Open Banking in Vietnam

In Progress

Vietnam is developing open banking regulations through the State Bank of Vietnam, building on rapid digitalization and growing fintech adoption.

Key Facts

Approach

Regulated

Regulatory Body

State Bank of Vietnam (SBV)

Key Legislation

SBV Open Banking Framework (under development)

Topics

Open Banking

API Adoption

Early-stage; market-driven API sharing exists among some banks and fintechs

Internet Penetration

79%

Data Scope

Account information, Payment services

Timeline

2022SBV begins developing open banking regulatory framework

2023Industry consultation and technical standards development underway

Standards & Specifications

SBV Open Banking API Guidelines (in development)

Open Finance in Vietnam

Vietnam's State Bank of Vietnam (SBV) is developing an open banking framework to modernize the country's rapidly growing financial services sector. Vietnam has experienced significant digital payment adoption, driven by services like MoMo, ZaloPay, and VNPay.

The SBV's initiative builds on existing market-driven API sharing between some banks and fintechs. The formal framework aims to standardize data sharing practices, establish consumer consent mechanisms, and ensure data security. Vietnam's young, tech-savvy population and rapid economic growth support strong demand for innovative financial services.

The country's government-led digital transformation strategy and growing e-commerce sector create additional momentum for open banking development.

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