BIDV Open API – Shaping the future of financial services.

Công Luận•30/11/2023

This ecosystem will provide superior financial solutions and a seamless service experience in the digital space.

Attending the program were Mr. Pham Anh Tuan – Director of the Payment Department of the State Bank of Vietnam (SBV), Mr. Le Ngoc Lam – General Director of BIDV , Ms. Pham Thi Thu Diep – General Director of IBM Vietnam, Mr. Tran Dang Hoa – Chairman of FPT Information Systems (FPT IS), representatives from BIDV, IBM, FPT, and nearly 100 representatives from leading payment intermediaries, fintech companies, and technology platform companies in Vietnam.

BIDV Open API: Shaping Future Financial Services (Figure 1) — Mr. Le Ngoc Lam, General Director of BIDV, delivered a speech at the event.

One of the upcoming trends in the global digital ecosystem is embedded banking – banking services integrated into new applications, software, and platforms. Accordingly, banking services will not only be available through channels owned by the bank, but at any touchpoint or context where a user's financial needs arise.

According to Mr. Le Ngoc Lam, General Director of BIDV, recognizing this trend, BIDV and IBM Vietnam have researched, built, and developed the BIDV Open API system – an ecosystem leading the future of open banking. He shared, “ Identifying digital transformation as a continuous journey to create new values and experiences for customers, today BIDV launches the BIDV Open API system with the desire to continue expanding and spreading the digital ecosystem on new platforms, anticipating market trends and shaping financial services in the future.”

According to Mr. Pham Anh Tuan, Director of the Payment Department of the State Bank of Vietnam, the launch of the BIDV Open API system demonstrates BIDV's determination to promote a digital ecosystem that brings value to individuals, businesses, and the community. In the future, the State Bank of Vietnam requests that credit institutions continue to strengthen cooperation between banks, fintech companies, and companies providing digital solutions for end users.

The BIDV Open API system comprises four main modules: API Manager (API management); API Gateway (integration processing); API Analytics (processing system data for real-time statistical reporting); and the BIDV Open API Portal, an online platform for developers to learn about and experience the APIs. At the event, BIDV announced 15 API packages with popular features chosen by many customers, including banking information inquiries, BIDV QR, personal eKYC, money transfers, bill payments, e-wallets, etc. Partners can easily learn about, create, and integrate banking products into their applications and platforms. In the future, BIDV will continue to add new API products such as trade finance, credit, and guarantee services to meet customer needs.

BIDV Open API: Shaping Future Financial Services (Figure 2) — Representatives from the State Bank of Vietnam, BIDV, and the contractor performed the ceremony to launch the BIDV Open API ecosystem.

According to Ms. Pham Thi Thu Diep, General Director of IBM Vietnam, the collaboration between IBM and BIDV to launch the BIDV Open API system will bring outstanding benefits to customers. She shared: “ IBM thanks BIDV for trusting and choosing IBM's solution and for collaborating with IBM partnerFPT IS in implementing this project over the past time. Today's go-live event is a strong step in developing digital products based on the Open Banking model for partners in BIDV's digital ecosystem.”

To better understand the role of Open API in promoting collaborative development and innovation of new services, the event featured a discussion session themed "BIDV Open API - Shaping the Future of Financial Services". Participating businesses had the opportunity to exchange ideas on the benefits of BIDV Open API, as well as the State Bank of Vietnam's policies and mechanisms regarding electronic transactions and digital transformation, facilitating the provision of products and services through digital channels.

Also at the event, BIDV signed a comprehensive cooperation memorandum of understanding with MISA Joint Stock Company, EzCloud Global Co., Ltd., MOMO, and EPAY Services Joint Stock Company to strengthen cooperation in integrating banking and financial services on partners' platforms, researching and developing new products to optimize convenience for end users, and enhancing the brand value of both parties. Cooperation with Fintech, Bigtech, and payment intermediary businesses will be one of BIDV's business and market development strategies in the coming time.

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