Peer-to-peer lending tightens limit: Each customer can borrow up to 400 million VND

(Dan Tri) - Customers can only borrow a maximum of 100 million VND at a peer-to-peer lending platform (P2P Lending) and the total outstanding debt at all platforms in the testing mechanism must not exceed 400 million VND.

Since the beginning of July, Decree 94 on the controlled testing mechanism (sandbox) and financial technology (fintech) solutions in the banking sector has officially taken effect.

One of the fintech solutions approved by the Government for testing is peer-to-peer lending (P2P Lending). Peer-to-peer lending companies are only allowed to provide testing solutions when licensed by the State Bank.

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.

To deploy the testing of peer-to-peer lending solutions according to regulations, on the afternoon of September 18, the State Bank announced that it had issued two decisions to create an environment and testing conditions for peer-to-peer lending solutions.

Bank employees at a branch in Hanoi count money (Photo: Manh Quan).

Specifically, Decision No. 2866 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 for 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,” the State Bank stated.

Decision No. 2970 promulgates 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 regulated platforms, and can have more information about the borrower to provide to the lender, contributing to improving loan quality.

“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,” the State Bank emphasized.

According to Decree 94, P2P Lending pilot activities will be licensed for 2 years, but not applicable to foreign banks.

Credit institutions and financial technology companies are allowed to participate in the review of the testing mechanism, but this does not mean that they will meet the business and investment conditions as prescribed by law. The testing results are the basis for management agencies to research, build and perfect the legal framework related to this lending field.

Source: https://dantri.com.vn/kinh-doanh/vay-ngang-hang-siet-han-muc-moi-khach-duoc-vay-toi-da-400-trieu-dong-20250918154510556.htm