To implement the testing of peer-to-peer lending (P2P Lending) solutions according to the provisions of Decree No. 94/2025/ND-CP, the State Bank of Vietnam (SBV) has issued 2 decisions in creating an environment and testing conditions for peer-to-peer lending solutions.
Decree No. 94/2025/ND-CP of the Government on a Controlled Testing Mechanism in the banking sector has officially taken effect since July 1, marking a new step forward in creating a legal corridor to support innovation activities in the finance - banking sector.
To implement the testing of peer-to-peer lending solutions according to the provisions of Decree No. 94/2025/ND-CP, the SBV has issued 2 decisions on creating an environment and testing conditions for peer-to-peer lending solutions.
Decision No. 2866/QD-NHNN dated July 22, 2025 stipulates the maximum outstanding loan balance for a customer borrowing from a ngangling loan solution at VND 100 million, and at the same time sets a limit for the total outstanding loan balance of customers in all ngangling loan solutions participating in a controlled trial mechanism of VND 400 million.
This regulation aims to ensure a common consensus on risk management principles, in line with the pilot nature of the testing mechanism, while limiting financial losses for both lenders and borrowers, contributing to stabilizing the financial system.
Decision No. 2970/QD-NHNN dated August 11, 2025 issued guidelines on connecting, reporting and checking customer credit information between lender companies and the National Credit Information Center of Vietnam (CIC).
This Decision specifically stipulates the technical conditions for the connection with CIC, the list of targets, the time limit and frequency of supply, the rights and obligations of the company participating in the Testing Mechanism when connecting with CIC. Participating in the credit information system will help lending companies on par participate in the Testing Mechanism to have a basis for managing the maximum outstanding debt of a customer on their platform as well as all platforms according to regulations, and at the same time, they can have more information about the borrower to provide to the lender (when approved by the borrower according to current legal regulations), contributing to improving the quality of the loan.
The issuance of the two above decisions affirms the willingness of the SBV to accompany financial technology institutions, promote innovation and comprehensive finance in the banking sector in Vietnam, while still ensuring risk control.
These decisions are an important legal basis to create conditions for organizations that need to register to participate in the Testing Mechanism to proactively research, develop, prepare technical conditions and management capacity, and operate safe and effective peer-to-peer lending solutions.
