Creating a legal corridor for peer-to-peer lending

According to information from the State Bank of Vietnam (SBV) on the afternoon of September 18, the SBV has issued two decisions to create an environment and testing conditions for peer-to-peer lending (P2P Lending) solutions.

Controlled testing mechanism in banking sector.

Decree No. 94 of the Government on the controlled testing mechanism in the banking sector, effective from July 1, marks a new step forward in efforts to build a legal corridor for financial innovation activities in Vietnam.

To deploy the P2P Lending solution testing under Decree No. 94, the State Bank has issued 2 decisions to create an environment and testing conditions for peer-to-peer lending solutions.

Specifically, Decision No. 2866 of the State Bank dated July 22 stipulates that the maximum outstanding balance for a customer borrowing from a peer-to-peer lending solution is VND 100,000,000, and at the same time sets a limit for the total outstanding balance of customers at all peer-to-peer lending solutions participating in the controlled testing mechanism of VND 400,000,000.

This regulation aims to ensure a common principle of risk management, consistent with the pilot nature of the testing mechanism; at the same time, limit financial losses for both lenders and borrowers, contributing to the stability of the financial system.

Decision No. 2970 dated August 11 promulgating regulations guiding the connection, reporting and checking of customer credit information between peer-to-peer lending companies and the National Credit Information Center of Vietnam (CIC).

According to the State Bank, this decision specifically stipulates the technical conditions for connecting with CIC, the list of indicators, the time limit and frequency of supply, the rights and obligations of companies participating in the Testing Mechanism when connecting with CIC.

“Participating in the credit information system will help peer-to-peer lending companies participating in the Pilot Mechanism have a basis to manage the maximum outstanding balance of a customer on their platform as well as all platforms according to regulations, and at the same time, they can have more information about the borrower to provide to the lender (when approved by the borrower according to current laws), contributing to improving loan quality,” said a representative of the State Bank.

The issuance of the above two decisions affirms the readiness of the State Bank to accompany financial technology organizations, promote innovation and financial inclusion in the banking sector in Vietnam, while still ensuring risk control.

Peer-to-peer lending is a form of direct connection between lenders and borrowers through an online platform, without the need for traditional financial intermediaries such as banks and financial companies. Vietnam currently has about 100 companies operating in the field of peer-to-peer lending with many foreign invested units.

Source: https://baotintuc.vn/kinh-te/tao-lap-hanh-lang-phap-ly-cho-vay-ngang-hang-20250918153112588.htm