Hanoi and London, 8 March 2024: SAVIS and Konsentus today announce that, together, they have created an operational structure for open banking in Vietnam.
SAVIS, one of the country’s leading providers of digital capabilities, and a key supplier of technology services to the Vietnamese financial services community, engaged Konsentus, a global provider of open banking advisory services and trust infrastructure, to collaboratively create a legal and operational framework for open banking.
In support of the country’s vision to develop an advanced and high-quality connected digital society for all individuals by 2030, SAVIS sought support from Konsentus to create a framework for an innovative and cutting-edge open banking infrastructure to enable further growth and development.
Konsentus has worked collaboratively with SAVIS to:
- Draw upon open banking international benchmarks and learnings to set out open banking use cases that should be prioritised for Vietnam
- Develop a set of principles by which the Vietnamese open banking ecosystem can operate (e.g. the respective roles and obligations of different actors, and the governance model that will be required)
- Define requirements and operational processes for technology implementation
- Develop technical specifications
This open banking framework will provide the foundational bedrock for open banking in Vietnam and will allow the market to take the next step towards an open data sharing ecosystem It puts the nation amongst other market leaders in the region.
Konsentus, advisors to central banks, regulators, and market infrastructures, is renown internationally for providing expert support to help jurisdictions shape the future direction of open finance. They work with, and for, the local market to champion accessibility to financial services and drive competition, innovation and financial inclusion.
SAVIS provides trusted digital products, solutions, platforms and services in strict compliance with Vietnamese and international standards. Their transformation solutions support all industry verticals ranging from government and healthcare to BFSI and telco.
Mr. Van Hoang Nguyen – CTO, SAVIS GROUP commented: “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.”
Jim Wadsworth, EVP Strategic Market Development, Konsentus 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.”
About SAVIS
SAVIS Group is a top-ranked Trust Service Provider and one of the TOP 10 leading Information Technology enterprises in Vietnam providing Platforms – Services – Solutions for Digital Transformation, Information Security, Fintech. With twenty years of experience, SAVIS is an active member of numerous prestigious international organizations such as the International Archives Council (ICA), FIDO Alliance, Cloud Signature Consortium (CSC) and Trusted Service Providers Association that complies with eIDAS regulatory security requirements – GO.eIDAS.
SAVIS possesses a host of DX Solutions researched and developed by the SAVIS’s Tech experts-team on the basis of modern technologies fully compliant with Vietnam State Authority requirements as well as the international security and quality standards.
About Konsentus
Konsentus provides specialist advisory services and technology solutions to support the national implementation of open finance ecosystems. Subject matter experts, Konsentus advisors have a proven track record in navigating complex, multi-stakeholder ecosystems and understanding individual regulatory and market requirements.
Konsentus’ award-winning technology powers national open finance infrastructures. Modular and scalable by design, our solutions are tailored to individual market requirements, enabling ecosystem participants seamlessly to identify each other and interact within a safe and trusted environment.
Founded in 2018, Konsentus is active across 37 markets and counts many of the largest global financial institutions as clients.
Konsentus is ISO 27001 certified.
About Konsentus and SAVIS Experts
Mr. Jim Wadsworth: EVP, Strategic Market Development
Jim Wadsworth leads the expansion of Konsentus’ award-winning technology solutions and advisory services into international markets.
Jim has more than 20 years of experience in the payments industry, and he has been at the forefront of the global Open Banking movement since 2018. He started Mastercard’s journey into Open Banking, including playing a major role in their acquisitions of Finicity in the US and Aiia in Europe. Prior to his Open Banking role at Mastercard, he led the Vocalink UK product team, as part of which he established the group which created some cutting-edge anti-financial crime solutions.
Earlier in his career, Jim created, built and managed progressive and innovative payments products and services at major brands such as Vodafone, JP Morgan and Barclaycard.
Mr. Van Nguyen Hoang, CTO, SAVIS GROUP
Mr. Van Nguyen Hoang is a digital transformation expert with more than 20 years of experience in the field of information technology, holding many important positions such as Technology Director, Chief Architect, Director of large-scale digital transformation projects in the fields of Digital Government, Digital Enterprise, Finance – Digital Banking, Television and Digital Media, Smart Healthcare, Education,…
He had worked for 13 years at FPT Corporation, once held the position of Deputy General Director of FPT Information System. After that, he held the position of Sales Director for Public Sectors, Telecommunications and Healthcare at HP Vietnam. Currently, he holds the position of Chairman of the Board of Directors and CTO of SAVIS GROUP.
