Vietnam is making significant strides into the future of finance by regulating the open banking sector. The State Bank of Vietnam has issued Circular No. 64/2024/TT-NHNN, a regulatory framework mandating banks to adopt standardized Open APIs. This regulation, which took effect on March 1 2025, lets third parties securely and conveniently access the banks and customers data with the consent of the data owners.
While this shift requires financial institutions to adapt, Circular 64 presents a strategic opportunity for fintech companies to innovate. It enables the development of new services that not only enhance bank competitiveness but also foster collaboration and broaden customer engagement.
Circular 64 outlines a phased implementation plan for banks operating in Vietnam, including commercial banks, cooperative banks, and foreign bank branches:
The structured approach in Circular 64 provides a clear timeframe for banks to modernize their systems while aligning their data protection and digital infrastructure with global best practices.
Standardization of Global Interoperability: The necessary standardization by Circular 64 is crucial to ensure that different banks and third-party providers can seamlessly connect and exchange data, which is a fundamental requirement for a thriving open banking ecosystem.
Accelerated Fintech Innovation: By providing a clear and structured pathway for API implementation, Circular 64 will create a more predictable environment for fintech companies. This will encourage them to invest in developing innovative services that will benefit customers with more diverse and tailored financial solutions.
Enhanced Customer Experience: Open banking, facilitated by the implementation of Circular 64, will empower Vietnamese customers. They will have more control over their financial data and be able to access a wider range of services through various applications, potentially leading to more personalized financial services.
Alignment with Global Digital Trends: This Open Banking initiative aligns with Vietnam’s broader digital transformation agenda under Industry 4.0, with many countries like the UK and Australia already implementing open banking frameworks to foster innovation and competition.
The year 2025 marks the start of an exciting journey for Vietnam’s open banking transformation. For financial institutions, wholehearted adoption isn’t just about compliance; it’s about positioning themselves as innovators leading Vietnam’s digital transformation. The future of finance is here – and it’s moving fast.
Partner with Brankas to navigate the Vietnam Open Banking Standards. Our Open Finance Suite (OFS) helps banks and fintechs bridge infrastructure gaps, accelerate compliance, and deliver modern financial products—without starting from scratch. With a proven track record of building compliant and secure APIs for banks worldwide, we’re ready to support your success in Open Banking ecosystem.
Contact us today to get started!
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