Creating an environment and testing conditions for P2P Lending

The State Bank of Vietnam has just issued two decisions to create an environment and testing conditions for peer-to-peer lending solutions.

On July 1, 2025, Decree No. 94/2025/ND-CP of the Government on Controlled Testing Mechanism in the Banking Sector (Decree No. 94/2025/ND-CP) officially took effect, marking a new step forward in creating a legal corridor to support innovation activities in the finance-banking sector.

To deploy the testing of peer-to-peer lending solutions as prescribed in Decree No. 94/2025/ND-CP, the State Bank has issued 02 decisions on creating an environment and testing conditions for peer-to-peer lending solutions.

Specifically, Decision No. 2866/QD-NHNN dated July 22, 2025 stipulates that the maximum outstanding balance for a customer borrowing from a peer-to-peer lending solution is VND 100 million, and at the same time sets a limit on the total outstanding balance of customers at all peer-to-peer lending solutions participating in the controlled testing mechanism of VND 400 million.

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

Decision No. 2970/QD-NHNN dated August 11, 2025 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).

This Decision specifically stipulates the technical conditions for connection 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 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.

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

These two decisions are an important legal basis to create conditions for organizations wishing to register to participate in the Pilot Mechanism to proactively research, develop, prepare technical conditions and management capacity, and operate safe and effective peer-to-peer lending solutions.

HONG ANH

Source: https://nhandan.vn/tao-lap-moi-truong-dieu-kien-thu-nghiem-cho-p2p-lending-post908908.html