Decree No. 94/2025/ND-CP (Decree 94) effective from July 1, 2025, issued by the Government, regulates the controlled testing mechanism in the banking sector for the implementation of new products, services, and business models through the application of technological solutions.

The aim of the pilot mechanism is to promote innovation and modernization of the banking sector, thereby realizing the goal of financial inclusion for people and businesses in a transparent, convenient, safe, efficient and low-cost manner.

The results of the pilot implementation of Fintech solutions are used as a practical basis for competent state agencies to research, develop and perfect the legal framework and related management regulations if necessary.

Financial technology solutions (Fintech solutions) participating in testing in the testing mechanism include: Credit scoring; Data sharing via open application programming interface (Open API); Peer-to-peer lending.

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Photo source: Viettel Money.

Applicable subjects include: Credit institutions, foreign bank branches as prescribed in the Law on Credit Institutions; Fintech companies; competent state agencies; customers and other organizations and individuals related to the testing mechanism.

According to the content of the Decree, the process of reviewing organizations participating in the testing mechanism must ensure transparency in criteria and conditions, evaluation and selection processes.

Participation in the pilot mechanism does not mean that the organization participating in the pilot mechanism will meet the business and investment conditions as prescribed by law.

The Decree clearly states that the testing period for Fintech solutions is a maximum of 2 years, depending on the specific solution and field, from the time the State Bank issues a Certificate of participation in the testing mechanism.

The testing of Fintech solutions is limited to Vietnam territory, cross-border testing is not allowed.

Organizations participating in the testing mechanism are only allowed to provide Fintech solutions within the scope specified in the Certificate of Participation.

The State Bank will decide the scope of implementation of the experimental Fintech solution in the Certificate of participation in the testing mechanism.

Peer-to-peer lending companies are only allowed to provide peer-to-peer lending solutions within the testing scope in the Certificate of participation in the testing mechanism issued by the State Bank.

P2P lending companies participating in the pilot mechanism are not allowed to conduct business activities other than those specified in the Certificate. At the same time, they are not allowed to provide security for customers' loans, act as customers, or provide peer-to-peer lending solutions to pawnbrokers.

Source: https://vietnamnet.vn/thu-nghiem-fintech-tu-1-7-khong-duoc-chay-thu-ra-nuoc-ngoai-2396885.html