On July 1, 2025, Decree No. 94/2025/ND-CP of the Government on Controlled Testing Mechanism in the Banking Sector (Decree No. 94/2025/ND-CP) officially took effect, marking a new step forward in creating a legal corridor to support innovation activities in the financial and banking sector. To implement the testing of peer-to-peer lending solutions according to the provisions of Decree No. 94/2025/ND-CP, the State Bank of Vietnam issued 02 decisions on creating an environment and testing conditions for peer-to-peer lending solutions. Specifically, Decision No. 2866/QD-NHNN dated July 22, 2025 stipulates that the maximum outstanding balance for a customer borrowing from a peer-to-peer lending solution is VND 100 million, and at the same time sets a limit for the total outstanding balance of customers at all peer-to-peer lending solutions participating in the controlled testing mechanism of VND 400 million. This regulation aims to ensure a common principle of risk management, consistent with the pilot nature of the testing mechanism, and at the same time limit financial losses for both lenders and borrowers, contributing to the stability of the financial system.
Decision No. 2970/QD-NHNN dated August 11, 2025 promulgates regulations guiding the connection, reporting and checking of customer credit information between peer-to-peer lending companies and the National Credit Information Center of Vietnam (CIC). This Decision specifies the technical conditions for connecting with CIC, the list of indicators, the time limit and frequency of provision, the rights and obligations of companies participating in the Pilot Mechanism when connecting with CIC. Participating in the credit information system will help peer-to-peer lending companies participating in the Pilot Mechanism have a basis to manage the maximum outstanding balance of 01 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 laws), contributing to improving loan quality.
The issuance of the above 02 decisions affirms the readiness of the State Bank to accompany financial technology organizations, promote innovation and financial inclusion in the banking sector in Vietnam, while still ensuring risk control. These two Decisions are an important legal basis to create conditions for organizations wishing to register to participate in the Pilot Mechanism to proactively research, develop, prepare technical conditions and management capacity, and operate safe and effective peer-to-peer lending solutions.
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