Key focuses of the meeting were (1) reviewing progress on Resolution 57, (2) improving institutional frameworks to encourage innovation — including the controlled testing mechanism (regulatory sandbox), and (3) strengthening cybersecurity and countering high-tech crime in payment systems. The Deputy Governor stressed that digital transformation is a “core strategy” for improving efficiency and sustainable development in the banking sector.
Notable results and figures
Reports presented at the meeting showed that in 2025 the SBV issued the majority of planned circulars (48 of 64) and finalized key rules on electronic account opening, biometric authentication, and information security. Cashless payments during the first 10 months of 2025 increased transaction volume by 42.85% and value by 23.71%; QR channels grew fastest (volume +58.38%; value +147.49%). Biometric reconciliation covered over 140 million personal records, and several banks connected social security accounts via VNeID.
Sandbox: from regulation to implementation
The meeting confirmed SBV’s advance of a regulatory sandbox under Decree 94/2025/NĐ-CP, adopted by the Government and effective mid-2025, providing a formal legal basis for testing fintech solutions in banking. The sandbox aims to foster innovation while allowing supervisors to monitor and control risks during pilot phases. Experts note that a sandbox is only a first step: scaling fintech safely requires transparent risk assessment processes, clear entry/exit criteria for pilots, and user-protection mechanisms. Typical candidates for sandbox testing include P2P lending, credit scoring platforms, open-API data sharing and embedded finance services — each requiring clearly defined supervisory boundaries and legal responsibilities.
Security, Circular 50 revisions and QR standards
Working groups reviewed amendments to Circular 50/2024/TT-NHNN (online service safety and security). While Circular 50 has strengthened the legal framework, rapid technological change and rising cybercrime necessitate updates to better protect systems and customers. The baseline technical standard for customer-displayed QR codes remains at an early stage and requires stronger cooperation among service providers, banks and regulators to operationalize the standard.
Action items and risks
The Deputy Governor instructed agencies to expedite the Mobile Money proposal, finalize revisions to Circular 50, coordinate with the Ministry of Public Security on combating high-tech crime, tighten AML controls in digital payments, and accelerate adoption of customer-displayed QR standards to ensure safety and convenience. SBV also emphasized heightened supervision during the year-end and Lunar New Year period to mitigate seasonal payment risks.
The 13th Payment and Technology Council meeting marks a transition from building legal frameworks to operationalizing innovation. Completing the sandbox rollout, expanding biometric and QR standards, and updating Circular 50 are critical to balancing innovation with system safety. The main challenges ahead are inter-agency coordination, drafting detailed rules for emerging business models, and strengthening capabilities to prevent high-tech financial crime.
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