Basal Pay will operate within the city’s controlled fintech testing environment, as Vietnam is focusing on the implementation of policies outlined in the Politburo’s Resolution No.57/NQ-TW, which requires controlled pilot mechanisms to reduce legal barriers while encouraging development.
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Basal Pay is developed by AlphaTrue Solutions JSC, a member of the Vietnam Blockchain and Digital Asset Association. It integrates the Financial Action Task Force's (FATF) Travel Rule standards, ensuring compliance with global requirements on transparency, AML, and CFT.
The platform aims to address challenges present in foreign visitors’ transactions, enabling direct conversion between crypto and fiat in seconds, decreasing costs by 30% when compared to traditional options, and eliminating multiple intermediary layers. Additionally, the system operates on a blockchain, needing detailed information about senders and recipients during crypto transfers.
Basal Pay offers a three-tier identification system, transmitting transaction data automatically and storing records for five years. This improves users’ efficiency while supporting risk regulations. AlphaTrue Solutions projects that Basal Pay will become a standard for Vietnamese firms so they can achieve compliance and adhere to international regulatory requirements from the early stages.
The 36-month sandbox covers platform development, pilot use, expansion, evaluation, and full deployment, overseen by the municipal Department of Science and Technology to ensure legal compliance and blockchain integration. Danang recorded nearly 11 million tourist arrivals, generating approximately USD 682.7 million in service revenue. This means that the platform will significantly improve foreign visitors’ experience in Vietnam, easing cross-border payments and contributing to financial monitoring and modernising the country’s financial system.
Basal Pay also aligns with Vietnam’s broader financial ambitions. Da Nang and Ho Chi Minh City were selected to establish the country’s international financial centre with specific mechanisms and policies. Vietnam is a significant crypto market, holding fifth place globally in crypto asset usage, according to the Digital Assets - Fintech Committee under the Vietnam Blockchain Association. However, proper oversight is yet to be put in place, so adding sandbox mechanisms is key for risk management.
