Vietnam making steps towards Open Banking

So far, at least two local banks have launched developer portals and are today providing open APIs this includes: Asia Commercial Joint Stock Bank (ACB) and Orient Commercial Joint Stock Bank (OCB), which launched its Open Banking platform in January 2020.

Saigon Commercial Bank (SBC) have shared plans to implement Open Banking practices, while Techcombank recently hosted a webinar to educate professionals on the merits of Open Banking.

The central bank, the State Bank of Vietnam (SBV), is now in the process of revising existing regulation to create a complete framework for fintech and support digitalisation in banking. The regulator is currently cooperating with related government agencies in drafting a new decree on fintech regulation sandbox in the banking sector.

In addition to that, it will be revising existing legislations to support banks and financial institutions applying new technologies including new guidance in cashless payment, the adoption of remote verification process (eKYC), and the revision of the Law on Prevention of Money Laundering, among others.