Speaking at the meeting, Dr. Dao Minh Tu – Vice President cum Secretary General of VNBA, frankly pointed out the reality: Digital transformation is now a mandatory, vital requirement for credit institutions. The transition from a traditional banking model to providing personalized, secure, and convenient financial services requires massive resources in both technology and human capital.
Dr. Dao Minh Tu - Vice President cum Secretary General
A bright spot in the strategic thinking of the Vietnamese banking sector is the redefinition of its position and relationship with financial technology (Fintech) companies. While Fintech was previously seen as a potential competitor capable of disrupting traditional market shares, the strategic orientation has now clearly shifted to a Collaboration & Co-creation model.
This combination is perfectly complementary: Banks hold absolute advantages in capital foundation, solid reputation, a large customer base, and a strict risk management system. Conversely, Fintech brings agility, outstanding creativity, and pioneering technology solutions. This resonance promises to create superior digital financial services, promoting the goal of financial inclusion for citizens and businesses.
As one of the world's top six Fintech hubs with over 1,700 operating businesses, Singapore has demonstrated the resounding success of its ecosystem creation model. According to Mr. Shakeel Rashid, Director of Partnerships and Communications at SFA, this success revolves around three solid pillars: a comprehensive ecosystem, a dynamic regulatory framework from the Monetary Authority of Singapore (MAS), and the connecting role of associations.
Mr. Shakeel Rashid, Director of Partnerships and Communications, Singapore Fintech Association (SFA)
At the event, representatives from seven leading Singaporean Fintech companies showcased practical technology solutions, highlighting the application of Artificial Intelligence (AI) in next-generation Alternative Credit Scoring. This technology allows banks to assess risk based on non-traditional data, thereby supporting rapid credit granting for customers without a clear credit history.
Notably, Singapore expressed its readiness to support Vietnam in implementing the Law on Artificial Intelligence and providing a toolkit to measure AI safety levels. This is a highly topical proposal, especially as the financial sector faces increasingly sophisticated cybersecurity risks, typically the use of Deepfake technology in fraudulent asset appropriation.
Mr. Nguyen Dang Thang, Vice Chairman of the VietFintech Club
Through the report by Mr. Nguyen Dang Thang, Vice Chairman of the VietFintech Club, Vietnam's Fintech market appears highly promising but not without challenges. With its scale expected to surge from $19.8 billion (in 2025) to $60.4 billion (by 2032), the Vietnamese Fintech ecosystem currently gathers about 400 companies actively operating in five pillar areas: Digital Payments, Digital Lending, WealthTech, Blockchain/Crypto, and InsurTech.
The most crucial recent legal boost is the Government's promulgation of Decree 94/2025/ND-CP, establishing the first Regulatory Sandbox mechanism in the banking sector. This is seen as a "launchpad" helping Fintechs and banks confidently test breakthrough technologies without fear of legal risks.
Despite holding advantages in a young population, a high digitalization rate, and the strategic orientation to build International Financial Centers in Ho Chi Minh City and Da Nang, Vietnam's banking technology sector still needs to focus on solving three core problems:
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Cybersecurity risk management: Strengthening defense layers against the wave of cyberattacks and online fraud.
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Legal framework completion: Promoting and expanding regulations from the Sandbox testing phase to practical application.
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Human resource development: Overcoming the scarcity of experts with intersecting professional capacity between Finance and Technology (the IT-Business bridge).
The meeting between VNBA and SFA went beyond the framework of an information exchange session, becoming a stepping stone to forge a cross-border innovation ecosystem. For the Vietnamese banking industry, absorbing advanced solutions, learning agile governance models, and effectively utilizing the experimental legal framework will be the keys to shortening the digital transformation timeline.
The future of the digital finance industry relies heavily on the spirit of "cooperation for mutual development," aiming to turn Vietnam into a highly promising Fintech bright spot on the regional map.
VNBA News
