“With Sandbox, Fintech businesses will continue to contribute to the development of the financial sector in Vietnam. Especially supporting the development of comprehensive and inclusive finance, helping disadvantaged people access financial services at reasonable prices and good quality.”
That was the comment of Deputy Governor of the State Bank Pham Tien Dung at the seminar "Implementation of Decree 94/2025/ND-CP dated April 29, 2025 regulating the Controlled Testing Mechanism in the Banking Sector" organized by the Asian Development Bank (ADB) and the State Bank of Vietnam on July 1 in Hanoi .
The first three solutions are tested in the Sandbox.
Sandbox is a pilot institutional framework that allows a small number of businesses to test new technologies and new business models in a practical environment but with a defined scope and time, under the supervision of managers and with appropriate risk contingency plans to prevent the consequences of failure without significantly affecting the national financial system.
According to experts, Decree 94 is an important legal document on the field of Fintech, an important step, creating a legal corridor for testing within the scope of control of Fintech solutions in a real environment, helping organizations have a legal basis to deploy new business activities. The Decree also supports management agencies in monitoring, supervising and assessing risks, thereby helping to perfect the legal framework on Fintech, facilitating digital transformation of the banking industry, improving access to financial services, serving the goal of developing the national digital economy .
Deputy Governor of the State Bank Pham Tien Dung affirmed that in recent times, facing the opportunities and challenges brought about by the Fourth Industrial Revolution, the Party and the State have had many policies and guidelines to promote the application and development of science and technology, promote innovation and digital transformation, and proactively and actively participate in the Fourth Industrial Revolution.
Typically, the issuance of a controlled testing institutional framework by the management agency for new technologies, products, services, and business models is one of the important tasks in implementing the 'Strategic Quad' including: Breakthrough, development of science and technology, innovation and national digital transformation (Resolution 57-NQ/TW); international integration in the new situation (Resolution 59-NQ/TW); building and enforcing laws (Resolution 66-NQ/TW); developing the private economy (Resolution 68-NQ/TW) to bring the country to rapid and sustainable development in the new era.
With its vital role in the economy, in recent times, the banking industry has been active and proactive in implementing the policies of the Party and the State and has achieved many outstanding achievements in digital transformation, contributing to the overall development of the economy, reflected in all aspects from institutions, infrastructure to products, services... To date, nearly 87% of Vietnamese adults have bank accounts; the value of non-cash payments in 2024 is 25 times higher than GDP.
This result will be further expanded in the coming time when Decree 94 is officially issued and takes effect.
The Deputy Governor emphasized that according to Decree 94, there are 3 solutions considered to participate in the Pilot Mechanism including credit scoring, data sharing via open application programming interface (Open API), peer-to-peer lending (P2P Lending). During the implementation of the Decree, the State Bank will continue to review and update new products, services, and business models in the banking sector to evaluate and propose expanding solutions to participate in the Pilot Mechanism.
Driving force for fintech innovation
During the Dialogue, Mr. Ron H. Slagen - Deputy Country Director of ADB in Vietnam commented that in recent years, many important policy and regulatory reforms have been implemented, especially the new Law on Credit Institutions 2024, which includes an important provision on the fintech sandbox, creating a legal basis for a more open and innovative financial landscape. Following that, the newly issued Decree 94 on the fintech sandbox represents an important milestone in establishing a legal framework for fintech companies to test new products and services under the close supervision of the State Bank.
“The Sandbox will continue to accelerate the digital transformation of the banking industry by providing a clear, controlled environment where innovative financial products and services can be tested and refined before widespread deployment,” emphasized Mr. Ron H. Slagen.
According to Mr. Ron H. Slangen, the financial system in Vietnam is undergoing a major transformation, driven by technologies such as cloud computing, big data analytics, open API, Blockchain and AI. This change is reshaping traditional banking operations and promoting the rise of financial technology companies.
To adapt, ADB supports the Controlled Testing Mechanism Decree, which promotes inclusive and climate-friendly finance while providing an enabling environment for fintech innovation.
Mr. Thomas Gass - Ambassador of Switzerland to Vietnam also said: “The Decree on Controlled Testing Mechanism not only encourages innovation from existing service providers but also reduces barriers to entry for startups and new players in the market. We will continue to support international best practices, promote innovation, leverage Swiss expertise and invest in partnerships that have a lasting impact.”
According to the State Bank's leaders, over the past time, the State Bank has continuously improved the legal framework to promote digital transformation activities in banking. Infrastructure serving digital transformation in the banking sector has always been focused on investment, upgrading and development.
The interbank electronic payment system processes an average of VND820,000 billion per day while the financial switching and electronic clearing system processes 26 million transactions per day. The National Credit Information Infrastructure has been upgraded to increase processing capacity and automatically update data with a high rate of successful data updates from credit institutions reaching over 98%.
More than 117 million individual customer profiles (reaching nearly 100% of the total number of individual accounts generating transactions on digital channels) and more than 927,000 organizational customer profiles have been biometrically verified (reaching more than 75% of the total number of organizational payment accounts generating transactions on digital channels). To date, nearly 87% of Vietnamese adults have bank accounts; the value of non-cash payments in 2024 is 25 times higher than GDP.
Therefore, the Deputy Governor suggested that the specialized units of the State Bank need to clarify the spirit of the Decree, requirements, procedures, time, etc. to create conditions for Fintech units and businesses to participate.
The Deputy Governor also requested that ministries and branches continue to coordinate with the State Bank to implement Decree 94, so that participating enterprises can have their applications quickly reviewed, create favorable conditions and support for participating enterprises, contributing to providing convenient financial services to customers./.
Source: https://www.vietnamplus.vn/sandbox-thuc-day-tai-chinh-toan-dien-va-doi-moi-sang-tao-tai-viet-nam-post1047500.vnp
![[Photo] General Secretary To Lam attends the launch of 3 digital platforms serving the implementation of Resolution No. 57-NQ/TW](https://vphoto.vietnam.vn/thumb/402x226/vietnam/resource/IMAGE/2025/7/2/d7fb7a42b2c74ffbb1da1124c24d41d3)
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