovation through initiatives.

The partnership is expected to contribute to digital transformation and economic development in both countries.