MDP joins VNBA as an official member, strengthening Vietnam’s digital payment ecosystem

Expanding the financial and banking ecosystem

At the admission ceremony, Dr. Dao Minh Tu, Vice Chairman cum Secretary General of the Vietnam Banks Association, presented the official membership decision and certificate to Mr. Phan Thanh Son, Chief Executive Officer of MDP.

Under the decision of the VNBA Council, MDP is entitled to all rights and is subject to all obligations applicable to official members under the Association’s Charter. With the admission of MDP, the VNBA’s total membership has increased to 77 members, comprising 64 official members, 12 associate members and one honorary member.

The admission of a payment intermediary into the VNBA comes at a time when digital payments, FinTech and technology infrastructure are becoming increasingly important components of the financial system. MDP’s membership therefore not only expands the Association’s membership base but also brings an infrastructure-focused payment intermediary into the Association’s network of industry cooperation.

Speaking at the ceremony, Dr. Dao Minh Tu noted that MDP’s participation in the VNBA would create additional opportunities for networking, knowledge sharing and cooperation in digital payments and FinTech. He emphasized that one of the VNBA’s key roles is to strengthen linkages among commercial banks, financial institutions, FinTech companies and other relevant stakeholders, while providing a platform for members to exchange experience, coordinate professional activities, contribute to policy development and protect their legitimate rights and interests.

MDP’s Focus on Digital Payment Infrastructure

MobiFone Digital Payment Joint Stock Company was granted Payment Intermediary Service License No. 89/GP-NHNN by the State Bank of Viet Nam on November 27, 2025. According to the company’s official website, the licensed services include financial switching, electronic clearing, electronic payment gateway services, and collection and payment support services.

MDP officially entered the market on March 27, 2026. According to Mr. Phan Thanh Son, during its initial period of operation, the company has focused on developing its technology infrastructure, completing technical requirements and expanding connectivity with participants across the payment ecosystem.

As of September 16, 2026, MDP had signed connection agreements with 23 organizations, of which 14 had completed connectivity and generated transactions. The company expects to complete connections with all 23 organizations by the end of 2026.

These initial results indicate that MDP is positioning itself primarily as an infrastructure operator and developer rather than solely as a provider of front-end payment products. According to its stated strategic direction, the company aims to develop next-generation core switching and digital payment infrastructure and enhance connectivity among banks, financial institutions, FinTech companies and other participants in the digital economy.

MDP’s official website identifies its vision as developing next-generation core switching and digital payment infrastructure, promoting the adoption of digital payments and strengthening national digital capabilities, while connecting Vietnam’s payment ecosystem with the global digital economy. Its core capabilities focus on technology, data, partnerships and ecosystem development, and human capital.

Payment infrastructure as a key component of the digital economy

As Vietnam advances its digital transformation, the shift toward cashless payments represents more than a change in payment methods. It is increasingly linked to the development of data infrastructure and connectivity among participants across the financial system.

At the infrastructure level, financial switching and electronic clearing services play an important role in enabling connectivity and transaction processing among participants within a payment network. The development of payment infrastructure providers can therefore contribute to greater connectivity, interoperability and the delivery of new digital financial services.

MDP states that its approach to payment infrastructure development is based on security, scalability, data governance and operational efficiency. The company is developing a modern and scalable technology platform capable of supporting next-generation payment solutions, while also focusing on the management and utilization of financial data to improve transparency, optimize operations and enhance digital customer experiences.

These priorities are becoming increasingly important for the financial system. As digital transaction volumes expand, payment infrastructure must not only process transactions efficiently but also ensure operational resilience, information security, data protection, risk management and effective connectivity among multiple participants.

Strengthening cooperation between banks and FinTech companies

Becoming a VNBA member provides MDP with an additional platform to participate in industry networking and professional exchanges. It also creates opportunities for closer cooperation with banks, financial institutions and FinTech companies participating in Vietnam’s digital payment ecosystem.

According to Mr. Phan Thanh Son, as a payment infrastructure operator, MDP is strengthening its connectivity with banks and other participants in the digital payment ecosystem. Membership in the VNBA is expected to facilitate greater sharing of requirements relating to products, infrastructure and risk management among members, thereby contributing to the efficiency of the payment network.

An important aspect of MDP’s membership is its intention to contribute to policy discussions and provide feedback on regulations relating to digital payments. Given the highly interconnected nature of payment activities, the company also seeks to cooperate with other ecosystem participants, including NAPAS, in developing standards that are appropriate for the evolving market.

If implemented effectively, such cooperation can provide an additional platform for stakeholders to address cross-cutting issues such as connectivity standards, risk management, system security, data governance, interoperability and service quality.

From membership connectivity to market development

From the VNBA’s perspective, MDP’s admission reflects the evolution of the Association’s membership base alongside changes in the structure of the financial system. In addition to commercial banks and traditional financial institutions, technology companies, FinTech firms and payment intermediaries are playing increasingly visible roles in the delivery and operation of digital financial services.

For MDP, becoming an official VNBA member is not only an opportunity to expand its cooperation network but also entails an active commitment to the Association’s activities, compliance with its Charter and applicable laws, and contribution to the development of a safe, transparent and efficient payment ecosystem.

With its technology capabilities, licensed service scope and focus on digital payment infrastructure, MDP is positioned at the intersection of telecommunications, technology and the financial and banking system. This combination provides opportunities for the company to leverage technology, data and network capabilities while responding to the increasingly sophisticated requirements of Vietnam’s digital financial market.

Going forward, the effectiveness of this participation will depend significantly on MDP’s ability to expand connectivity, maintain system security and resilience, improve service quality, manage risks effectively and coordinate with other participants across the ecosystem. For the VNBA, MDP’s membership also adds the perspective of a payment infrastructure provider to professional discussions, policy consultation and market development.

MDP’s admission as an official VNBA member can therefore be viewed in a broader context than simply a membership event. It represents an additional link between digital payment infrastructure, banks, FinTech companies and participants in the digital economy, creating further opportunities for cooperation within Vietnam’s financial system and supporting the continued development of cashless payments.

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