Sharing data towards financial inclusion and innovation

On November 27, in Ho Chi Minh City, the State Bank of Vietnam coordinated with the Asian Development Bank (ADB) and the Swiss Agency for Economic Cooperation (SECO) to organize the Fintech 2025 Connectivity Event with the theme: "Sharing data towards financial inclusion and innovation".

Speakers share their opinions at the Fintech 2025 Connectivity Event.

This event is part of the project “Promoting financial inclusion and climate finance” funded by ADB.

Speaking at the event, Director of the Payment Department ( State Bank of Vietnam ) Pham Anh Tuan said: In recent years, the State Bank of Vietnam has quickly recognized the great benefits of promoting connectivity and data exchange to develop the digital ecosystem, improving service quality for people and businesses. Since 2021, the Governor of the State Bank has issued a plan for digital transformation of the banking sector to 2025, with a vision to 2030.

Notably, on November 3, the Governor of the State Bank continued to issue the Strategy for Digital Transformation of the Banking Industry to 2030 (Decision 3579/QD-NHNN) and the Strategy for Banking Industry Data to 2030 (Decision 3580/QD-NHNN), clearly affirming the banking industry's long-term, consistent vision for digital transformation and data.

Thanks to the increasingly clear and transparent legal framework in terms of scope and responsibility and “open” and flexible approach, the banking industry has proactively deployed many new business models, placing customers at the center of the ecosystem with many options for innovative, safe, convenient and cost-effective products and services.

Director of Payment Department Pham Anh Tuan spoke at the event.

According to Mr. Pham Anh Tuan, data sharing in the context of open banking requires the harmonious handling of many requirements: standardizing data and connection protocols; enhancing third-party risk management capacity; ensuring system security and safety against cyber-attacks and data abuse; at the same time, protecting the legitimate rights and interests of customers, narrowing the digital gap, and leaving no one behind in the digital transformation process. These are systemic issues that require close coordination between state management agencies, credit institutions and Fintech companies.

Mr. Andri Meier, Deputy Head of Development Cooperation, Embassy of Switzerland in Vietnam said: Vietnam has made significant progress in moving from a cash-based economy to adopting cashless payment systems, promoting financial inclusion.

“These successes now pave the way for further digitalization, supported by technologies such as Open Application Programming Interfaces (Open APIs). By leveraging the combined expertise of Switzerland, ADB and EY, we are transferring cutting-edge knowledge to Vietnam’s regulators, financial institutions, business associations and non-bank lenders. We are laying the foundations for an inclusive and resilient financial sector that supports Vietnam’s long-term development goals,” said Andri Meier.

Open APIs offer huge potential to deepen financial markets by enabling seamless interactions between banks, non-bank financial service providers and third-party platforms, helping to reduce information asymmetries and foster innovation, according to Andri Meier.

“The Fintech 2025 Connect event is therefore both timely and necessary. It provides a valuable platform for stakeholders – including market participants, business associations, regulators, third-party providers and technical experts – to share experiences in implementing API regulations, thereby contributing to the completion of the legal framework and identifying future capacity building needs,” Mr. Andri Meier added.

Mr. Andri Meier, Deputy Head of Development Cooperation, Embassy of Switzerland in Vietnam spoke at the event.

Meanwhile, according to Ms. Maria Joao Pateguana, Head of Private Sector Development Department (Asian Development Bank - ADB), Vietnam is witnessing an extraordinary digital transformation driven by disruptive technologies such as cloud computing, big data analytics, open APIs, blockchain and artificial intelligence. Digitalization is reshaping the way financial services are delivered, making access to data a key factor driving the digital economy, especially in the banking sector.

The effective use of data for decision-making depends on the variety and depth of information available to each organization. Therefore, promoting data sharing between organizations is increasingly necessary to facilitate innovation and improve business agility, while addressing the associated regulatory and security challenges.

“The State Bank of Vietnam has demonstrated commendable leadership in promoting digital banking transformation and nurturing a vibrant Fintech ecosystem. Legal reforms, including the Law on Electronic Transactions (2023), the Law on Credit Institutions (2024) and the Law on Personal Data Protection (2025), have established a strong legal framework for digital banking, electronic identification and secure data sharing.

Recently, Circular No. 64/2024/TT-NHNN was issued detailing the implementation of Open Application Programming Interface (Open API) in the banking sector. This Circular represents a significant step forward in promoting the open banking ecosystem in Vietnam, promoting innovation while ensuring a safe and standardized environment for sharing financial data,” said Ms. Maria Joao Pateguana.

Ms. Maria Joao Pateguana, Head of Private Sector Development Department, Asian Development Bank (ADB) spoke at the event.

Ms. Maria Joao Pateguana also said that the Fintech 2025 networking event is a remarkable opportunity to raise awareness and understanding among stakeholders about open APIs, the legal context for open APIs in Vietnam as well as the benefits and challenges associated with data sharing in the banking industry.

“We encourage participants to interact with industry leaders and exchange valuable insights from diverse perspectives. We hope that this event will create meaningful connections between experts and regulators, promoting collaboration for mutual benefit,” said Maria Joao Pateguana.

HONG ANH

Source: https://nhandan.vn/chia-se-du-lieu-huong-toi-tai-chinh-toan-dien-va-doi-moi-post926316.html