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Open Banking in Vietnam Is On Track to Become Widely-Adopted, but Lags Behind More Developed Southeast Asian Countries
March 9, 2021 @ 11:45 pm By Omar Faridi
Vietnamese banks are becoming a lot more aware of Open Banking policies and are beginning to realize that they should look into leveraging open APIs in order to remain relevant in the evolving digital financial services sector.
There are at least two local banks in Vietnam that have introduced developer portals and are now offering open APIs. The Asia Commercial Joint Stock Bank (ACB) and Orient Commercial Joint Stock Bank (OCB) in Vietnam have developed Open Banking solutions (that went live in January of last year).
In Vietnam, banks are becoming increasingly aware of open banking and recognizing the need to embrace open APIs to keep up with the rapidly evolving financial landscape.
So far, at least two local banks have launched developer portals and are today providing open APIs this includes: Asia Commercial Joint Stock Bank (ACB); and Orient Commercial Joint Stock Bank (OCB), which launched its open banking platform in January 2020.
Saigon Commercial Bank (SBC) have shared plans to implement open banking practices, while Techcombank recently hosted a webinar to educate professionals on the merits of open banking.
Data from the State Bank of Vietnam (SBV) shows that 94% of banks in Vietnam have initially implemented or been researching and developing a digital transformation strategy, of which 35% of banks are implementing a digital transformation strategy.