State Bank promotes Open API, paving the way for digital finance

Ngân hàng Nhà nước đẩy mạnh Open API, mở lối cho tài chính số

Within the framework of the technical assistance project “Promoting financial inclusion and climate finance” funded by the Asian Development Bank (ADB), the State Bank of Vietnam (SBV) organized the Fintech Connection Event, focusing on the theme "Data sharing towards financial inclusion and innovation". The event affirmed that Data is a strategic resource to promote new business models such as Open Banking.

Mr. Pham Anh Tuan, Director of the Payment Department (SBV), emphasized that the SBV has soon recognized the great benefits of promoting connectivity and data interconnection to develop a digital ecosystem. This vision is clearly demonstrated through important documents including the Digital Transformation Plan for the Banking Industry to 2025 and most recently the Digital Transformation Strategy for the Banking Industry to 2030 (Decision 3579/QD-NHNN) and the Data Strategy for the Banking Industry to 2030 (Decision 3580/QD-NHNN).

The industry's consistent view is that “Data is the core foundation, important asset and strategic resource” and puts “People and businesses at the center”.

The State Bank of Vietnam has also built a solid legal foundation with the Law on Credit Institutions 2024, Decree 52/2024/ND-CP on non-cash payments, Decree 94/2025/ND-CP on controlled testing mechanism (Sandbox) and especially Circular 64/2024/TT-NHNN on implementing open application programming interface (Open API). The Open API Circular creates a legal framework for establishing safe connections and interconnections between the banking sector and other sectors and fields.

The digital transformation strategy sets out the task of “Promoting research, integration, and expanded connectivity” to establish a digital ecosystem, aiming at models such as Open Banking, Embedded Finance, and Banking as a Service (BaaS), to provide convenient, low-cost products. This is the orientation for responsible data sharing, for the benefit of users.

Sharing practical experience, Mr. Pham Thanh Son, Deputy Director of Information Technology Center, Joint Stock Commercial Bank for Foreign Trade of Vietnam ( Vietcombank ) said that Open API helps banks connect partners quickly, transparently, and in a controlled manner, creating a standardized data sharing stream, and is the foundation of an open financial ecosystem.

Responsible data sharing is key to addressing Financial Inclusion, especially for the “credit invisible” group of customers (individuals with no credit history).

Modern credit scoring models based on Alternative Data such as utility bills, mobile usage, e-commerce. This helps expand access to credit for thin profile groups and helps address the funding gap for small and medium enterprises (SMEs) in Vietnam, which account for 95% of all companies. Global initiatives such as Account Aggregators (AA) and Open Credit Enablement Network (OCEN) are designed to help lenders shift from collateral-based lending to cash flow-based lending, which is crucial for SMEs.

Alongside innovation, the sustainability and security of the payment system is vital. The rise of digitization and Open APIs increases the impact surface of threats, such as major global disruptions or cyber attacks.

Therefore, building a sustainable Payment System requires identifying critical business services, setting risk tolerance thresholds (Risk Appetite) and developing crisis management plans for rapid response and recovery to maintain business operations and user trust.

The SBV's Fintech Connectivity Event affirms that Vietnam is accelerating its digital transformation roadmap, with Open API and alternative data being the key drivers for expanding Financial Inclusion, but must always go hand in hand with safety and a solid legal framework.

Source: https://vtv.vn/ngan-hang-nha-nuoc-day-manh-open-api-mo-loi-cho-tai-chinh-so-100251114191818287.htm