Savyint Officially Launches Open Banking Tech Stack, Driving Open and Inclusive Finance Ecosystems
Savyint has officially announced the launch of its Open Banking Tech Stack, marking a significant milestone in the journey of building an open and inclusive financial ecosystem in Vietnam and across the region. As the global financial industry undergoes a strong transformation towards open finance models, implementing open banking is no longer just a trend but a strategic imperative for financial institutions to maintain competitiveness. The growing demand for connectivity between financial ecosystems – including banks, enterprises, and end-users – requires an infrastructure that not only complies strictly with regulatory frameworks but also ensures the highest level of data security and privacy. With this vision, Savyint introduces the Open Banking Tech Stack – a comprehensive solution designed to help banks, financial institutions, and enterprises accelerate digital transformation, foster innovation, and contribute to shaping an open and inclusive financial ecosystem. Open Banking Tech Stack – Bridging Technology and Compliance The Open Banking Tech Stack is designed to strictly meet both regulatory and technological requirements, enabling banks and financial institutions to enhance connectivity, collaboration, and innovation within a globally integrated system. Key Advantages of the Open Banking Tech Stack: The Open Banking Tech Stack equips organizations with a complete set of tools to implement a modern open banking system, including: In addition, the Tech Stack integrates seamlessly with secure online payment gateways, creating a complete end-to-end process for banks and third-party providers – from registration, identification, authentication, integration, and data sharing to payments. Strategic Partnerships with Global Technology Leaders Savyint’s Open Banking Tech Stack is built on strategic collaborations with world-leading names in Open API and Open Banking, including Red Hat, Axway, Tyk.IO, Kong, Curity, Salt Group, IBM, Google Cloud, Gravitee, Fiorano, and Open Banking Exchange. Through these partnerships, Savyint not only delivers cutting-edge technology solutions but also provides customized adaptability to meet the specific needs of each market – ensuring reliability, optimal security, and exceptional scalability. The Open Banking Tech Stack is expected to break down traditional barriers, enabling intelligent data sharing and close collaboration among stakeholders. This fosters healthy competition, drives innovation, and lays the foundation for a new era of inclusive finance. Don’t stand outside the open banking movement, connect with Savyint experts TODAY!
Tourist e-Wallet and Digital Dirham: Great Potential but Significant Challenges
To meet the operational demands of the digital economy and enhance the efficiency of payment systems, the Central Bank of the UAE (CBUAE) has introduced the national digital currency, the Digital Dirham. Recently, the CBUAE discussed four potential use cases for the Digital Dirham, with the development of an electronic wallet for tourists being a particularly prominent topic. The CBUAE recently released the Digital Dirham Primer, a policy report outlining the design principles, policy framework, and initial development steps for the Digital Dirham. In addition to highlighting benefits, challenges, and implementation processes, the report details four use cases for the digital currency, including: Among these, the concept of an electronic travel wallet for tourists has garnered significant attention, given that the UAE attracts millions of international visitors annually, who collectively spend vast amounts on accommodation, shopping, dining, and entertainment. Theoretically, even if just 10% of tourism spending shifts to the Digital Dirham wallet, it could create a substantial economic impact and promote the adoption of the digital national currency. However, launching a tourist e-wallet is not as simple as introducing it to the market and expecting adoption. Most tourists in the UAE rely on Apple Pay, Google Pay, international credit/debit cards, or digital wallets from their home countries, such as UPI (India) or Alipay and WeChat Pay (China). For tourists to adopt a new payment method like the Digital Dirham, it must offer superior value and address inconveniences that existing infrastructure fails to resolve. Key considerations include: The electronic travel wallet scenario is a complex challenge involving multiple factors, including user experience, cost, widespread payment acceptance across various locations, and integration with diverse payment methods. If these elements are effectively addressed, capturing 10% of the tourism spending market share is entirely feasible. Banks and wallet developers must carefully strategize to turn this potential into tangible success.
Curity and Savyint Partner to Advance Identity and API Security for Open Banking in APAC
In July 2025, Savyint, an IT product company specializing in information security, payment security and open banking, and Curity – A global leader in identity and access management (IAM) platforms, announced a strategic partnership to strengthen identity management, user authentication and API security in Open Banking in Vietnam and the broader APAC region. Aligned with Vietnam’s strategy to build a modern digital economy and supported by regulations laying the foundation for open banking, Savyint and Curity collaborate to deliver IAM and API management (APIM) solutions that ensure flexibility, security, and compliance with open banking standards. The partnership focuses on developing highly secure IAM and APIM solutions for the financial and banking sector, adhering to global security and identity standards including OAuth2, OpenID Connect (OIDC), and FAPI – aligned with PSD2, mTLS, and others. Joint solution highlights: This comprehensive authentication, identity management and API security solution serves as the core foundation in the open banking, enabling seamless integration for banks and third-party providers (TPPs), ensuring interoperability with APIM platforms and meeting the technical standards outlined in Circular 50/2024/TT-NHNN on security for online banking services and Circular 64/2024/TT-NHNN on implementing open APIs in the banking sector. Compared to other IAM platforms, Curity demonstrates superior security, compliance with international standards, and deployment flexibility, supporting over 40 security standards like OAuth2, OpenID Connect, FAPI, PKCE, SAML, CIBA, CDR, HSM keystore, Mobile SDK, MFA/SCA, and more. Notably, Curity offers over 30 authentication methods and a specialized Consentor module, a feature not commonly found in other platforms. With PCI DSS compliance, Phantom Token and Token Handler support for SPAs, Curity is an ideal choice for open banking systems requiring high financial security and long-term scalability. According to Kuppinger Cole’s API Security and Management report, Curity ranks among the top leaders in technology and performance, underscoring its ability to deliver robust API security solutions aligned with modern trends, particularly in IAM and API security per standards like OAuth 2.0 and OpenID Connect. Mr Brad Palmer, Chief Operating Officer & Executive Vice President of Savyint, stated: “Our partnership with Curity enables Savyint to deploy advanced IAM solutions that meet the stringent requirements of open banking in Vietnam. With flexible authentication methods, consent management and HSM integration, together with Curity, we will build a secure, transparent, and efficient ecosystem.” Mr Stefan Nilsson, Chief Commercial Officer at Curity, added: “We are excited to collaborate with Savyint to advance open banking in Vietnam. Partnering with Savyint allows us to apply Curity’s global IAM expertise to local markets with precision, fostering secure and scalable open banking frameworks.” About Curity Founded in 2015, Curity is a leading provider of identity management solutions, trusted by major organizations in sectors such as finance, telecommunications, retail, online gaming, energy, and government across multiple countries. Curity focuses on delivering identity and API security solutions compliant with open standards like OAuth 2.0, OpenID Connect, FAPI 1&2, Mobile SDK, MFA/SCA, ensuring data security and optimized user experiences. Curity’s core system, the Curity Identity Server, is recognized as the most comprehensive server supporting OAuth and OpenID Connect standards. Curity is headquartered in Stockholm, Sweden, with a global team of experts. About Savyint Savyint is an IT security company based in Sydney, Australia with an R&D center in Hanoi and international offices in Singapore, Dubai, Ho Chi Minh City (Vietnam), and Sofia (Bulgaria). With over 20 years of experience, Savyint is among the world’s leading IT companies, providing software platforms, system solutions, and services for digital transformation. Its expertise includes open banking, information security, and FinTech, particularly in the Finance & Banking, FSI, Government, Manufacturing, Telecommunications, Healthcare, Education, and Media sectors.
UAE’s Payment Authentication Revolution: The End of SMS OTP
On July 25, 2025, the Central Bank of the UAE (CBUAE) issued a landmark directive mandating all UAE banks to phase out SMS and email OTPs by March 2026. This pivotal move signals a major overhaul of the payment infrastructure, aiming to standardize in-app biometric authentication across the entire banking ecosystem. For years, SMS and email OTPs have been the go-to method for authenticating financial transactions. However, this approach has increasingly revealed vulnerabilities, including OTP leaks and delays due to inconsistent telecommunications infrastructure. Globally, fraud related to SMS OTPs caused a staggering $6.7 billion in losses in 2021. In the UAE alone, scams surged by 43% year-on-year, impacting over 40,000 individuals in 2023, making SMS OTPs an easy target for cybercriminals. To mitigate risks and enhance the user experience in payments and transactions, the CBUAE has directed the banking sector to adopt safer and more advanced authentication mechanisms integrated into mobile banking applications. The directive mandates all UAE banks to: This means that within the first eight months of implementation, financial institutions must develop a transition roadmap, test, and roll out new authentication systems to fully replace traditional OTPs. Users will no longer receive OTPs via SMS or email; instead, they will approve transactions directly within banking apps using fingerprints, facial recognition, or push notifications. This shift reduces transaction latency, enhances user experience, and strengthens security. Currently, banks like Emirates NBD and ADIB have already adopted biometric login and soft tokens, while many others still rely on traditional OTPs and must urgently upgrade before the deadline. This bold move by the UAE is expected to ripple across the GCC, particularly Saudi Arabia, within the next 12 months. A unified standard for secure payment authentication across the MENA region is likely to emerge, fundamentally transforming the current payment infrastructure. Savyint – Pioneering Strong Authentication Solutions for MENA Payments Amid increasingly stringent payment security and user authentication requirements, particularly with the CBUAE’s new regulations, SAVYINT – a global technology leader in open banking, data security, and authentication solutions – is poised to partner with financial institutions and payment service providers across the MENA region. SAVYINT delivers a comprehensive ecosystem of advanced strong authentication solutions, fully compliant with international standards and leveraging cutting-edge passwordless technologies to elevate user experience: SAVYINT offers a robust suite of authentication solutions for payments and transactions: By combining robust authentication technologies with strict adherence to international security standards such as FIDO2, PSD2, eIDAS, GDPR, and PCI DSS, Savyint’s solutions enable banks, fintechs, and service providers in MENA to rapidly deploy modern, flexible authentication platforms that integrate seamlessly with existing systems and fully comply with CBUAE regulations. Connect with Savyint’s experts today to build a secure and compliant payment ecosystem.
Establishing Digital Trust in Banking
As digital services continue to grow, user expectations for security and data privacy are rising. Digital Trust has become a competitive advantage in banking, where financial institutions must not only deliver services but also demonstrate reliability in protecting customers’ personal data, assets and privacy. What is Digital Trust? Digital Trust is the confidence customers place in an organization’s ability to protect data, ensure secure transactions, and comply with regulations. It extends beyond mere trust in a business to include confidence in technology, data management, operational transparency, customer service, and adherence to fair, lawful practices. For example, Public Key Infrastructure (PKI) provides a foundation for secure digital identity, document signing, data encryption, and timestamping—core elements for a secure and reliable digital experience. Broadly, adopting PKI is part of building Digital Trust, reinforcing customer confidence in an organization’s ability to safeguard data, comply with laws, and operate transparently. The Importance of Digital Trust in Banking Digital Trust is critical for financial institutions, as banks handle vast amounts of sensitive information daily, from personal data and transaction histories to financial assets. Strengthening Digital Trust enables organizations to: The Core Pillars of Digital Trust in Banking To build robust Digital Trust, banks must focus on six key pillars: security, transparency, privacy, data integrity, ethical technology use, and regulatory compliance. Each pillar plays a critical role: Protecting customer data from unauthorized access, cyberattacks, and fraud is paramount. Banks should adopt modern security technologies, such as: + Data encryption + Multi-factor authentication (MFA) + Biometric authentication (fingerprint, facial recognition) Privacy goes hand-in-hand with security. Banks must minimize unnecessary data collection and sharing while empowering users with transparent, understandable privacy policies and control over their data. Customers must know how their data is used, who has access, and what safeguards are in place. Transparency—from clear privacy policies to timely communication of changes—builds trust. In case of breaches, banks should have response mechanisms in place, including timely customer notification, damage control, and fair compensation if needed. User-friendly and secure authentication is essential for trusted digital transactions. Banks should implement solutions such as: + Biometric authentication + Blockchain-based identity management + Strong authentication to prevent unauthorized access A secure digital identity process also helps banks comply with KYC requirements while ensuring customer convenience and data protection. Customers expect up-to-date, accurate data—from account balances to transaction records. Banks should ensure this by: + Conducting regular audits + Establishing clear data verification processes + Maintaining transparent reporting systems Artificial Intelligence (AI) and Machine Learning (ML) can further enhance reliability by detecting anomalies, automating data handling, and ensuring data consistency. As AI becomes more integrated into banking—from loan suggestions to credit scoring—banks must ensure: + AI systems provide fair, unbiased recommendations, without discrimination based on gender, age, geography, or income (e.g., not denying loans solely based on rural residence). + Use of Explainable AI, allowing customers to understand decisions made. + Clear feedback and appeal channels if customers disagree with AI-driven decisions. To establish Digital Trust, organizations must adopt technology platforms recognized for compliance with national and international standards, ensuring secure, transparent, and verifiable digital transactions. For example, PKI enables secure encryption, digital signing, and identity verification. Leveraging services from trusted providers and adhering to standards like eIDAS, FIPS, GDPR, and ISO/IEC 27001 demonstrates a serious commitment to protecting customer data and privacy. Digital Trust is now a strategic priority in the digital transformation of financial institutions. Building it through robust security, transparency, privacy, data integrity, and ethical technology use is essential for banks to maintain a leading position. Establishing Digital Trust with SAVYINT SAVYINT is a global technology company pioneering open banking, data security, and protection across critical sectors like Finance-Banking, Government, Manufacturing, Telecommunications, Healthcare, Education, and Media. Beyond being a trusted service provider, SAVYINT offers electronic authentication services, including timestamping and Qualified Trust Services (QTSP) for digital signing and electronic seals through its QTSP Remote Signing solution. With extensive experience in designing, deploying, and operating electronic identity systems (eKYC), digital signing, data encryption, and PKI and CA systems (national, internal and public CAs) for numerous banks and financial institutions, SAVYINT provides a comprehensive suite of solutions to establish Digital Trust: Connect with SAVYINT experts HERE to establish Digital Trust for your organization!
Enhancing User Experience (UX) in Open Banking
According to a report by Toptal, 90% of users abandon an application if they face difficulties while using it. Therefore, user experience (UX) is always a top priority for service providers—especially in the Open Banking ecosystem, where UX plays a key role in attracting and retaining customers. What are User Experience (UX) and User Interface (UI)? User Experience (UX) refers to the overall experience a user has with a product, website, mobile application, or specific service. It encompasses not only the use of features but also other aspects such as the user’s knowledge, emotions, and the value derived from interacting with the product, website, application, or service. A good UX enables users to navigate, operate, and engage with a product or service effortlessly. Conversely, a poor UX results in difficulties, complex operations, and confusion for users. User Interface (UI) refers to the layout, images, videos, colors, fonts, text, and navigation buttons—elements that users can visually perceive and interact with when using a website or application. User Experience in the Open Banking In the Open Banking ecosystem, user experience typically encompasses the entire customer journey when interacting with an application—from registration, shopping, payments, renewals, to post-sale support. These applications are built on open APIs, enabling seamless integration of various services and features. As a result, users can perform transactions such as deposits, transfers, or payments without repeatedly entering card or account information. Additionally, third-party payment initiation service providers (PISPs) can execute transactions on behalf of customers, delivering a convenient, secure, and consistent experience across the system. How to Improve User Experience in Open Banking? There are several ways to enhance user experience in Open Banking. Below are some fundamental suggestions for organizations to implement: User experience (UX) is a critical factor in the success of Open Banking solutions. A great UX stems from simplicity, transparency, and logical navigation. Enhancing accessibility, using user-friendly language, and prioritizing customer support are excellent strategies for organizations to improve user experience. About Savyint Open Banking Platform Savyint is a global technology leader pioneering Open Banking, data security, and cybersecurity. With exceptional expertise in strategic consulting, technical architecture design, standards development, and integration workflows for Open Banking, combined with extensive experience in deploying electronic identification, digital signing, data encryption, and Public Key Infrastructure (PKI) systems, Savyint supports financial institutions, banks, government agencies, and enterprises in their secure and efficient digital transformation journey. In building a modern Open Banking ecosystem, Savyint has developed the Open Banking Platform—a comprehensive solution that fully meets legal, technical, and operational requirements, from standardized APIs and connection gateways to TPP management, consent, encryption, and user identification. The platform comprises core solutions: Connect with Savyint’s experts HERE to start your Open Banking strategy!
Top 3 drivers of Open Banking
Open Banking is reshaping the financial industry by creating a flexible, transparent, customer-centric financial ecosystem. Supported by technology, regulatory frameworks and rising customer expectations, participating in the Open Banking ecosystem has become a key strategy for innovation, personalization, and enhancing competitiveness. Meeting customer expectations for personalized experiences Today’s customers demand more than traditional financial services. They seek seamless, instant, and value-added experiences in every transaction—from opening accounts and securing loans to managing personal assets. Open Banking enables financial institutions (FIs) and fintechs to leverage customer data—with consent—to deliver personalized solutions and streamline financial processes. For instance, HSBC allows intermediaries to share business account statements, reducing mortgage approval times. Banks and fintechs can develop innovative, personalized financial solutions in areas like payments, lending, or personal financial management (PFM). Statistics show that over 90% of North American consumers use apps for financial management, from bill payments to financial forecasting and cryptocurrency investments. This signals a growing demand for intelligent, data-driven, personalized financial products. Enhancing connectivity through Open APIs Open APIs are the backbone of Open Banking, enabling financial institutions to expand distribution channels and create multi-party ecosystems by: However, this requires modernizing infrastructure. While fintechs are often built with API-first and cloud-native architectures, many FIs are still undergoing digital transformation. Shifting from traditional value chains to multi-party ecosystems presents significant opportunities but demands strategic technology investments. Customer identity: the foundation for secure digital experiences In Open Banking, Know Your Customer (KYC) processes are not just regulatory requirements but central to customer experience and data security. FIs are modernizing identity systems to: Amid rising cybercrime, many banks have adopted Zero Trust Architecture (ZTA) and Multi-Factor Authentication (MFA) to replace traditional passwords—the weakest link. This reduces identity theft risks and better protects customers. Open Banking is no longer just a technological trend but a driver of financial inclusion. With growing customer expectations, the need for Open API connectivity, and secure identity systems, Open Banking is ushering in a new era for FIs, fintechs, and customers, redefining how the financial industry operates. Comprehensive Open Banking solutions from SAVYINT As Open Banking becomes an inevitable trend, with improving regulatory frameworks globally, SAVYINT introduces a comprehensive suite of Open Banking solutions that meet legal and technological requirements, enabling businesses and organizations to fully harness the potential of Open Banking: With deep expertise in deploying electronic identity systems, digital signatures, data encryption, and public key infrastructure (PKI), SAVYINT has partnered with numerous banks and FIs to provide strategic consulting, technical architecture design, standards development, and integration workflows for Open Banking. As a pioneer in developing architecture models, technologies, and process workflows, SAVYINT confidently delivers comprehensive solutions to realize Open Banking strategies—from API integration, consent management, and secure digital identity to establishing ecosystems with third-party providers (TPPs), ensuring compliance with domestic and international regulations. Contact SAVYINT’s experts today to unlock new opportunities with Open Banking.
NeoBank and Blockchain: Opportunities and Challenges
In the context of rapid digital financial development, the integration of NeoBanks and blockchain technology is drawing global attention due to its potential to revolutionize the financial sector, as seen in the growth of cryptocurrencies and decentralized finance (DeFi). Understanding the impacts, challenges, and potential of these advanced technologies is crucial to mastering the digital financial era. NeoBank and Blockchain NeoBank can be defined as digital banks or challenger banks, without any physical branches or transaction offices. Instead of physical locations, NeoBanks operate entirely online. They typically serve a wide range of customers, from individuals to small and medium-sized enterprises (SMEs), offering services such as payments, money transfers, credit lending, and financial management. With advantages like seamless payment experiences, fast and fully online account setup, and user-friendly app interfaces, more and more users are turning to NeoBanks. According to a report by Statista, the global NeoBank market is projected to reach USD 395 billion by 2026. Blockchain is a data storage technology that organizes information in blocks linked together in an immutable, secure, and transparent chain. Each block contains encrypted data connected to the previous one, forming an unchangeable chain. In finance, blockchain helps reduce fraud, accelerate transactions, ensure security, and support 24/7 risk management. Blockchain has enabled the rise of decentralized finance (DeFi), which eliminates the need for intermediaries like brokers, banks, or exchanges in providing traditional financial tools. Benefits of integrating NeoBank and Blockchain The integration of NeoBank and blockchain offers significant advantages that are shaping the future of digital finance. Challenges in integrating NeoBank and Blockchain Despite its vast potential, this integration faces several challenges. The legal framework for the NeoBank – Blockchain combination remains underdeveloped, posing risks to users and investors. Moreover, cybersecurity is a pressing concern: although blockchain itself is highly secure, NeoBanks still face threats in safeguarding digital assets, as cyberattacks could compromise data and erode user trust. Additionally, the volatility of cryptocurrency markets—with sudden price fluctuations—can affect the financial stability of NeoBank users. Despite these challenges, the combination of NeoBanks and blockchain is expected to create a powerful financial platform that offers comprehensive, efficient, and secure services. Once legal and security concerns are addressed, collaboration and innovation will be key to overcoming obstacles and unlocking the full potential of this integration. While risks remain, the compelling advantages – such as improved operational efficiency, broader financial inclusion, and enhanced security – make the NeoBank – Blockchain partnership a promising path for the future of finance. About the SAVYINT Open Banking Platform SAVYINT is a global technology company at the forefront of Open Banking, data security, and cybersecurity across key sectors including Finance & Banking, Government, Manufacturing, Telecommunications, Healthcare, Education, and Media. More than just a trusted service provider, SAVYINT is also a licensed provider of electronic timestamping services and Qualified Trust Services (QTSP) for digital signatures and e-seals through its QTSP Remote Signing solution. With extensive experience in strategic consulting, technical architecture design, standards development and integration flow deployment for Open Banking initiatives, SAVYINT has developed a comprehensive Open Banking solution platform, fully compliant with regulatory and technical requirements, enabling seamless connectivity and ecosystem building. The platform includes: Get in touch with a SAVYINT expert today to launch your Open Banking strategy with confidence!
Open Banking 2025: From data to personalized financial experiences with AI
The year 2025 marks a transformational shift in the Finance – Banking industry as Open Banking combines with Artificial Intelligence (AI) to deliver highly personalized financial experiences – faster, smarter, and better aligned with each individual’s needs. In the Open Banking ecosystem, where financial data is securely and transparently shared via APIs, AI acts as the “brain” that rapidly processes this data to generate personalized recommendations, predictions, and automated financial actions. Here’s how AI is reshaping Open Banking: Today’s customers increasingly demand tailored financial solutions. By learning from behavioral and transactional data, AI enables banks and third parties to offer highly relevant financial recommendations based on each user’s profile, spending patterns, and goals. These include smart budgeting suggestions, loan proposals matched to repayment capacity, or real-time cash flow analysis for improved financial control. Security remains a top priority in digital finance. By analyzing behavioral trends and standard transaction patterns, AI systems can detect anomalies and proactively flag suspicious activities in real time – often before damage occurs. AI also supports the deployment of Zero Trust security models, where every access request is treated as untrusted until verified. With continuous monitoring and threat detection capabilities, AI becomes a trusted guardian of users’ financial data. The finance industry generates massive volumes of data every day – from transactions and credit scores to behavioral signals. AI is the only technology capable of processing and analyzing these large datasets in real time while turning them into actionable insights. For organizations, this means smarter decision-making. For users, it represents a leap from simply viewing account balances to receiving real-time, personalized financial advice. AI-powered chatbots using Natural Language Processing (NLP) are becoming increasingly common in financial institutions. These systems operate 24/7, significantly reduce service costs, and provide instant responses to investment inquiries, debt management questions, account lookups, and more – all contributing to higher customer satisfaction and loyalty. Open Banking extends far beyond traditional bank accounts. Thanks to API and AI integration, financial services can now be embedded across diverse digital platforms – from ride-hailing apps and e-commerce to social media. This means customers can make payments, purchase insurance, or access financing directly within non-banking apps – enabling a seamless and contextual financial experience. AI is accelerating the growth of Banking-as-a-Service (BaaS). Businesses can integrate AI and financial APIs to provide banking-like services without holding a traditional banking license. This fast, flexible, and cost-efficient model is redefining how financial services are delivered and is reshaping the global competitive landscape. Instead of fixed monthly payments, users can now authorize systems to adjust payment amounts and timing based on their account status, income fluctuations, or financial priorities. AI plays a central role in enabling this flexibility by setting intelligent financial triggers – ensuring that all transactions remain automated, secure, and within user-approved parameters. AI is truly transforming data into experience – enabling hyper-personalized financial services for every user. In the race toward inclusive and intelligent finance, the leading edge belongs to those organizations that master data and seize emerging trends with agility and vision.