This information was shared with the press on 2/7 by Nguyen Dang Hung, deputy general director of National Payment Joint Stock Company of Vietnam (Napas). Napas, in collaboration with Liquid Group (Singapore) and VietinBank, plans to connect the reverse payment flow this year. This will allow Vietnamese users to utilize domestic payment applications to scan QR codes and make payments in Singapore as if they were in Vietnam.

Singapore marks the sixth country where Napas has implemented cross-border QR scanning, following Laos, Cambodia, Thailand, China, and Korea. The transaction processing mechanism will operate in real-time, with direct conversion between SGD and VND. This enables tourists to pay at shops, restaurants, hotels, and shopping destinations nationwide without needing cash or foreign currency exchange.

Following Singapore, Vietnam aims to expand bilateral cashless payments to Taiwan, India, and Japan, according to Pham Anh Tuan, director of the Payment Department at the State Bank of Vietnam.

Napas serves as a licensed intermediary providing financial switching and electronic clearing services in Vietnam. Its main shareholders include the State Bank of Vietnam and state-owned banks.

Customers from other countries use QR payment services in Vietnam. Photo: Napas

In addition to Napas, VietinBank will play a crucial role in settlement for cross-border QR payments between Vietnam and Singapore. According to Tran Cong Quynh Lan, deputy general director of VietinBank, the bank will initially prioritize services in areas popular with Singaporean tourists visiting for sightseeing, travel, and relaxation.

Quynh Lan also stated that exchange rates will be real-time, based on market developments. Unlike some services with delays in updates, the cross-border QR payment system will display the exchange rate at the moment of transaction. This ensures customers know the exact amount to pay, the foreign currency conversion, and the total amount recorded, allowing for more proactive spending management.

Pham Anh Tuan believes that connecting cross-border QR payments between Vietnam and Singapore will offer practical benefits to tourists from both countries. This initiative will make transactions faster and more convenient, while also contributing to the goal of promoting cashless payments in both Vietnam and Singapore.

According to the Vietnam National Authority of Tourism, international arrivals to Vietnam reached 10,6 million in the first five months of 2026, marking a 14,9% increase compared to the same period last year and the highest level in many years. Singapore is a prominent source market for Vietnam, showing positive growth. A survey by Changi Airport Group indicates that three out of five Singaporeans have visited Vietnam, and 95% of those surveyed expressed a desire to return.

Regarding security, VietinBank's deputy general director confirmed that the security standards for cross-border QR payment services are similar to those applied for domestic payments. All authentication, security, and fraud prevention functions are implemented consistently with transactions within Vietnam.

Trong Hieu