Jamie Leach, Open Data Strategist at Raidiam, explains how Circular 64 is shaping the future of Open Banking in Vietnam. With the first compliance deadlines fast approaching, Jamie outlines the key opportunities and challenges that Vietnamese banks face in adopting Open APIs and meeting regulatory requirements under this new framework.
Last month, I had the opportunity to join Southeast Asia Tech Week in Ho Chi Minh City, where I spoke at an exclusive Open Banking workshop co-hosted by Boston Consulting Group (BCG) and the UK’s Department for Business and Trade. The event brought together leading Vietnamese banks and financial institutions to explore how Open Banking and interoperable trade finance can support innovation, financial inclusion, and economic growth.
Alongside Open Banking leaders from around the world - including Ozone API’s Huw Davies and Open Banking Limited’s Henk Van Hulle - we had in-depth conversations about what’s next for Vietnam’s digital economy. I also joined closed-door discussions with key stakeholders such as NAPAS, HSBC, and Zalopay, all eager to engage with the country’s evolving regulatory landscape.
Now, with the State Bank of Vietnam (SBV) having issued Circular No. 64/2024/TT-NHNN, Vietnam is stepping boldly into the future of finance.
The regulatory framework, which went live on 1 March 2025, requires banks to adopt standardised Open APIs, enabling secure data sharing with third-party providers.
As the first compliance deadlines approach, financial institutions are entering a new era - one where data is more open, services are more connected, and the customer sits at the centre of the experience.
While this shift presents technical and strategic challenges, it also opens the door to innovation, new revenue streams, and stronger relationships with consumers. Now’s the time for banks in Vietnam to lean in and embrace the opportunity.
What is the Circular 64 Timeline for Banks?
Circular 64 sets out a phased timeline for API implementation across the banking sector. It applies to commercial banks, cooperative banks, and foreign bank branches, and focuses on secure, consent-driven data sharing.
These APIs will facilitate data sharing for customer queries, service registration, payments, and more. The framework also includes strict security standards and a clear roadmap to ensure compliance.
- Within 6 months: APIs for customer information and data queries must be in place.
- Within 9 months: APIs for service registration and use.
- Within 12 months: APIs for payment initiation and money transfers.
This structured approach provides banks with a clear timeline to modernise their systems while aligning with global best practices in data protection and digital infrastructure.
Why Vietnam’s Banks Should Embrace Open Banking
Vietnam’s Open Banking framework isn’t just about meeting regulatory requirements. It’s about enabling the next wave of innovation in financial services. Here’s why banks operating in Vietnam should be enthusiastic about this:
1. Unlocking Innovation
Open Banking allows banks to collaborate with fintechs and third-party providers to develop new products and services. By leveraging external expertise, banks can introduce cutting-edge solutions like real-time payment systems, personalised financial management tools, and seamless e-commerce integrations.
2. Enhancing Customer Experience
With Open APIs, customers can access financial services more seamlessly. From comparing loan products to making instant payments - all within a single app - Open Banking empowers users and builds long-term trust.
3. Driving Financial Inclusion
Vietnam has a significant unbanked population, with 44% of its citizens lacking access to formal financial services. Open Banking can bridge this gap by enabling alternative credit scoring methods using non-traditional data sources. This creates opportunities to bring banking services to rural areas and underserved communities – broadening their customer base in the process.
4. Strengthening Competitive Advantage
Early adopters will gain an edge. As fintechs and agile competitors move quickly, banks that embrace Open Banking now will be better positioned to meet changing expectations and compete in a digital-first economy.
5. Supporting Vietnam’s Digital Transformation Goals
The SBV’s Open Banking initiative aligns with Vietnam’s broader digital transformation agenda under Industry 4.0. By adopting standardised API frameworks, banks contribute to building a connected financial ecosystem that supports economic growth and modernisation.
Lessons from Global Leaders: Why Globally Interoperable Standards Matter
Vietnam is not alone in its journey toward Open Banking. 68 countries worldwide are implementing or developing frameworks to enable secure data sharing and financial innovation. By learning from pioneers like the UK and Australia, Vietnamese banks can avoid pitfalls such as low consumer adoption due to overpromising benefits or inadequate infrastructure. The SBV’s emphasis on robust security measures and phased implementation reflects these global lessons.
Adopting globally interoperable standards, such as those established by the UK’s Open Banking Implementation Entity (OBIE) or Europe’s PSD2, will further strengthen Vietnam’s Open Banking ecosystem. These standards ensure seamless communication between banks and third-party providers via standardised APIs, fostering collaboration and reducing integration complexity. Interoperability also allows for the creation of cross-bank applications, enabling consumers to view and manage financial data across multiple institutions in one place. This not only enhances customer convenience but also drives adoption by making Open Banking services more accessible and intuitive.
Globally recognised standards also promote trust by embedding rigorous security protocols, such as encryption and multi-factor authentication, into the framework. As seen in Australia’s Consumer Data Right (CDR), these measures protect consumer data while empowering individuals with control over their information. For Vietnam, aligning with these standards will help build a competitive and secure financial ecosystem that attracts fintech innovation while ensuring consumer confidence.
What Banks Should Do Next
With the first Circular 64 implementation deadline just months away, banks in Vietnam should be moving now to position themselves for success:
- Collaborate Now: Work with fintechs and technology providers to identify and develop innovative use cases.
- Invest in Infrastructure: Upgrade API platforms to meet regulatory standards while ensuring scalability.
- Educate Customers: Build trust by communicating the benefits of Open Banking clearly and transparently.
The Road Ahead
September 2025 marks the first implementation phase and the beginning of an exciting era for Vietnamese banking. By embracing Open Banking wholeheartedly, financial institutions can not only comply with regulations but also position themselves as innovators driving Vietnam’s digital future. The time to act is now - because the future of finance waits for no one.
At Raidiam, we’ve helped governments, regulators, and financial institutions around the world build secure, scalable data-sharing ecosystems. From standards design to technology deployment, we know what it takes to go from regulatory ambition to market reality.
Want to find out how we can help you prepare? Get in touch today.
