Big challenge on the “opening” roadmap of Vietnamese banks

In Vietnam, the open banking trend is contributing to helping consumers access a variety of services and products; At the same time, banks and fintechs can easily bring products and services to consumers.

However, according to Mr. Doan Thanh Hai, Deputy Director of the Department of Information Technology, State Bank, currently the open banking model operates based on an open API platform to connect with many parties, so each party has its own standards. Separate standards for connection and core technology platforms to ensure service quality requirements have created cross-collaborations, consuming resources and costs.

Therefore, to effectively deploy open banking, it is necessary to have common connection standards, allowing sharing of customers’ open banking data (including customer information, transaction information, customer account balances). , customer’s financial credit score…).

According to Mr. Nguyen Ba Diep, Co-founder of Momo, Open API is like a highway for banks and fintechs to connect with each other easily, but if the highway lacks green lights, red lights, lacks signposts, lacks Strict regulations can easily lead to chaos. Therefore, it is very necessary to have a common and unified standard soon.

This is also a challenge for banks, because with the traditional banking model, sharing customer data with third parties while still ensuring information security and customer data is always the standard. leading criteria of banks ever. Information safety and security must be closely monitored to minimize operational risks arising during the implementation of Open Banking.

Mr. Nguyen Hoang Long, Deputy General Director of Vietnam National Payment Joint Stock Company (NAPAS), said that for open banking to develop, the opinions as well as the parties also need to be open. First, there needs to be a clear legal basis, especially in sharing and securing information. Banks and other parties can feel secure about data sharing, what data is shared, and how secure it is. Second, there needs to be common standards, because currently when banks deploy according to each bank’s standards, banks and payment intermediaries agree with each other. However, to deploy strongly in the market, a common set of rules is needed.

“In my opinion, there needs to be not only general standards, but also standards for products, services provided, and operating standards. For example, how will we behave when an error transaction occurs, and ensuring the rights of customers when an error transaction occurs will be corresponding and have common ground for the parties involved in providing the service. service. In addition to regulations from management agencies such as the State Bank, there will be a common operating unit, operating a hub, providing detailed technical standards, product and service standards, and standards. Standard operating behavior of the parties when problems occur is also a direction for us to consider and research,” said Deputy General Director of NAPAS.

Thus, the Open Banking model needs common standards and data sharing from banks and fintechs, but currently we do not have a legal framework to regulate this content. Even if problems such as platform, technology, and data are difficult, solutions can be found to handle and overcome them, but to ensure safety in the security of customer information and database information, it is necessary There is a legal framework for banks and fintechs to have a safe basis for deployment and operation, ensuring information security.

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