In the context of the booming digital era, enhancing and expanding this ecosystem is not only an inherent requirement for credit institutions but also a key task in building a solid financial infrastructure, contributing to the realisation of the national digital transformation goal.
Breakthroughs from a technological foundation
In the national digital transformation process, the banking sector is considered one of the leading areas. In recent years, many credit institutions have accelerated investment in technological infrastructure, developed digital banking, and gradually built a financial service ecosystem on a digital platform.
According to the State Bank of Viet Nam, the value of non-cash payment transactions in Viet Nam in 2024 reached approximately 295.2 trillion VND, equivalent to about 26 times the GDP of the economy. This growth momentum is expected to continue in 2025, with the total value of non-cash payments reaching approximately 28 times GDP, the number of transactions increasing by more than 42%, and the value of transactions increasing by more than 22% compared to the previous year.
Along with this, many electronic payment channels have recorded strong growth. Transactions via the internet increased by nearly 54% in number, while transactions via mobile phones increased by more than 36%. QR code payments continue to expand rapidly, with transaction value increasing by over 124%. Along with the increase in electronic transactions, the accessibility of banking services has improved significantly. By the end of 2025, nearly 87% of adults in Viet Nam will own a bank account. The number of individual payment accounts has now exceeded 232 million.
Beyond just money transfers or bill payments, the current digital banking ecosystem integrates multiple layers and multiple utilities. A mobile banking application can connect with public services, insurance, healthcare, education, and e-commerce platforms. This ecosystem creates a single “touchpoint”, allowing users to address most of their life needs with just a few taps. Dr. Nguyen Quoc Hung, Vice President and General Secretary of the Viet Nam Banking Association (VNBA), stated: “We are entering a phase of qualitative transformation. From expanding digital capabilities, the banking industry is moving towards creating an operating model based on comprehensive data and deeply personalised experiences. The ecosystem is no longer a collection of disconnected pieces but a sustainable structure — innovative yet secure, fast yet standardised.”
Data, the “lifeblood” connecting to expand the ecosystem
According to the direction of the State Bank of Viet Nam, digital transformation in the banking industry is not only about digitising internal processes but also about forming digital service ecosystems, creating a seamless experience for customers. According to Pham Tien Dung, Deputy Governor of the State Bank of Viet Nam: “One of the key tasks for the banking sector in 2026 will be to raise awareness, innovate thinking, improve institutions, increase investment in modern digital platforms, and achieve 100% digitalisation of the working environment. The achievements in 2025 will be a solid foundation for the sector to continue asserting its leading position in the digital era, making a positive contribution to the country’s breakthrough development in the new period.”
One of the key tasks for the banking sector in 2026 will be to raise awareness, innovate thinking, improve institutions, increase investment in modern digital platforms, and achieve 100% digitalisation of the working environment. The achievements in 2025 will be a solid foundation for the sector to continue asserting its leading position in the digital era, making a positive contribution to the country's breakthrough development in the new period.
Pham Tien Dung, Deputy Governor of the State Bank of Viet Nam
In reality, many commercial banks have proactively built integrated service ecosystems, connecting with many sectors such as e-commerce, tourism, insurance, transportation, healthcare, and public services. A representative from a large commercial bank stated that digital transformation has significantly shortened transaction processing times, reduced operating costs, and improved customer service.
Many services that previously took several days to complete can now be done in just a few minutes in the digital environment. New technologies such as electronic identity verification (eKYC), artificial intelligence (AI), and big data are being widely applied in banking operations. As a result, customers can open accounts online and access credit or investment products without needing to visit a physical branch. The development of financial technology (Fintech) companies and e-wallets contributes to expanding the digital financial ecosystem.
Alongside the positive results, the development of the digital banking ecosystem also poses many new demands regarding governance and system security. First and foremost is the issue of cybersecurity and data protection. As financial services become increasingly digitised, the risk of high-tech crime and online fraud also increases. According to authorities, many individuals have exploited the digital environment to carry out financial fraud, impersonate banking applications, or steal customers’ personal information. In this context, strengthening system security and raising user awareness has become an urgent requirement. “For the digital banking ecosystem to progress, the legal framework must be one step ahead. The completion of the Law on Credit Institutions in 2024 and the decrees on cashless payments have created a transparent framework, enabling banks and Fintech companies to confidently experiment with new business models,” Pham Anh Tuan affirmed.
Another challenge is data governance in an open ecosystem. As banks collaborate with numerous partners across different sectors, the requirements for security standards, data sharing, and risk management have become more complicated. Experts suggest that for the sustainable development of the digital banking ecosystem, several key solutions should be prioritised. First, it is necessary to continue improving the legal framework for digital banking, including regulations on electronic identification, digital data, personal data protection, and testing Fintech models.
In addition, increased investment in technological infrastructure is needed, especially in big data platforms, cloud computing, and artificial intelligence, to enhance data analytics and risk management capabilities. In fact, the State Bank of Viet Nam’s Customer Risk Management, Monitoring, and Prevention Information System (SIMO) has been piloted, and as of January 14th, over 2.6 million customers have received alerts. Of these, more than 831,000 customers temporarily suspended/cancelled transactions after receiving the alerts, with a total transaction amount of nearly 3.06 trillion VND. This reinforces trust, the most valuable asset in the digital age.
Besides technology, the development of digital human resources also plays a crucial role. Economist Nguyen Xuan Thanh (Fulbright University Viet Nam) emphasised that technology is only a driving force, while culture and trust are the foundation. A smart financial ecosystem needs to be humane, ensuring that no one is left behind in this revolution, especially vulnerable groups with limited access to technology.
In the context of the digital economy becoming the dominant global trend, the digital banking ecosystem is considered one of the crucial infrastructures of the economy. The development of digital banking not only promotes cashless payments but also supports e-commerce, online public services, and many other digital economic models. In the coming period, as digital technology continues to develop and the legal framework gradually improves, the digital banking ecosystem is expected to become a central hub connecting the digital economy, contributing to improved resource allocation while promoting sustainable economic growth.
