This Decree covers regulations on the regulatory sandbox mechanism in the banking sector for the deployment of new products, services, and business models via the application of financial technology or fintech.

Fintech solutions eligible for testing under the sandbox mechanism include:

a) Credit scoring;

b) Data sharing via open application programming interfaces (Open API);

c) Peer-to-peer (P2P) lending.

The Decree shall be applicable for the following entities: Credit institutions and foreign bank branches as defined under the Law on Credit Institutions (excluding those involved in P2P lending); Fintech companies; Competent state authorities; Customers and other organizations and individuals related to the sandbox mechanism.

The mechanism aims to promote innovation and modernization in the banking sector, thereby helping to achieve the goal of financial inclusion for individuals and businesses towards a transparent, convenient, safe, efficient, and low-cost manner.

It also creates an experimental environment to assess the risks, costs, and benefits of Fintech solutions and supports the development and creation of Fintech solutions that align with market needs, legal framework, and regulatory requirements.

It also targets to minimize the risks faced by customers when using Fintech solutions provided by organizations participating in the sandbox.

The Decree shall become effective since July 1, 2025./.