On April 30, the Government Office announced that the Government had issued Decree No. 94/2025/ND-CP regulating the controlled testing mechanism in the banking sector.
This Decree stipulates a controlled testing mechanism in the banking sector (called a testing mechanism) for the implementation of new products, services, and business models through the application of technology solutions (called financial technology solutions).
Financial technology solutions (abbreviated as Fintech solutions) that are tested in the testing mechanism include: Scoring credit; sharing data through open application programming interfaces ( Open API); peer-to-peer lending.
The subjects of application include: Credit institutions, foreign bank branches as prescribed in the Law on Credit Institutions (not applicable to peer-to-peer lending); financial technology companies; competent state agencies; customers and other organizations and individuals related to the pilot mechanism.
According to the decree, the goal of the pilot mechanism is to promote innovation and modernization of the banking sector, thereby realizing the goal of popularizing finance for people and businesses in the direction of transparency, convenience, safety, and efficiency at low cost.
Create a testing environment to assess the risks, costs, and benefits of Fintech solutions; support the development of Fintech solutions in accordance with market demand, legal frameworks, and management regulations.
Limit risks to customers when using Fintech solutions provided by organizations participating in the testing mechanism.
The results of the Fintech solution testing will be used as a basis for practical research, development and completion of a legal framework and relevant management regulations by competent state agencies if necessary.
To ensure fairness, objectivity, publicity and transparency, the approval of organizations participating in the testing mechanism is carried out according to the following basic principles:
The process of reviewing and organizing participation in the testing mechanism ensures transparency in criteria, conditions, assessment and selection processes.
Participating in the testing mechanism does not mean that the organization participating in the testing mechanism will meet the business and investment conditions when the law stipulates them.
Credit institutions, foreign bank branches, and Fintech companies do not need to participate in the testing mechanism or have not been approved to participate in the testing mechanism and comply with current regulations of the law on enterprises, investment and other relevant laws.
The Decree clearly states that the testing period of Fintech solutions is a maximum of 2 years depending on each specific solution and field from the time the State Bank issues the certificate of participation in the Testing Mechanism. The testing period may be extended according to regulations.
The validity of the certificate of participation in the testing mechanism does not exceed the validity period (if any) of the establishment license or business registration certificate of the organization participating in the testing mechanism.
The testing of Fintech solutions is limited to Vietnam, not conducted cross-border testing.
This Decree takes effect from July 1, 2025.
