During the World Economic Forum (WEF) 2026, Sumsub, a global leader in identity verification and fraud prevention, signed a Memorandum of Understanding (MoU) with the Global On-chain Economy Alliance (GOE Alliance) during an international networking and cooperation promotion program hosted by the Ho Chi Minh City People’s Committee, and co-organized by HCMC C4IR and VIFC-HCMC.
The MoU was announced during a working session attended by Vietnamese Government leaders, representatives of international organizations, and members of the domestic and international business and innovation communities. The event formed part of broader efforts to present the vision for developing Vietnam’s International Financial Center (IFC) in Ho Chi Minh City, while expanding collaboration with global partners across finance and technology.
Crypto Payments for International Tourism and Services
The agreement focuses on deploying practical, infrastructure-level use cases within the on-chain economy, with an emphasis on compliant crypto and stablecoin payment solutions for the tourism sector — an industry characterized by high-frequency and high-volume cross-border payments, where robust identity verification and fraud prevention are critical.
Under the agreement, crypto payment solutions are intended for international tourists’ expenditures, including accommodation, transportation, dining, shopping, and other tourism-related services. The use of cryptocurrencies and stablecoins helps reduce currency conversion barriers, lower foreign exchange costs, and deliver a more seamless and convenient payment experience for travelers. This is considered a highly feasible and easily deployable application scenario, with the potential to generate direct and tangible impacts on tourism and international consumer spending flows into Vietnam.
The MoU was signed as part of a broader on-chain ecosystem initiative showcased at WEF Davos 2026, bringing together public-sector stakeholders and private-sector infrastructure providers — including the GOE Alliance, the Ho Chi Minh City Government, Sumsub, and stablecoin issuer Tether — to support the development and deployment of regulated, real-world crypto use cases within Vietnam’s IFC framework.
The MoU was signed as part of a broader on-chain ecosystem initiative showcased at WEF Davos 2026, bringing together public-sector stakeholders and private-sector infrastructure providers — including the Global On-chain Economy Alliance, Sumsub, and stablecoin issuer Tether in the presence of Ho Chi Minh City Government and VIFC HCMC — to support the development and deployment of regulated, real-world crypto use cases within Vietnam’s IFC framework.
At the ceremony, Mr. Nguyen Thanh Trung — Chief Executive Officer of Sky Mavis and a Founding Member of the GOE Alliance — represented the Alliance in signing the MOU with Sumsub’s Co-Founder and Chief Executive Officer, Andrew Sever.
“The on-chain economy is new economic infrastructure, not a new market. Like railways for trade and the internet for information, it enables value in the 21st century and it only works through shared standards and collaboration,” said Nguyen Thanh Trung, Chief Executive Officer of Sky Mavis and a Founding Member of the GOE Alliance.
“As crypto and stablecoin payments move into real-world use cases, strong compliance infrastructure becomes essential,” said Andrew Sever, Co-Founder and CEO at Sumsub. “This collaboration reflects how governments and industry can work together to enable innovation while ensuring trust, security, and scalability, particularly in high-volume environments like international tourism.”
Separately during WEF 2026, the GOE Alliance also signed a MoU with Crystal Intelligence, the leading blockchain analytics provider in Europe, focused on the development of cross-border payment infrastructure within the on-chain economy.
