VPBank, one of Vietnam’s top five private commercial banks, has completed a major upgrade of its core banking system to the latest Temenos platform, supported by Systems Limited and hosted on Red Hat OpenShift. The modernisation project, which migrated more than 18 million customer accounts and millions of loan records for its customer base of over 17 million, was completed within a single cutover window of less than 24 hours. The move transitions VPBank to a fully cloud-native environment, enhancing scalability, agility, and operational efficiency while reducing IT overheads. The upgraded system enables the bank to launch products more quickly,…
Author: Fintech News Vietnam
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Once a cash-dominant country, Vietnam has evolved significantly over the past seven years, with digital payment methods including digital wallets, QR codes, and account-to-account (A2A) transactions becoming increasingly popular, a new report by AppotaPay, a Vietnamese payment company, says. The report, which looks at payment trends across Asia-Pacific (APAC), finds that the majority of Vietnamese consumers (59%) now prefer cashless payments, citing convenience, safety and theft prevention, as well as better financial management as key reasons. QR codes, in particular, are the favored method, with 62% of consumers using them to transact an average of 16.2 times per month. These…
Vietnam’s long-awaited digital asset trading pilot has yet to attract a single applicant, with the Ministry of Finance confirming that no companies have formally sought approval to join the program, according to The Investor Vietnam. Deputy Finance Minister Nguyen Duc Chi said several enterprises are showing interest by expanding their business scopes to include digital assets, but none have submitted official proposals. Under the government’s framework, only up to five participants will be allowed to join the pilot. He added that the ministry is finalising procedures to identify qualified applicants and issue the first licences. Chi said the government hopes…
Vietnam’s central bank is ordering banks to report every domestic transfer of VND500 million or more starting this November to tighten its anti-money laundering oversight, according to a report by The Investor Vietnam. The new rules also cover cross-border payments, requiring transactions of US$1,000 or higher to be reported to regulators. Financial institutions have until the end of December to adapt their internal systems and processes before full compliance takes effect on January 1, 2026. The State Bank of Vietnam (SBV) said the new measures are designed to bring the country’s banking system in line with international standards on anti-money…
Vietnam has launched its first nationwide pilot for a regulated crypto asset market, imposing strict frameworks on issuance, trading and related services over a five-year period starting 9 September 2025. According to the Government Electronic Newspaper of Vietnam, the scheme requires all offerings, trades, payments and settlements to be conducted in Vietnamese Dong through entities licensed by the Ministry of Finance. The pilot applies to licensed service providers, issuers, and both Vietnamese and foreign investors. Issuers must be Vietnamese companies structured as limited liability or joint-stock enterprises, and crypto assets must be backed by real assets, excluding securities or fiat…
Vietnam’s VPBank is turning to China’s OneConnect to power a digital core banking system capable of handling a billion transactions a day. The new system will also be implemented at GPBank, which is wholly owned by VPBank. It is designed to cover key functions such as account opening, savings deposits, lending, payments, and customer information management. According to the companies, the platform can process up to 10,000 transactions per second and one billion transactions a day, a level of capacity they say is the first in Vietnam. The system is intended to support both individual and corporate customers nationwide with…
GIC and SoftBank Vision Fund are considering selling their stakes in VNLife in a move that could value the Vietnamese fintech at more than US$1 billion, according to Bloomberg. The two investors have appointed a financial adviser and have begun sounding out potential buyers to assess interest, people familiar with the matter told Bloomberg. The discussions are still preliminary, and there is no certainty a transaction will take place. Both GIC and SoftBank Vision Fund declined to comment. VNLife, founded in 2007, operates in Vietnam, Singapore, Myanmar and Cambodia. The company owns digital payments provider VNPay, known for operating one…
Payments solution provider BPC and Visa are bringing a new level of flexibility to Vietnam’s payments scene, allowing cardholders to toggle between debit, credit, installments, or rewards on a single card. The launch, supported by BPC’s SmartVista platform, is among the first Visa Flexible Credential rollouts in Vietnam. It allows financial institutions to issue cards that let consumers instantly choose how they want to pay, whether through debit, credit, Buy Now Pay Later installments such as pay-in-four, or by redeeming rewards points. The initiative is part of BPC’s wider collaboration with Visa to accelerate digital payment transformation across Asia Pacific,…
Da Nang has cleared Basal Pay, a crypto-to-fiat conversion platform developed by AlphaTrue Solutions JSC, to operate in the city’s controlled fintech sandbox, The Investor Vietnam reported. AlphaTrue, a member of the Vietnam Blockchain and Digital Asset Association, designed Basal Pay to comply with global standards. The platform incorporates the Financial Action Task Force’s Travel Rule, requires sender and recipient information for each transfer, and uses three levels of identity verification. It also automatically transmits transaction data and stores records for five years, giving regulators stronger oversight tools. Basal Pay allows crypto-to-fiat conversion in seconds, eliminating intermediary steps and aiming…
Vietnam’s e-commerce market is one of the most dynamic and fastest-growing in Southeast Asia, continuing its upward trajectory and showing signs of evolution and maturity. Key trends shaping the sector include the rapid adoption of “shoppertainment”, the surge in cross-border transactions, and tighter regulatory oversight to address fraud risks, protect consumers, and ensure fair competition. E-commerce surges driven by “shoppertainment” Sales on four e-commerce platforms in Vietnam, namely Shopee, Lazada, Tiki, and TikTok Shop, reached VND 202.3 trillion (US$7.8 billion) in H1 2025, representing a nearly 42% year-over-year (YoY) increase, according to data from Metric.vn, an e-commerce market research platform…
Vietnamese police in Phu Tho Province have charged 20 people over an alleged cryptocurrency fraud involving Paynet Coin (PAYN) that authorities say stole billions of dollars from victims in Vietnam and overseas, VnExpress reported. The group, led by Nguyen Van Ha, from Gia Lai Province, is accused of creating the token on a blockchain and promoting it through websites such as FMCPAY.com and AFF2024.com. Investors were promised monthly returns of 5–9 percent and referral rewards, a model police say mirrored a Ponzi scheme. Payouts came in PAYN tokens, which could be swapped for USDT and converted into cash. VnExpress said…
Vietnam’s Techcombank has confirmed the reappointment of Jens Lottner as CEO for a second five-year term, from 2025 to 2030. Lottner, who has over three decades of banking and finance experience, has spent two-thirds of his career in Asia, working with institutions including McKinsey & Company, Boston Consulting Group, and Siam Commercial Bank in Thailand. He first took on the role of Techcombank CEO in 2020, leading a digital transformation strategy that the bank says has helped position it among the region’s leading tech-driven financial institutions. In 2024, pre-tax profit rose 20.3% year-on-year to VND 27.5 trillion, while total operating…
Vietnam has launched NDAChain, a national blockchain platform designed to enhance the country’s digital infrastructure and data verification systems. It will serve as a core component of the National Data Center and is set to expand to local governments and universities by 2026. Developed by the National Data Association and operated by the Data Innovation and Exploitation Center under the National Data Center and Ministry of Public Security, NDAChain is intended to strengthen the reliability and security of government and private sector systems. It aims to address vulnerabilities in centralised data models, including exposure to cyberattacks, scalability limitations, and restricted…
FPT, a Vietnamese IT services provider, has entered into a strategic partnership with audax Financial Technology, a digital banking solutions provider backed by Standard Chartered. The collaboration aims to deliver digital banking services across Asia Pacific and the Middle East, with a revenue target of US$100 million over the next three years. As part of the agreement, FPT becomes audax’s largest regional partner, taking on development, testing, deployment, and long-term operational support. The partnership combines audax’s plug-and-play banking platform with FPT’s capabilities in cloud-native development, microservices, DevSecOps, and agile delivery. The companies aim to help financial institutions modernise legacy systems…
Brankas, an open finance platform provider, has partnered with Vietnam-based technology firm Gimasys to deliver open banking solutions for the country’s financial sector. The collaboration aims to help banks and financial institutions comply with new regulations and accelerate their digital transformation efforts. The partnership comes as the State Bank of Vietnam introduces new requirements for open APIs. Brankas brings its open finance infrastructure and security expertise, while Gimasys contributes deep local market knowledge and experience integrating core banking systems. The joint platform will support automated payment flows, API lifecycle management, third-party partner integration, consent frameworks, and data security. It is…
Visa has introduced its Flex Credential feature in Vietnam, allowing cardholders to choose between debit, credit, and other payment options using a single card. Asia Commercial Joint Stock Bank (ACB) is the first in Vietnam and Southeast Asia to roll out the solution, with VIB set to follow soon through its MyVIB app. Available via the ACB One app, the feature enables users to switch between payment types depending on their needs. Beyond debit and credit, Flex Credential can also support loyalty point redemption and, in some markets, access to multiple currency accounts through a single card. Visa said more…
Vietnam has formally recognised digital assets under a newly passed law aimed at supporting the country’s digital transformation and regulatory clarity in emerging technologies. As reported by The Investor Vietnam, the National Assembly approved the Law on Digital Technology Industry on 15 June. The legislation introduces a legal framework for digital assets, including crypto, and is set to take effect on 1 January 2026. Under the law, digital assets are divided into two categories: virtual assets and crypto assets. Virtual assets are defined as digital instruments used for exchange or investment, excluding securities, digital fiat currencies, and other financial instruments…
Although securities trading is still relatively new in Vietnam, more users are turning to wealthtech and investment platforms, signaling growing interest in digital finance. Huy Nghiem, Founder and CEO of VNSC by Finhay (formerly Finhay), shared this trend in a conversation with The On Call Podcast by Insignia Ventures Partners, a leading Southeast Asian VC firm. He highlighted that adoption of fintech has accelerated significantly since 2020, particularly during the COVID-19 pandemic. “Back in 2017, cash dominated all transactions. Today, digital payments, including bank transfers, cards, QR codes, are the norm,” he said. “Vietnam is transforming very fast.” Nghiem linked…
Visa has introduced its issuer-offered Click to Pay solution to the market. Several banks in Vietnam, including Military Commercial Joint Stock Bank, Vietnam Technological and Commercial Joint Stock Bank (Techcombank), JSC Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), and Vietnam Prosperity Joint-Stock Commercial Bank (VPBank), have been early adopters of the service. For Techcombank and VPBank, Visa cardholders can begin using the solution immediately. On the acceptance side, Click to Pay has been adopted by Ngan Luong Payment Gateway JSC (Alepay Gateway), VietUnion Online Services Corporation (Payoo), Sacombank, and VietinBank.…
AEON Financial Service has claimed its agreement to acquire Post and Telecommunication Finance Company Limited (PTF) is invalid after discovering “inappropriate accounting transactions” at the Vietnamese finance company. The discovery was made during the post-merger integration process following the acquisition of PTF from Southeast Asia Commercial Joint Stock Bank, known as SeABank. The Japanese financial services company announced on 6 June 2025 that it had notified SeABank of its claim that the equity transfer agreement is invalid. The accounting issues were uncovered after AEON Financial completed the acquisition of PTF on 3 February 2025, making it a consolidated subsidiary wholly…