SAVIS and Konsentus set to accelerate Open Banking in Vietnam

By Gloria Mathias

SAVIS and Konsentus have announced that, together, they have created an operational structure for open banking in Vietnam.

SAVIS, one of the country’s 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.

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.

Konsentus, advisors to central banks, regulators, and market infrastructures, is renowned internationally for providing expert support to help jurisdictions shape the future direction of open finance.

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.

Hoang Nguyen Van, CTO, SAVIS GROUP shared, “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 an 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 practices 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 of Strategic Market Development, Konsentus said, “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 has 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.”