State Bank of Vietnam Hosts Seminar on Controlled Testing Mechanism in Banking Sector

The State Bank of Vietnam (SBV) organized a seminar on July 3, 2025, in Da Nang City, in collaboration with the Asian Development Bank (ADB) and the Swiss State Secretariat for Economic Affairs (SECO). The seminar aimed to disseminate the content of Decree 94, dated April 29, 2025, which regulates the Controlled Testing Mechanism in the Banking Sector. The event provided a platform for stakeholders to inform, share, and discuss the policy contents in Decree 94, ensuring a unified implementation and meeting the requirements of new regulations. The seminar contributed to the implementation of the Testing Mechanism, promoting financial technology innovation and serving the goal of developing the national digital economy.

Key Takeaways:

• The seminar was an opportunity for management agencies and related units to inform and share the basic contents of Decree 94, thereby enabling credit institutions, Fintech companies, and other stakeholders to grasp the policy contents correctly and fully.
• Decree 94 is an important legal document on the Fintech field, creating a legal corridor for testing Fintech solutions within a real environment and providing a legal basis for new business activities.
• The controlled testing institutional framework is an important task in implementing the "Quad Strategy," including breakthrough, development of science, technology, innovation, and national digital transformation, international integration, law making and enforcement, and private economic development.
• The banking industry has been proactive in implementing Resolutions, Directives, and Action Programs, achieving outstanding achievements in digital transformation, contributing to the overall development of the economy.
• The State Bank of Vietnam has improved the legal framework to promote digital transformation activities in banking, with infrastructure serving digital transformation in the banking industry focused on investment, upgrading, and development.
• More than 117 million individual customer records and over 927 thousand organizational customer records have been compared with biometric information.
• Fintech companies play an important role in promoting cashless payments and developing a digital banking ecosystem.
• Management agencies will create maximum conditions for Fintech companies, encourage innovation and creativity, and require companies to comply with legal regulations.

Statistics:

• Over 820 trillion VND processed per day through the interbank electronic payment system.
• More than 26 million transactions processed per day through the financial switching and electronic clearing system.
• The national credit information infrastructure has been upgraded, with a successful data update rate from credit institutions reaching over 98%.
• Nearly 100% of individual accounts generating transactions on digital channels have been compared with biometric information.
• Over 75% of organizational payment accounts generating transactions on digital channels have been compared with biometric information.

Sources:

• State Bank of Vietnam press release, dated July 3, 2025.
• Decree 94, dated April 29, 2025.
• Resolution No. 57-NQ/TW on breakthrough, development of science, technology, innovation, and national digital transformation.
• Resolution 59-NQ/TW on international integration in the new situation.
• Resolution No. 66-NQ/TW on law making and enforcement.
• Resolution 68-NQ/TW on private economic development.