The primary aim of this partnership is to develop the necessary legal and operational structure for Open Banking in Vietnam. The move came in the context of Vietnam's goal of achieving an advanced digital society by 2030. Collaboratively, the two companies achieved the following goals:
In essence, this framework lays the groundwork for Open Banking in Vietnam, positioning the country alongside regional leaders in the field. Konsentus, known for advising central banks, regulators, and market infrastructures globally, brings expertise to support Vietnam's financial accessibility, competition, innovation, and inclusion objectives.
SAVIS, known for delivering digital solutions compliant with Vietnamese and international standards across various industries, highlighted the potential of Open Banking to support economic growth and social development. In the company press release, representatives from SAVIS underscored the importance of the collaboration with Konsentus in designing the framework in accordance with Vietnam's needs.
In turn, officials from Konsentus highlighted the significance of leveraging global insights to customise the framework for Vietnam's unique market requirements. Emphasising the potential of Open Banking to enhance financial inclusion and digital transformation, Konsentus expressed commitment to supporting Vietnam in these endeavours.
In September 2023, Open Finance company Brankas partnered with Konsentus to offer centralised technology infrastructure and Banking-as-a-Service (BaaS) solutions to expedite Open Finance. The collaboration aimed to enable financial institutions, central banks, and regulators to fast-track their Open Finance journeys, with the integrated technology solutions from the two companies set to deliver ease of use, security, and cost-efficiency for those setting up or participating in open ecosystems.
The Brankas API Hub, together with the Konsentus Open Trust Platform, offered regulatory bodies ready-to-use API use cases and a secure trust framework, allowing participants to communicate across financial services ecosystems in a compliant, secure, and scalable manner.
For more information about Konsentus, please check out their detailed profile in our dedicated, industry-specific Company Database.
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