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Vietnam Open Banking
and API Standards Gap
Assessment
Evaluate the readiness of your current API infrastructure against Vietnam’s Open Banking and API standards, soon to be governed by comprehensive regulations from the State Bank of Vietnam (SBV).
Minimum requirements for Vietnamese banks to comply with the SBV Open Banking Standards:
To align with Vietnam’s upcoming Open Banking standards, it is essential for banks and financial institutions to assess the readiness of their current API infrastructure. This assessment will ensure compliance with the SBV’s guidelines, which emphasize data security, customer consent, and seamless integration with external partners. Under the SBV’s Open Banking model, financial institutions will be required to adopt Open APIs that meet stringent technical and security standards.
API Standardization
Banks must implement standardized APIs to support services such as Account Information Services (AIS), Payment Initiation Services (PIS), Loan Origination Services (LOS), and other Financial Products and Services (FPS).
Security & Compliance
The SBV’s Open Banking framework emphasizes robust security protocols. APIs must include advanced user authentication (e.g., RFC 6749, RFC 6750), secure data transport (TLS v1.2 or higher), and encryption methods.
Data Models & Interoperability
Banks are required to adopt internationally recognized data exchange standards, such as ISO-20022 and ISO-8583. Ensuring that all stakeholders can operate efficiently within the same technical framework.
Customer Consent & Data Privacy
Banks are required to implement consent management platforms that allow customers to control their financial data. The platform must allow customers to grant, revoke, and monitor access to their data.
API Standardization
Banks must implement standardized APIs to support services such as Account Information Services (AIS), Payment Initiation Services (PIS), Loan Origination Services (LOS), and other Financial Products and Services (FPS).
Security & Compliance
The SBV’s Open Banking framework emphasizes robust security protocols. APIs must include advanced user authentication (e.g., RFC 6749, RFC 6750), secure data transport (TLS v1.2 or higher), and encryption methods.
Data Models & Interoperability
Banks are required to adopt internationally recognized data exchange standards, such as ISO-20022 and ISO-8583. Ensuring that all stakeholders can operate efficiently within the same technical framework.
Customer Consent & Data Privacy
Banks are required to implement consent management platforms that allow customers to control their financial data. The platform must allow customers to grant, revoke, and monitor access to their data.
Brankas can help with an API infrastructure gap analysis and complete your application for the Vietnam Open Finance Standards.
Brankas offers the only platform for Open Banking compliance and Banking-as-a-Service (BaaS) enablement. For cloud, on-premise, and hybrid deployments. Learn more about Open Finance Suite and our managed services below.
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Learn how you can accelerate your business with Open Finance.
Our vision is to empower our clients to deliver relevant and customer-centric products that positively impact the lives of customers, and we are proud to partner with a well-established open finance vendor like Brankas to help us achieve our goal.
Samer Soliman, Chief Executive Officer of Arab Financial Services (AFS)
Schedule a call with us today to start your gap assessment, or complete the form below.
Independent of the Open Finance Pilot, we can help any financial institution to prepare its API infrastructure or build BaaS offerings.
About the
Vietnam Open Banking Standards
By fostering a more open, connected, and secure financial ecosystem, the SBV's Open Banking initiative aims to modernize Vietnam's banking industry. By establishing standardized API guidelines and stringent security protocols, the SBV aims to encourage innovation while prioritizing data privacy and protection. The finalization of these guidelines requires banks and financial institutions to update and align their API infrastructures with the new regulations. By adopting these Open API standards, financial institutions can drive growth, enhance customer experiences, and contribute to the advancement of Vietnam’s digital financial future.
About the
Vietnam Open Banking Standards
By fostering a more open, connected, and secure financial ecosystem, the SBV's Open Banking initiative aims to modernize Vietnam's banking industry. By establishing standardized API guidelines and stringent security protocols, the SBV aims to encourage innovation while prioritizing data privacy and protection. The finalization of these guidelines requires banks and financial institutions to update and align their API infrastructures with the new regulations. By adopting these Open API standards, financial institutions can drive growth, enhance customer experiences, and contribute to the advancement of Vietnam’s digital financial future.
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