SAVIS, one of Vietnam’s foremost providers of digital capabilities and a critical technology services supplier to the financial sector, has joined forces with Konsentus, a global leader in open banking advisory services and trust infrastructure.
This partnership aims to lay the groundwork for open banking in Vietnam, supporting the nation’s ambition to foster a digitally advanced and inclusive society by 2030.
The collaboration was initiated to establish a legal and operational framework for open banking, leveraging Konsentus’s expertise to develop a state-of-the-art infrastructure. This endeavour is set to catalyse further growth and innovation within the Vietnamese financial ecosystem, aligning with the broader vision of creating a connected digital society accessible to all.
SAVIS excels in delivering trusted digital products, solutions, platforms, and services, adhering to both Vietnamese and international standards. Their transformational solutions span various industry verticals, including government, healthcare, BFSI, and telecommunications. Konsentus, on the other hand, is internationally acclaimed for guiding central banks, regulators, and financial infrastructures towards the future of open finance. The firm plays a pivotal role in enhancing financial accessibility, competition, innovation, and inclusion by advocating for open banking globally.
SAVIS CTO Van Hoang Nguyen said, “Open banking can enable economic growth and social development. It provides a comprehensive view of all financial data to customers and enables businesses to access a wider range of financial services. Banks cooperate with third-party providers to optimise the user experience when using financial products and services.
“With open banking ecosystem, consumers can execute direct payments to merchants from their bank accounts, eliminating the necessity for card-based transactions. Konsentus has been a crucial partner in understanding global best practice and defining the appropriate structure for the Vietnamese market. We are sure that what we’ve delivered together is tailored for the market and will set the country up for future success.”
Konsentus EVP Strategic Market Development Jim Wadsworth added, “Our international footprint and in-depth understanding of global open banking ecosystems has enabled us to streamline processes and develop a framework tailored to local Vietnamese market requirements. Vietnam is a burgeoning economy but 44% are still unbanked and 70% still live in rural or remote areas. Open banking can support financial inclusion and the broader digital transformation agenda. Konsentus looks forward to supporting Vietnam on its open banking journey.”
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