The Pivotal Role of Fintech in Developing the Digital Banking Ecosystem

06/11/2025

The Pivotal Role of Fintech in Developing the Digital Banking Ecosystem

Representatives of the State Bank of Vietnam (SBV) have recognized that financial technology (fintech) companies are generating significant positive impacts on the economy. Through crowdfunding platforms and online lending services, fintech is expanding access to capital—especially for small and medium-sized enterprises (SMEs)—thereby promoting production, business activities, and fostering a more transparent and efficient financial market.

The Role of Fintech in Developing the Digital Banking Ecosystem

According to the SBV’s Payment Department, the number of fintech companies operating in Vietnam has increased dramatically—from around 40 companies in late 2016 to over 200 today. These firms cover a variety of sectors such as payments, peer-to-peer (P2P) lending, credit scoring, and personal financial management. Among them, payment-related companies dominate, with 50 licensed intermediary payment service providers (Source: Thời Báo Ngân Hàng – The Banking Times).

The rapid growth of fintech firms highlights the urgent need for a suitable legal framework—one that effectively manages risks while encouraging innovation.

At the recent seminar on implementing Decree No. 94/2025/NĐ-CP, Mr. Phạm Anh Tuấn, Director General of the SBV’s Payment Department, stated that the decree was issued by the Government to concretize the provisions of the amended Law on Credit Institutions (2024). It also marks an important milestone in establishing a legal foundation for the regulatory sandbox mechanism in the banking sector.

Mr. Tuấn emphasized that fintech companies play a key role in driving positive changes across the economy and are central to the formation and development of Vietnam’s digital banking ecosystem.

Key Highlights of Decree No. 94/2025/NĐ-CP
The decree defines the scope, eligibility, and procedures for participation in the regulatory sandbox, as well as the principles for monitoring and managing trial activities.

In the initial phase, three fintech solution groups are prioritized for sandbox participation:

Credit scoring
Data sharing via Open API
Peer-to-peer (P2P) lending
According to SBV representatives, the regulator will continue to study, update, and expand the scope of the sandbox to include other promising fintech models. Simultaneously, the SBV will finalize detailed guidelines, develop monitoring and reporting mechanisms, and enhance legal support for businesses participating in the sandbox.

Fintech as a Catalyst for Financial Innovation
The strong rise of fintech not only accelerates innovation within the financial and banking system but also opens new pathways for national digital transformation. With the collaboration of regulators, commercial banks, and technology enterprises, Vietnam’s fintech ecosystem is gradually building a solid foundation for a modern, transparent, and efficient financial market.