The State Bank of Vietnam convened its 13th Payment and Technology Council meeting to review banking-sector delivery of Politburo Resolution 57 on breakthroughs in science and technology, innovation and national digital transformation, and to set priorities for ongoing implementation. The review highlighted progress on fintech and digital payments rulemaking, alongside plans to amend requirements on safety and security for online banking services and to accelerate adoption of a customer-displayed QR code technical specification. On the policy and rulemaking track, SBV has submitted to the Government Decree 94/2025/ND-CP establishing a controlled testing mechanism (sandbox) for banking and is finalising a draft decree on Mobile Money for Government submission. In 2025 it issued 48 of 64 planned circulars, including provisions on electronic judicial records, information system security, electronic account opening and biometric authentication. Operational metrics included synchronising 100% of staff data to the national database for officials and synchronising four SBV databases to the national data centre; non-cash payments in the first 10 months of 2025 rose 42.85% by volume and 23.71% by value, with QR code payments up 58.38% and 147.49% respectively. Under Project 06, biometric reconciliation covered more than 140 million retail customer records by 12 December 2025 and 28 credit institutions linked social security accounts via VNeID. Implementation experience and rising high-tech crime were cited as drivers for revising Circular 50/2024 on safety and security for online service provision, with SBV management instructing units to incorporate feedback to strengthen the framework for online transactions and fraud prevention. Banks and payment intermediaries were also directed to speed implementation of the customer-displayed QR code specification, coordinate with the Ministry of Public Security on cybercrime and fraud prevention, enhance system security and customer protection, comply with anti-money laundering requirements and proactively identify payment risks.
State Bank of Vietnam 2025-12-22
State Bank of Vietnam reviews banking digital transformation progress and advances sandbox, Mobile Money and online banking security reforms
The State Bank of Vietnam's 13th Payment and Technology Council meeting reviewed progress on Politburo Resolution 57, focusing on fintech, digital payments, and online banking security. Key developments include a sandbox mechanism for banking, a draft decree on Mobile Money, and increases in non-cash and QR code payments. The SBV aims to enhance online transaction security and fraud prevention, coordinating with the Ministry of Public Security and emphasizing compliance with anti-money laundering requirements.