SAVIS and Konsentus collaborate to propel Open Banking in Vietnam

11 Mar 2024

Vietnam-based digital capabilities provider SAVIS and Konsentus, a global Open Banking advisory service, have joined forces to establish an operational structure for Open Banking in the country.

Konsentus was chosen by SAVIS to work collaboratively on a legal and operational framework for Open Banking in Vietnam.

This partnership aims to create an “innovative and cutting-edge” Open Banking infrastructure that aligns with Vietnam’s goal of developing a connected digital society for all individuals by 2030.

As part of the collaboration, Konsentus drew on international benchmarks and learnings to identify key use cases for Open Banking in Vietnam.

Together, SAVIS and Konsentus have developed a set of principles that outline the roles and obligations of various actors within the Open Banking ecosystem, as well as a governance model. Additionally, Konsentus has worked on defining operational processes and technical specifications for technology implementation.

This framework will serve as the foundation for Open Banking in Vietnam, propelling the nation forward in terms of Open Data sharing and positioning it alongside other market leaders in the region.

Konsentus advises central banks, regulators, and market infrastructures on shaping the future direction of Open Finance, with the aim to promote accessibility to financial services, drive competition, innovation, and foster financial inclusion.

SAVIS provides digital products and solutions that are compliant with both Vietnamese and international standards. Their transformation solutions cater to various industries, such as government, healthcare, BFSI, and telecommunications.

Mr. Van Hoang Nguyen, chief technology officer at SAVIS Group, said that Open Banking can fuel economic growth and social development by offering customers a comprehensive view of their financial data and enabling 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,” he said.

“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 practice 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

Konsentus’ Jim Wadsworth

Jim Wadsworth, executive vice president, strategic market development at Konsentus, added: “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.

He pointed out that while Vietnam is a burgeoning economy, 44% of its population are unbanked and 70% 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,” said Wadsworth.

In October last year, Konsentus revealed that Open Banking was either live or in development in 68 countries, which is representative of 35% of the world, with the majority electing for a regulatory-led approach.