Circular 64/2024/TT-NHNN on Open APIs creates significant opportunities for the banking industry, ushering in an era of Open Finance, promoting cooperation, innovation, and enhancing customer experience through standardizing the connection between banks (providing interest rate information, transaction history, and payment initiation) and third parties (Fintech, e-wallets).
This helps develop embedded financial services, seamless payments, and public services, while also improving transparency and information security, transforming banks into an “open platform” for the digital ecosystem.
Brankas and Gimasys provide Open API technology solutions and organize in-depth workshops to help Vietnamese banks fully grasp the spirit of Circular 64. Here, questions about technical aspects, security, and especially the commercialization of APIs will be answered by leading experts.
The future of banking is inextricably linked to open APIs, which form the foundation of a connected, customer-centric financial ecosystem. Driven by regulatory mandates and technological innovation, open APIs are shifting traditional banking toward an “Open Finance” model that emphasizes collaboration, personalization, and seamless service integration.
Despite numerous opportunities, the challenges for banks still persist, such as the need for a unified legal framework, significant investment in technology infrastructure and human resources, and addressing ongoing concerns about the security and privacy of customer data.
In essence, Open APIs are not just a technical requirement but a strategic challenge, shaping a future of secure, integrated banking services that are entirely centered around the needs and digital lives of customers.
Together, we deliver a superior solution. Rather than solely providing a compliance tool, we provide the Open Finance Suite – a complete Banking-as-a-Service (BaaS) platform.
With over 20 years of experience and its position as a BFSI Digital Solution Hub, Gimasys possesses a deep understanding of operational challenges and legal regulations in Vietnam, ensuring a smooth and absolutely secure integration into your core banking system.
On the other hand, Brankas provides leading Open Finance technology in Southeast Asia, adhering to the international security standards like FAPI and PCI-DSS. Beyond compliance, Brankas’ platform is made to help “commercialize” APIs by addressing operational bottlenecks.
When we need a specialized Financial Solution (Vertical SaaS), we choose Gimasys-Brankas, which can run on any API Management platform such as Google Apigee, WSO2, MuleSoft, Kong Gateway, etc., opening up new capabilities for Open Banking for banks while maintaining their existing integration platforms.
If you’re considering a Horizontal PaaS Middleware Platform because your current platform no longer meets your needs, consider Apigee, WSO2, MuleSoft, or Kong Gateway. However, when choosing a specialized solution, you should consider Gimasys-Brankas.
Brankas (Open Finance Suite): Specifically designed for the financial industry. Every feature, from account linking and payments to credit scoring, are predefined according to banking practices.
Multipurpose Middleware Platform: This is a comprehensive API management platform used across all industries (from retail to manufacturing). To run Open Banking, banks must purchase or develop additional Open Banking solutions, facing risks related to speed of market entry, platform architecture, and lack of prior experience.
Brankas (BaaS-in-a-box): As a “packaged” solution, Brankas provides standard APIs (Payment, Account, Data) that comply with international standards and are compatible with Circular 64. Deployment time can be measured in weeks .
Multipurpose Middleware Platform: Requires a highly skilled technical team to configure, set up the infrastructure, and program financial business flows on the platform’s framework. Deployment time typically ranges from 6 months to 1 year .
Brankas' strength: Brankas strongly focus on the goal of “Increasing Revenue.” The Brankas dashboard integrates a Partner Management tool and flexible Pricing Tiers specifically for financial services. This allows banks to “sell” APIs as a genuine B2B product immediately.
Versatile Middleware Platform: Provides basic API management capabilities. Designing complex business models targeting Fintech requires banks to develop additional application layers on top of their existing ones.
Brankas' advantage: Brankas already has a network of connections with hundreds of fintech companies, e-wallets, and e-commerce platforms in Southeast Asia. When banks use Brankas, they automatically enter an API “marketplace” with an existing buyer base.
Multipurpose Middleware Platform: This works as the technical tool. Banks have to find partners themselves and invite developers to join their systems from scratch.
Gimasys BFSI Digital Solution Hub and Brankas offer a clear strategic roadmap: transforming “Compliance” investments into new opportunities. We provide the technology platform and local expertise from Gimasy to help banks integrate this solution into their systems securely and seamlessly.
It’s time for Vietnamese banks to start building their own BaaS (Business as a Service) business models.
To learn more about the deployment roadmap and the Open Finance Suite platform, contact our team!
Open banking is disrupting the financial industry. A Finastra survey of global financial entities shows that 3 in 5 banking professionals consider it a ‘must-have.’ Proponents of open banking believe it fosters competition, spurs innovation, and enhances consumer choice. Critics raise concerns about potential financial vulnerabilities and data security issues.
The Middle East is quickly progressing as a leading region for Open Banking. In Saudi Arabia, the UAE, and Bahrain, open banking frameworks are already live. Following the neighboring countries, Oman has now taken a regulatory-driven approach to open banking, which is regulated and supervised by the Central Bank of Oman (CBO).
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