Controlled testing in the banking sector, paving the legal way towards the digital economy

(Chinhphu.vn) - Implementing Decree 94/2025/ND-CP on the controlled testing mechanism in the banking sector is an important step to encourage Fintech businesses to participate.

Deputy Governor of the State Bank of Vietnam, Pham Tien Dung, speaks at the seminar - Photo: VGP/HT

On July 1st, in Hanoi, the State Bank of Vietnam (SBV) organized a seminar on "Implementing Decree 94/2025/ND-CP" on the controlled pilot mechanism in the banking sector. The program is part of a technical assistance project funded by the Swiss Federal Department of Economic Affairs (SECO) and managed by the Asian Development Bank (ADB).

Creating a legal framework for innovation.

Decree 94/2025/ND-CP, issued by the Government on April 29, 2025, is the first legal document in Vietnam regulating a controlled testing mechanism in the banking sector. This mechanism creates an environment for organizations to test new financial products, models, and technologies under real-world conditions, but with strict supervision from regulatory authorities.

Speaking at the seminar, Deputy Governor of the State Bank of Vietnam Pham Tien Dung said that the Party and the State have implemented many policies to promote the application and development of science and technology; to foster innovation and digital transformation; and to proactively and actively participate in the Fourth Industrial Revolution (Industry 4.0), including the issuance of a controlled testing framework for new technologies, products, services, and business models.

Over the past period, in the face of the opportunities and challenges brought about by the Fourth Industrial Revolution, the Party and State have implemented many policies and guidelines, including the "Strategic Quartet," comprising: breakthroughs in the development of science and technology, innovation, and national digital transformation (Resolution No. 57-NQ/TW); international integration in the new situation (Resolution 59-NQ/TW); building and enforcing laws (Resolution No. 66-NQ/TW); and developing the private economy (Resolution 68-NQ/TW) to drive rapid and sustainable national development in the new era.

As the lifeblood of the economy, the development of science and technology, the promotion of innovation, and digital transformation are key drivers for the banking sector's sustainable growth and improved service quality. Over the past period, the banking sector has actively and proactively implemented the Party and State's guidelines and policies, achieving many outstanding achievements in digital transformation, contributing to the overall development of the economy, reflected in aspects from institutions and infrastructure to products and services. To date, nearly 87% of adult Vietnamese have bank accounts; the value of cashless payments is projected to be 25 times the GDP by 2024.

According to statistics, the interbank electronic payment system currently processes an average of 820 trillion VND per day; the electronic financial switching and clearing system processes more than 26 million transactions daily. The national credit information database has also been significantly upgraded, with the success rate of data updates from credit institutions reaching over 98%.

Specifically, over 117 million individual customer records (nearly 100% of individual accounts with digital transactions) and over 927,000 institutional customer records (over 75% of institutional payment accounts with digital transactions) have been verified using biometrics.

Many banking services have been fully digitized, making them convenient, user-friendly, and well-suited to the diverse needs of users.

According to the State Bank of Vietnam's leadership, this result will be further replicated in the future when Decree 94 is officially issued and comes into effect.

"Perhaps this is Vietnam's first Sandbox (Controlled Testing Mechanism). According to Decree 94, three solutions are being considered for participation in the testing mechanism: Credit scoring, Data sharing via open application programming interfaces (Open APIs), and Peer-to-peer lending (P2P Lending). During the implementation of the Decree, the State Bank of Vietnam will continue to review and update new products, services, and business models in the banking sector to evaluate and propose expanding the solutions participating in the testing mechanism," the Deputy Governor emphasized.

In particular, the Deputy Governor stated that the National Assembly recently passed a Resolution on the International Financial Center in Vietnam. The Resolution clarifies that the International Financial Center is a geographically defined area established by the Government in Ho Chi Minh City and Da Nang, concentrating a diverse ecosystem of financial services and supporting services.

Based on that, Deputy Governor Pham Tien Dung suggested that the specialized units of the State Bank of Vietnam (SBV) need to clearly define the spirit of the Decree, identify the services, nature, conditions, procedures, and timeframes… for Fintech units and businesses to participate. The SBV units and relevant ministries and agencies should continue to coordinate with the SBV to implement the Decree so that businesses can have their applications processed quickly, creating favorable conditions for businesses to participate and contributing to providing convenient financial services to customers.

Mr. Ron H. Slangen, Deputy Country Director of ADB in Vietnam, shared information at the workshop - Photo: VGP/HT

International partners offer support and have high expectations.

Mr. Ron H. Slangen, Deputy Country Director of ADB in Vietnam, stated that the financial system in Vietnam is undergoing a significant transformation driven by technologies such as cloud computing, big data, open APIs, blockchain, and artificial intelligence. ADB strongly supports Decree 94, believing it to be a tool for promoting inclusive, climate-friendly finance and creating a favorable environment for financial technology innovation.

Meanwhile, Swiss Ambassador to Vietnam Thomas Gass affirmed that Switzerland has been a steadfast and reliable partner of Vietnam in developing its financial sector for many years. With this fintech initiative, Switzerland reaffirms and deepens that partnership. Our shared goal is to help Vietnam build a resilient, innovative, and accessible financial system for all. This is essential not only for economic stability but also to promote opportunities and prosperity throughout society, not just limited to large companies.

"Switzerland remains committed to supporting Vietnam's journey and will continue to advocate for best practices, promote innovation, and invest in partnerships that deliver lasting impact," Thomas Gass affirmed.

Swiss Ambassador to Vietnam Thomas Gass - Photo: VGP/HT

According to the State Bank of Vietnam's leadership, in the coming period, the implementation of the controlled pilot mechanism will continue to be updated and adjusted to suit practical realities, while being closely linked to the national digital economy development goals and inclusive finance objectives.

Under the impact of the Fourth Industrial Revolution, the banking sector not only faces pressure for change but also has the opportunity to reshape the entire financial ecosystem. Facilitating controlled testing of financial technologies is a timely step that will help Vietnam avoid falling behind in the global digitalization trend.

Following the event in Hanoi, the Seminar on the Implementation of Decree 94 will continue to be held in Ho Chi Minh City on July 2nd and in Da Nang on July 3rd. Disseminating information nationwide aims not only to raise awareness but also to ensure that organizations uniformly apply the new regulations, build a transparent testing environment, and create a solid foundation for the development of financial technology.

Mr. Minh

Source: https://baochinhphu.vn/thu-nghiem-co-kiem-soat-linh-vuc-ngan-hang-mo-duong-phap-ly-huong-den-kinh-te-so-102250701200355404.htm