On 29 April 2025, the Vietnamese government unveiled Decree No. 94/2025/ND-CP, creating a regulatory sandbox for fintech in the banking sector, starting from 1 July 2025. This crucial framework aims to streamline participation for various credit institutions and fintech providers, facilitating testing and implementation of innovative solutions in a controlled environment.
Key Points
- Entities must be either credit institutions or licensed fintech companies to engage in the Regulatory Sandbox.
- Three main fintech solutions covered: credit scoring, Open APIs, and peer-to-peer (P2P) lending.
- P2P lending solutions must adhere to strict regulatory requirements, such as prohibiting foreign-invested companies from participating.
- Eligible entities must obtain a Registration Certificate from the State Bank of Vietnam to operate in the sandbox.
- The duration of participation is capped at two years, with possible extensions, subject to SBV discretion.
Why should I read this
If you’re in the fintech or banking sector, this article is essential reading! The new regulatory sandbox in Vietnam presents exciting opportunities for innovation and testing in the financial landscape. It’s a game changer for firms wanting to push new technologies without stepping on any legal toes. Don’t miss out on the details that could affect your operations!
