One of the key trends in the global digital ecosystem in the coming years 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. Recognizing this trend, the Vietnam Investment and Development Bank ( BIDV ) and IBM Vietnam have researched, developed, and built the BIDV Open API (Application Programming Interface) system – a leading ecosystem in the future of open banking.
Mr. Le Ngoc Lam, General Director of BIDV, shared: “Recognizing that digital transformation is a continuous journey to create new values and experiences for customers, today BIDV launches the BIDV Open API system with the desire to further expand and spread the digital ecosystem on new platforms, anticipate market trends and shape the future of financial services.”
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 coming time, the State Bank of Vietnam requests credit institutions to continue strengthening 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 administration); 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 API.
At the event, BIDV announced 15 API packages with popular features chosen by many customers, including banking information inquiry, BIDV QR, eKYC for individual customers, money transfer, bill payment, e-wallet, etc. Partners can easily learn, innovate, and integrate banking products on 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.
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. Today's go-live event is a significant 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., Mobile Online Services Joint Stock Company (owner of MOMO e-wallet), 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.
As the oldest and largest commercial bank in Vietnam in terms of total assets, BIDV has consistently been ranked among the Top 2,000 largest and most powerful companies in the world (according to Forbes) and the Top 300 most valuable banking brands globally (according to Brand Finance).
BIDV is also a pioneer in digital transformation, affirming its position as a leading commercial bank in Vietnam in terms of readiness for the development and application of information and communication technology (ICT). In 2023, BIDV was honored by many domestic and international organizations in the field of digital transformation, such as "Leading Digital Solution Provider in Vietnam" (Asiamoney Magazine), Outstanding Digital Transformation Unit (Asian-Oceanian Computing Industry Organization - ASOCIO); Sao Khue Award 2023 for BIDV iConnect product….
Dieu Linh
Source
Comment (0)