/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.

Savis and Konsentus team on open banking in Vietnam

Source: Savis

Savis and Konsentus today announce that, together, they have created an operational structure for open banking in Vietnam.

SAVIS, 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, SAVIS 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 SAVIS to:

Draw upon open banking international benchmarks and learnings to set out open banking use cases that should be prioritised 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.

SAVIS 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. Hoang Nguyen Van- CTO, SAVIS GROUP commented: “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, added: “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.” 

Comments: (0)