The first digital asset test in Vietnam with Basal Pay

On August 26, the People's Committee of Da Nang City granted a license to Basal Pay - a project applying blockchain technology in domestic transfers for international tourists.

On August 26, the People's Committee of Da Nang City granted permission for Basal Pay - a project applying blockchain technology in domestic transfers for international tourists, developed by AlphaTrue Solutions Joint Stock Company - to participate in the Fintech sandbox (controlled testing with a new digital financial model). The reporter had an interview with Mr. Tran Huyen Dinh, Director of Basal Pay, to learn more about this first licensed crypto asset conversion project for testing in Vietnam.

Basal Pay is introduced as a special pilot project. Can you elaborate on what is new and what are the advantages of this solution?

- Mr. TRAN HUYEN DINH: This is the first time in Vietnam that there is a solution to convert crypto assets to fiat money, fully complying with international standards, especially the Travel Rule of the Financial Action Task Force (FATF).

Mr. Tran Huyen Dinh, Director of Basal Pay

With Basal Pay, instead of going through many intermediary layers, users can convert directly in just a few seconds, with costs about 30% lower than the traditional way. Most importantly, the project is licensed for testing with a clear, transparent and safe legal corridor.

Why was Da Nang chosen as the testing site, not Hanoi or Ho Chi Minh City?

- Da Nang has advantages in both policy and market. From important resolutions - such as Resolution 136/2024/QH15, Resolution 55/2024/NQ-HDND and most recently Resolution 222/2025/QH15 on international financial center, which emphasizes the role of Da Nang as a future financial - technological center and builds appropriate specific mechanisms, the city has clear orientations on financial development and innovation.

Da Nang is also one of the top destinations for international tourists, suitable for Basal Pay's first target customer group. It is impossible not to mention that the city is very open to innovation, creating favorable conditions for the testing process.

So what is the biggest difference between Basal Pay and other cross-border payment solutions?

- We have many years of experience in the international market, own licenses in many countries and always put legal compliance first.

Basal Pay focuses on foreign customers coming to Vietnam, from tourism to living and working. The highlight is reducing costs, shortening time, limiting foreign exchange barriers, and attracting foreign capital flows through crypto assets. While many countries have completed the legal framework for digital assets, Vietnam is just starting, but this is an opportunity to go fast by applying international standards from the beginning.

The project is currently focused on tourism only, does Basal Pay intend to expand into other fields?

- The current focus of the project is sandbox testing. At the same time, we also work closely with regulatory agencies to report periodically, and join the Vietnam Blockchain and Digital Asset Association to develop a set of standards for domestic enterprises. In the future, when the legal ecosystem is complete, Basal Pay can expand to many other services, from trade to investment.

Do you expect Basal Pay to become the platform for Vietnam to build a legal framework for digital assets?

- We hope Basal Pay will be a model of innovation in the Fintech field. Many countries and territories such as Singapore, UAE or Hong Kong (China) have shown that sandbox is an effective tool to promote technology and form billion-dollar businesses. Vietnam can also follow that direction, if it makes good use of the opportunities from the first experiments.

Source: https://nld.com.vn/buoc-thu-nghiem-tai-san-so-dau-tien-tai-viet-nam-196250828205051112.htm