Hanoi and London, 8 March 2024, SAVYINT and Konsentus have created an operational structure for open banking in Vietnam.
SAVYINT, one of the country’s leading providers of digital capabilities, and a key supplier of technology services to the Vietnamese financial services community, engaged Konsentus, a global provider of open banking advisory services and trust infrastructure, to collaboratively create a legal and operational framework for open banking.
In support of the country’s vision to develop an advanced and high-quality connected digital society for all individuals by 2030, SAVYINT sought support from Konsentus to create a framework for an innovative and cutting-edge open banking infrastructure to enable further growth and development.
Konsentus has worked collaboratively with SAVYINT to:
- Draw upon open banking international benchmarks and learnings to set out open banking use cases that should be prioritized for Vietnam
- Develop a set of principles by which the Vietnamese open banking ecosystem can operate (e.g. the respective roles and obligations of different actors, and the governance model that will be required)
- Define requirements and operational processes for technology implementation
- Develop technical specifications
This open banking framework will provide the foundational bedrock for open banking in Vietnam and will allow the market to take the next step towards an open data-sharing ecosystem It puts the nation amongst other market leaders in the region.
Konsentus, advisors to central banks, regulators, and market infrastructures, is renown internationally for providing expert support to help jurisdictions shape the future direction of open finance. They work with, and for, the local market to champion accessibility to financial services and drive competition, innovation and financial inclusion.
SAVYINT provides trusted digital products, solutions, platforms and services in strict compliance with Vietnamese and international standards. Their transformation solutions support all industry verticals ranging from government and healthcare to BFSI and telco.
Mr. Van Hoang Nguyen – Chairman of the Board of SAVYINT
“Open banking can enable economic growth and social development. It provides a comprehensive view of all financial data to customers and enables businesses to access a wider range of financial services. Banks cooperate with third-party providers to optimise the user experience when using financial products and services. With open banking ecosystem, consumers can execute direct payments to merchants from their bank accounts, eliminating the necessity for card-based transactions. Konsentus has been a crucial partner in understanding global best practice and defining the appropriate structure for the Vietnamese market. We are sure that what we’ve delivered together is tailored for the market and will set the country up for future success.”
Jim Wadsworth, EVP Strategic Market Development, Konsentus
“Our international footprint and in-depth understanding of global open banking ecosystems has enabled us to streamline processes and develop a framework tailored to local Vietnamese market requirements. Vietnam is a burgeoning economy but 44% are still unbanked and 70% still live in rural or remote areas. Open banking can support financial inclusion and the broader digital transformation agenda. Konsentus looks forward to supporting Vietnam on its open banking journey.”
| About SAVYINT SAVYINT is a leading provider of trusted digital products, solutions, and services with deep expertise in PKI systems, digital signature solutions, data encryption/privacy, open banking, blockchain & key management, cybersecurity services and AI and cloud applications… Committed to international standards, SAVYINT delivers top-tier solutions designed to meet the highest security and compliance requirements. Its advanced technical infrastructure supports digital transformation across diverse sectors such as government, healthcare, finance, education, logistics, transportation, telecommunications, and broadcasting. With a strong focus on innovation and security, SAVYINT is a reliable partner for organizations seeking to enhance operational efficiency and data security in the digital era. |
| About Konsentus Konsentus provides specialist advisory services and technology solutions to support the national implementation of open finance ecosystems. Subject matter experts, Konsentus advisors have a proven track record in navigating complex, multi-stakeholder ecosystems and understanding individual regulatory and market requirements. Konsentus’ award-winning technology powers national open finance infrastructures. Modular and scalable by design, our solutions are tailored to individual market requirements, enabling ecosystem participants seamlessly to identify each other and interact within a safe and trusted environment. Founded in 2018, Konsentus is active across 37 markets and counts many of the largest global financial institutions as clients. Konsentus is ISO 27001 certified. |
