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Open Banking in Vietnam Is On Track to Become Widely-Adopted, but Lags Behind More Developed Southeast Asian Countries


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Open Banking in Vietnam Is On Track to Become Widely-Adopted, but Lags Behind More Developed Southeast Asian Countries
March 9, 2021 @ 11:45 pm By Omar Faridi
Vietnamese banks are becoming a lot more aware of Open Banking policies and are beginning to realize that they should look into leveraging open APIs in order to remain relevant in the evolving digital financial services sector.
There are at least two local banks in Vietnam that have introduced developer portals and are now offering open APIs. The Asia Commercial Joint Stock Bank (ACB) and Orient Commercial Joint Stock Bank (OCB) in Vietnam have developed Open Banking solutions (that went live in January of last year). ....

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Open Banking Makes Inroads in Vietnam | Fintech Singapore


 
In Vietnam, banks are becoming increasingly aware of open banking and recognizing the need to embrace open APIs to keep up with the rapidly evolving financial landscape.
So far, at least two local banks have launched developer portals and are today providing open APIs this includes: Asia Commercial Joint Stock Bank (ACB); and Orient Commercial Joint Stock Bank (OCB), which launched its open banking platform in January 2020.
Saigon Commercial Bank (SBC) have shared plans to implement open banking practices, while Techcombank recently hosted a webinar to educate professionals on the merits of open banking.
Data from the State Bank of Vietnam (SBV) shows that 94% of banks in Vietnam have initially implemented or been researching and developing a digital transformation strategy, of which 35% of banks are implementing a digital transformation strategy. ....

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Kakao Bank and Citibank slow in digitization drive


Kakao Bank and Citibank slow in digitization drive
Posted : 2021-03-08 17:01
By Lee Kyung-min
Kakao Bank and Citibank Korea have yet to offer services whereby customers can add savings accounts to the list of their bank accounts on the Open Banking online platform, a data-driven financial service initiative spearheaded by the Financial Services Commission (FSC).
The apparent failure to update the service promptly brings into question whether Kakao, the much-touted internet-only fintech leader, has misplaced priority by paying attention only to the upcoming initial public offering (IPO), with its customer-oriented mindset increasingly being neglected.
Kakao Bank plans to complete its planned IPO by the second half of this year. It achieved a net income of 13.7 billion won ($12.1 million) in 2019, only two years after it was launched. The net income for 2020 was 113.6 billion won. ....

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Bank of Korea condemns e-commerce transaction revision as 'Big Brother law'


BOK-FSC conflict intensifies over control of settlement payment system
By Anna J. Park
A conflict appears to be intensifying between the central bank and financial watchdog over control of the country s settlement payment system after the Bank of Korea (BOK) denounced a proposed revision to the nation s Electronic Transactions Act as being the only Big Brother law in the world.
In a statement issued Wednesday, the BOK strongly condemned the revisions to the e-commerce transactions act proposed by the ruling party s three-term lawmaker Youn Kwan-suk, which curtails the central bank s role in the national payment settlement system.
The revised bill is obviously a Big Brother law. If the revision is passed, the FSC will be able to collect information on every transaction made at big tech companies, such as Naver, through the Korea Financial Telecommunications & Clearings Institute (KFTC), the BOK said. ....

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