Savyint – Pioneering and Dominating Vietnam’s Open Banking Game
On the morning of November 21, Savyint, in collaboration with IBM Vietnam and TechData, successfully organized the Workshop “Implementing Safe, Reliable Open Banking and Complying with Circulars 64 & 50/2024/TT-NHNN.” In the context where Open Banking is becoming a pillar of digital transformation in the Finance – Banking sector, institutions require not only advanced technologies but also legal compliance, data security, and strong authentication. The workshop, held with the support of the Vietnam Institute for Digital Transformation and Innovation (VIDTI) and the Open Banking Forum, provided a comprehensive perspective on strategies, technical frameworks, and legal considerations for implementing Open Banking in alignment with the State Bank of Vietnam’s directives. Delivering the opening remarks, Mr. Doan Thanh Hai – Deputy Director of the Information Technology Department, State Bank of Vietnam – emphasized: “This workshop is an opportunity to share successful models, exchange practical lessons, and discuss emerging trends in security and technology for the effective implementation of Open Banking.” He also expressed confidence that the capabilities of banks, technology enterprises, and pioneering organizations would contribute to promoting safe, reliable Open Banking deployment in Vietnam, establishing a compliant ecosystem aligned with both domestic and international regulations. As the hosting organization, Savyint showcased solutions and delivered presentations on the Open Banking Tech Stack and Savyint Digital Trust – two core solution suites enabling banks to implement Open Banking in full compliance with Circulars 64 and 50/2024/TT-NHNN. Mr. Brad Palmer, COO & EVP of Savyint, highlighted that Open Banking is not merely about API connectivity but a multi-layered security ecosystem where customer identity, strong authentication, transaction protection, fraud risk management, and encryption infrastructure play foundational roles. Open Banking Tech Stack – Strengthening Connectivity and Expanding a Comprehensive Digital Financial Ecosystem Savyint’s Open Banking Tech Stack is purpose-built to meet all regulatory and technical requirements for Open Banking deployment. The stack comprises multiple critical components: Notably, SAVYINT Consent Management is one of the core systems, supporting multiple consent flows including redirect, decoupled, and intuitive consent management interfaces. Developed on an open, globally aligned architecture, the Savyint Open Banking Platform fully supports advanced security standards such as FAPI 2.0, OAuth2, OpenID Connect, PAR, JAR, JARM, mTLS, and Consent Management, ensuring compliance with Circulars 64/2024 and 50/2024. It also aligns with stringent Open Banking frameworks from the Berlin Group, UK Open Banking, Singapore, Australia, Hong Kong, and others. The platform is seamlessly integrated with Savyint Digital Trust, enabling core capabilities such as end-to-end encryption, transaction signing, key management, and tokenization – ensuring every API request is strongly authenticated, encrypted, and verifiably recorded. Savyint Digital Trust – Building Digital Trust and Enabling Secure Digital Transformation Alongside the Open Banking Tech Stack, Mr. Brad Palmer emphasized that the most critical factor in Open Banking is data security. This is why Savyint Digital Trust was created—to safeguard the financial ecosystem in the digital era. The platform is built on an advanced authentication foundation powered by the Cryptographic Security Platform (CSP), which includes SCA/MFA, passwordless authentication based on PKI, data encryption, Smart Token, tokenization, end-to-end transaction signing, and modern cryptography-based mobile device security. This ensures that every user, device, and transaction is protected, authenticated, and verifiable with absolute trust. Highly scalable, Savyint Digital Trust integrates with core systems across banking and finance, including invoicing, taxation, insurance, e-wallets, and digital banking. It supports on-premise or hybrid-cloud deployment and fulfills stringent domestic and international requirements for digital signatures, encryption, and authentication such as eIDAS, CSC 2.0, GDPR, PCI DSS, HIPAA, and more. As the organizer of the workshop, Savyint reaffirmed its pioneering role in shaping the Open Banking landscape in Vietnam. Savyint is among the most comprehensive Open Banking solution providers in Vietnam and the region – covering legal compliance, transaction security, identity & authentication, TPP management, and API infrastructure. Savyint’s technology ecosystem equips banks to implement Open Banking safely, reliably, compliantly, and with scalable expansion – supporting the digital transformation strategies of the Finance – Banking sector. Photos from the workshop:
Savyint Proudly Sponsors World Financial Innovation Series (WFIS) 2025 Philippines as Bronze Sponsor
Savyint is honored to be a Bronze Sponsor of the World Financial Innovation Series (WFIS) 2025 Philippines, the premier fintech event in the ASEAN region, organized by Tradepass. The event will bring together over 600 leaders and experts from the finance, banking, and insurance sectors, representing more than 200 organizations across the region. The Philippines is at the forefront of the digital financial transformation, with the online lending market projected to reach USD 1.68 billion by 2027 and over 65 million e-wallet users expected by 2025. Additionally, electronic payments account for 52.8% of total retail transactions, reflecting the widespread adoption of digital technologies in financial services. This surge is driven by three key factors: supportive government policies, the rapid rise of fintech, and the growing demand for a comprehensive financial ecosystem. Initiatives led by the Bangko Sentral ng Pilipinas (BSP), such as the Open Finance pilot program and Project Nexus for enhanced cross-border payments, underscore the country’s commitment to fostering financial inclusion and sustainable development. Against this backdrop, WFIS 2025 Philippines, hosted by Tradepass, serves as a pivotal platform, uniting over 600 industry leaders and experts from 200 organizations. Under the theme “Bridging Financial Gaps for a Digitally Smart Philippines,” WFIS 2025 is more than an event—it is a hub for strategic collaboration and discussions on critical topics such as Open Finance, Central Bank Digital Currency (CBDC), and the application of AI and blockchain in financial services. With over 300 active fintech companies and online payments comprising 52.8% of retail transactions, WFIS 2025 is the ideal stage to shape the future of fintech in the Philippines and drive financial innovation. Over the course of two days, WFIS 2025 Philippines will feature a robust lineup of activities, including: As a Bronze Sponsor, Savyint is represented at the event by Mr. Steve Hoang, Chief Technology Officer, and Mr. Brad Palmer, Chief Operating Officer and Executive Vice President. Savyint’s leadership will engage with top regional executives, investors, and strategic partners, sharing insights on secure digital transformation, electronic identity, and building digital trust within the financial ecosystem. Mr. Brad Palmer stated: “WFIS 2025 is a vital platform for Savyint to connect with strategic partners in the region while reaffirming our long-term commitment to delivering advanced security, identity, and digital finance solutions. This event provides an opportunity to showcase our latest technologies, engage with banking and fintech leaders, and contribute to the secure and sustainable growth of the Philippines’ and ASEAN’s financial ecosystems.” With over 20 years of expertise in developing encryption, identity, and authentication solutions, Savyint offers the market’s most comprehensive authentication platforms, fully compliant with BSP Circular No. 1213. The company is dedicated to supporting the Philippines’ financial sector by implementing modern security standards, combating fraud, and fostering digital trust. Images from the event:
Security in Online Payments in the New Era
Online payments have rapidly become a preferred payment method in many countries worldwide. Alongside this trend, the demand for authentication and security has never been higher, aiming to protect transactions from increasingly sophisticated threats, ensure absolute safety, and maintain a seamless user experience. Over the past decade, the world has witnessed a powerful surge in e-commerce, smartphones, and high-speed connectivity infrastructure. Cashless payment habits have become an integral part of daily life. Bank cards, digital wallets, Apple Pay, Google Pay, QR codes, and cross-border payment platforms like Alipay+, WeChat Pay (China), and UPI (India) are used daily by millions for shopping, bill payments, and personal financial transactions. However, alongside this growth comes a downside: increasingly sophisticated cyberattacks. Cybersecurity reports highlight a significant rise in advanced attack methods, from phishing scams and malware on mobile devices to OTP theft, creating an urgent need for financial service providers, banks, and payment organizations to enhance authentication and transaction security measures. Popular Authentication Methods Today Currently, many countries employ Multi-Factor Authentication (MFA), which applies at least two of three factors: Something you have (e.g., a device or OTP), Something you know (e.g., a password or PIN), and Something you are (e.g., biometric data like fingerprints, facial recognition, or iris scans). For example, in India, the Reserve Bank of India (RBI) mandates two-factor authentication (2FA) for all online transactions, typically combining OTP with a PIN. In the UAE, OTPs delivered via SMS or email are a common authentication method for financial transactions. However, OTPs and PINs are increasingly vulnerable, becoming prime targets for cyberattacks, paving the way for new, more secure, and efficient authentication trends. Trends in Online Payment Security Biometrics is considered a significant advancement in authentication security today. When a user registers, their device generates a pair of security keys: a private key stored on the device, unlocked only through biometric authentication, and a public key stored on the payment network. During a transaction, the device signs the request with the private key, the network verifies it with the public key, and the result is sent to the bank. This process shifts authentication from the bank to the payment network or a third party, reducing the risk of OTP theft and providing a smoother user experience. In addition to biometrics, securing payment applications on mobile devices is another critical piece of the security puzzle. For instance, Google Play Protect, Android’s default security layer, can scan apps and detect known malware at the operating system level. However, it lacks the ability to identify sophisticated in-app fraud, such as fake keyboards, unauthorized access, or zero-day attacks. Advanced app-level security solutions enable real-time detection and response to threats, from blocking suspicious transactions to adjusting security policies based on the usage environment. As online payments continue to thrive, biometrics and mobile payment protection technologies are emerging as inevitable trends, strengthening transaction security, reducing cyber risks, and delivering a seamless, reliable payment experience. This marks a significant step toward a future where every online transaction is comprehensively protected, providing absolute peace of mind for both users and businesses. Savyint – Setting New Standards for Strong Authentication and Payment Security Amid increasingly stringent requirements for payment security and user authentication, Savyint—a global technology company specializing in open banking, data security, and advanced security solutions—is ready to deliver authentication and payment security solutions that meet rigorous national and international standards. With a focus on passwordless strong authentication (Passwordless FIDO2, PKI Passwordless, SmartOTP Passwordless), Savyint builds a comprehensive, easily integrated ecosystem of solutions, enabling financial institutions, fintech companies, and service providers to optimize user experience while meeting international standards. These include: All solutions are designed to strictly comply with international standards such as FIDO2, PSD2, eIDAS, GDPR, and PCI DSS, offering rapid deployment, compatibility with existing infrastructure, and the highest level of security. Connect with Savyint’s experts today to start building a secure payment ecosystem