FINTECH CONNECT 2025: VIETNAM FAST-TRACKS OPEN BANKING & DIGITAL FINANCE

The Fintech Connect 2025 events in Hanoi and Ho Chi Minh City spotlighted discussions on open banking, data sharing, and digital financial innovation amid Vietnam’s rapid digital transformation. Within the framework of the ADB-funded technical assistance project “Promoting Financial Inclusion and Climate Finance,” the State Bank of Vietnam (SBV) hosted the Fintech Connect 2025 event themed “Data Sharing Toward Financial Inclusion and Innovation” on November 27 in both Hanoi and Ho Chi Minh City. The event gathered regulators, banks, fintech firms, and international experts to discuss open banking and open APIs, key pillars of a modern digital financial ecosystem.

1. Strengthening the Legal Framework for Data Sharing

Speaking at the event, Mr. Pham Anh Tuan - Director General of the Payment Department - emphasized that the banking sector has long outlined a clear direction for digital transformation and data strategy.

Since 2021, the “Digital Transformation Plan for the Banking Sector to 2025” has been actively implemented. By November 2025, the Governor continued to advance this vision by issuing the “Banking Sector Digital Transformation Strategy” and the “Banking Sector Data Strategy to 2030,” reaffirming the industry’s long-term commitment to building a digital foundation and leveraging data.

According to Mr. Tuan, the strategy consistently centers on citizens and businesses, treating data as a strategic asset and a key driver of digital transformation. On this basis, the sector is steering toward new business models such as Open Banking, Embedded Finance, and Banking-as-a-Service (BaaS) to deliver safer, more convenient, and more affordable services.

In recent years, the SBV has issued several essential legal instruments supporting digital banking, including the Law on Credit Institutions 2024, Decree 52/2024/ND-CP on cashless payments, and Decree 94/2025/ND-CP on the regulatory sandbox, along with various circulars on payments and cybersecurity.

A significant milestone is Circular 64/2024/TT-NHNN on Open APIs, which, for the first time, sets out standardized API specifications, defines stakeholder responsibilities, and establishes secure data-sharing principles. This regulatory foundation enables banks and technology companies to collaborate more effectively and deliver services more seamlessly to end-users.

Vietnam’s transparent and adaptive legal environment is accelerating innovation across its banking industry. Many banks now integrate with fintech firms, e-commerce platforms, technology companies, and public service portals to offer payment services, e-KYC, online lending, and a wide range of “beyond banking” utilities such as ride-hailing, shopping, travel, and entertainment. These developments underscore the enormous potential of data sharing in expanding financial access for the population.

2. Data Sharing: High Demands for Standardization and Security

Despite the opportunities, Mr. Pham Anh Tuan noted that data sharing in the context of open banking poses multiple challenges, including data standardization, third-party risk management, and system security amid increasing threats of cyberattacks and data misuse.

“Digital transformation must go hand in hand with narrowing the digital divide, ensuring everyone can benefit from data and technology,” he emphasized.

This is a systemic issue requiring close coordination between the SBV, financial institutions, and fintech companies. According to Mr. Andri Meier, Deputy Head of Development Cooperation at the Swiss Embassy in Vietnam, Vietnam has made remarkable progress transitioning from a cash-based economy to digital payments, creating a strong foundation for deeper digitalization driven by open APIs.

Switzerland, together with ADB and EY, is supporting Vietnam in building capacity for regulators, financial institutions, and non-bank lenders. “Open APIs increase transparency in the financial market by reducing information asymmetry and fostering innovation,” Mr. Meier highlighted. He added that Fintech Connect 2025 serves as a timely platform for stakeholders to exchange experiences on implementing API regulations, thereby improving the legal framework and identifying future training needs. Mr. Meier also underscored that digital financial innovation must prioritize small and medium-sized enterprises (SMEs), the backbone of Vietnam’s economy and a major engine of job creation and innovation.

3. Vietnam Enters a New Phase of Digital Transformation

Representing ADB, Ms. Maria Joao Pateguana noted that Vietnam is undergoing a powerful wave of digitalization with cloud computing, big data, open APIs, blockchain, and AI shaping the future of finance.

In the financial sector, data is becoming a critical determinant of decision-making, innovation capability, and competitiveness.

Ms. Maria emphasized that data sharing requires robust audit frameworks, “permission-based” security standards, and advanced fraud-prevention measures. Identity verification technologies and anomaly detection systems must be upgraded to ensure safety in a digitally connected environment. “The State Bank of Vietnam has demonstrated exceptional leadership in strengthening the regulatory framework for digital banking and data sharing,” she noted, applauding Circular 64/2024/TT-NHNN as a pivotal enabler for developing an open banking ecosystem in Vietnam.

On the technical side, Mr. Dinh Tien Dung from the Information Technology Department highlighted that the Open API policy aims to promote healthy competition, stimulate innovation, and advance financial inclusion. Open APIs allow third parties, including fintechs, other banks, and e-commerce platforms to access banking data and services with customer consent.

The issuance of a unified API catalog and technical standards helps optimize operating costs, reduce time-to-market, and provide a solid foundation for partners to build more innovative products.

Fintech Connect 2025 is widely regarded as a key forum enabling stakeholders to identify opportunities and challenges in open banking and data sharing. The insights shared, together with global best practices and policy recommendations, are expected to support Vietnam in refining its regulatory framework, fostering technological innovation, and laying the groundwork for a more inclusive and sustainable financial ecosystem.

The Fintech Connect 2025 events in Hanoi and Ho Chi Minh City spotlighted discussions on open banking, data sharing, and digital financial innovation amid Vietnam’s rapid digital transformation.

Within the framework of the ADB-funded technical assistance project “Promoting Financial Inclusion and Climate Finance,” the State Bank of Vietnam (SBV) hosted the Fintech Connect 2025 event themed “Data Sharing Toward Financial Inclusion and Innovation” on November 27 in both Hanoi and Ho Chi Minh City. The event gathered regulators, banks, fintech firms, and international experts to discuss open banking and open APIs, key pillars of a modern digital financial ecosystem.

1. Strengthening the Legal Framework for Data Sharing

Speaking at the event, Mr. Pham Anh Tuan - Director General of the Payment Department - emphasized that the banking sector has long outlined a clear direction for digital transformation and data strategy.

Since 2021, the “Digital Transformation Plan for the Banking Sector to 2025” has been actively implemented. By November 2025, the Governor continued to advance this vision by issuing the “Banking Sector Digital Transformation Strategy” and the “Banking Sector Data Strategy to 2030,” reaffirming the industry’s long-term commitment to building a digital foundation and leveraging data.

According to Mr. Tuan, the strategy consistently centers on citizens and businesses, treating data as a strategic asset and a key driver of digital transformation. On this basis, the sector is steering toward new business models such as Open Banking, Embedded Finance, and Banking-as-a-Service (BaaS) to deliver safer, more convenient, and more affordable services.

In recent years, the SBV has issued several essential legal instruments supporting digital banking, including the Law on Credit Institutions 2024, Decree 52/2024/ND-CP on cashless payments, and Decree 94/2025/ND-CP on the regulatory sandbox, along with various circulars on payments and cybersecurity.

A significant milestone is Circular 64/2024/TT-NHNN on Open APIs, which, for the first time, sets out standardized API specifications, defines stakeholder responsibilities, and establishes secure data-sharing principles. This regulatory foundation enables banks and technology companies to collaborate more effectively and deliver services more seamlessly to end-users.

Vietnam’s transparent and adaptive legal environment is accelerating innovation across its banking industry. Many banks now integrate with fintech firms, e-commerce platforms, technology companies, and public service portals to offer payment services, e-KYC, online lending, and a wide range of “beyond banking” utilities such as ride-hailing, shopping, travel, and entertainment. These developments underscore the enormous potential of data sharing in expanding financial access for the population.

2. Data Sharing: High Demands for Standardization and Security

Despite the opportunities, Mr. Pham Anh Tuan noted that data sharing in the context of open banking poses multiple challenges, including data standardization, third-party risk management, and system security amid increasing threats of cyberattacks and data misuse.

“Digital transformation must go hand in hand with narrowing the digital divide, ensuring everyone can benefit from data and technology,” he emphasized.

This is a systemic issue requiring close coordination between the SBV, financial institutions, and fintech companies.

According to Mr. Andri Meier, Deputy Head of Development Cooperation at the Swiss Embassy in Vietnam, Vietnam has made remarkable progress transitioning from a cash-based economy to digital payments, creating a strong foundation for deeper digitalization driven by open APIs.

Switzerland, together with ADB and EY, is supporting Vietnam in building capacity for regulators, financial institutions, and non-bank lenders.

“Open APIs increase transparency in the financial market by reducing information asymmetry and fostering innovation,” Mr. Meier highlighted.

He added that Fintech Connect 2025 serves as a timely platform for stakeholders to exchange experiences on implementing API regulations, thereby improving the legal framework and identifying future training needs.

Mr. Meier also underscored that digital financial innovation must prioritize small and medium-sized enterprises (SMEs), the backbone of Vietnam’s economy and a major engine of job creation and innovation.

3. Vietnam Enters a New Phase of Digital Transformation

Representing ADB, Ms. Maria Joao Pateguana noted that Vietnam is undergoing a powerful wave of digitalization with cloud computing, big data, open APIs, blockchain, and AI shaping the future of finance.

In the financial sector, data is becoming a critical determinant of decision-making, innovation capability, and competitiveness.

Ms. Maria emphasized that data sharing requires robust audit frameworks, “permission-based” security standards, and advanced fraud-prevention measures. Identity verification technologies and anomaly detection systems must be upgraded to ensure safety in a digitally connected environment.

“The State Bank of Vietnam has demonstrated exceptional leadership in strengthening the regulatory framework for digital banking and data sharing,” she noted, applauding Circular 64/2024/TT-NHNN as a pivotal enabler for developing an open banking ecosystem in Vietnam.

On the technical side, Mr. Dinh Tien Dung from the Information Technology Department highlighted that the Open API policy aims to promote healthy competition, stimulate innovation, and advance financial inclusion. Open APIs allow third parties, including fintechs, other banks, and e-commerce platforms to access banking data and services with customer consent.

The issuance of a unified API catalog and technical standards helps optimize operating costs, reduce time-to-market, and provide a solid foundation for partners to build more innovative products.

Fintech Connect 2025 is widely regarded as a key forum enabling stakeholders to identify opportunities and challenges in open banking and data sharing. The insights shared, together with global best practices and policy recommendations, are expected to support Vietnam in refining its regulatory framework, fostering technological innovation, and laying the groundwork for a more inclusive and sustainable financial ecosystem.

The Fintech Connect 2025 events in Hanoi and Ho Chi Minh City spotlighted discussions on open banking, data sharing, and digital financial innovation amid Vietnam’s rapid digital transformation.

Within the framework of the ADB-funded technical assistance project “Promoting Financial Inclusion and Climate Finance,” the State Bank of Vietnam (SBV) hosted the Fintech Connect 2025 event themed “Data Sharing Toward Financial Inclusion and Innovation” on November 27 in both Hanoi and Ho Chi Minh City. The event gathered regulators, banks, fintech firms, and international experts to discuss open banking and open APIs, key pillars of a modern digital financial ecosystem.

1. Strengthening the Legal Framework for Data Sharing

Speaking at the event, Mr. Pham Anh Tuan - Director General of the Payment Department - emphasized that the banking sector has long outlined a clear direction for digital transformation and data strategy.

Since 2021, the “Digital Transformation Plan for the Banking Sector to 2025” has been actively implemented. By November 2025, the Governor continued to advance this vision by issuing the “Banking Sector Digital Transformation Strategy” and the “Banking Sector Data Strategy to 2030,” reaffirming the industry’s long-term commitment to building a digital foundation and leveraging data.

According to Mr. Tuan, the strategy consistently centers on citizens and businesses, treating data as a strategic asset and a key driver of digital transformation. On this basis, the sector is steering toward new business models such as Open Banking, Embedded Finance, and Banking-as-a-Service (BaaS) to deliver safer, more convenient, and more affordable services.

In recent years, the SBV has issued several essential legal instruments supporting digital banking, including the Law on Credit Institutions 2024, Decree 52/2024/ND-CP on cashless payments, and Decree 94/2025/ND-CP on the regulatory sandbox, along with various circulars on payments and cybersecurity.

A significant milestone is Circular 64/2024/TT-NHNN on Open APIs, which, for the first time, sets out standardized API specifications, defines stakeholder responsibilities, and establishes secure data-sharing principles. This regulatory foundation enables banks and technology companies to collaborate more effectively and deliver services more seamlessly to end-users.

Vietnam’s transparent and adaptive legal environment is accelerating innovation across its banking industry. Many banks now integrate with fintech firms, e-commerce platforms, technology companies, and public service portals to offer payment services, e-KYC, online lending, and a wide range of “beyond banking” utilities such as ride-hailing, shopping, travel, and entertainment. These developments underscore the enormous potential of data sharing in expanding financial access for the population.

2. Data Sharing: High Demands for Standardization and Security

Despite the opportunities, Mr. Pham Anh Tuan noted that data sharing in the context of open banking poses multiple challenges, including data standardization, third-party risk management, and system security amid increasing threats of cyberattacks and data misuse.

“Digital transformation must go hand in hand with narrowing the digital divide, ensuring everyone can benefit from data and technology,” he emphasized.

This is a systemic issue requiring close coordination between the SBV, financial institutions, and fintech companies.

According to Mr. Andri Meier, Deputy Head of Development Cooperation at the Swiss Embassy in Vietnam, Vietnam has made remarkable progress transitioning from a cash-based economy to digital payments, creating a strong foundation for deeper digitalization driven by open APIs.

Switzerland, together with ADB and EY, is supporting Vietnam in building capacity for regulators, financial institutions, and non-bank lenders.

“Open APIs increase transparency in the financial market by reducing information asymmetry and fostering innovation,” Mr. Meier highlighted.

He added that Fintech Connect 2025 serves as a timely platform for stakeholders to exchange experiences on implementing API regulations, thereby improving the legal framework and identifying future training needs.

Mr. Meier also underscored that digital financial innovation must prioritize small and medium-sized enterprises (SMEs), the backbone of Vietnam’s economy and a major engine of job creation and innovation.

3. Vietnam Enters a New Phase of Digital Transformation

Representing ADB, Ms. Maria Joao Pateguana noted that Vietnam is undergoing a powerful wave of digitalization with cloud computing, big data, open APIs, blockchain, and AI shaping the future of finance.

In the financial sector, data is becoming a critical determinant of decision-making, innovation capability, and competitiveness.

Ms. Maria emphasized that data sharing requires robust audit frameworks, “permission-based” security standards, and advanced fraud-prevention measures. Identity verification technologies and anomaly detection systems must be upgraded to ensure safety in a digitally connected environment. “The State Bank of Vietnam has demonstrated exceptional leadership in strengthening the regulatory framework for digital banking and data sharing,” she noted, applauding Circular 64/2024/TT-NHNN as a pivotal enabler for developing an open banking ecosystem in Vietnam.

On the technical side, Mr. Dinh Tien Dung from the Information Technology Department highlighted that the Open API policy aims to promote healthy competition, stimulate innovation, and advance financial inclusion. Open APIs allow third parties, including fintechs, other banks, and e-commerce platforms to access banking data and services with customer consent.

The issuance of a unified API catalog and technical standards helps optimize operating costs, reduce time-to-market, and provide a solid foundation for partners to build more innovative products.

Fintech Connect 2025 is widely regarded as a key forum enabling stakeholders to identify opportunities and challenges in open banking and data sharing. The insights shared, together with global best practices and policy recommendations, are expected to support Vietnam in refining its regulatory framework, fostering technological innovation, and laying the groundwork for a more inclusive and sustainable financial ecosystem.

Source: vietnamplus