Vietnam: Fintech Sandbox Decree (No. 94/2025/ND-CP) including testing requirements enters into force

On 1 July 2025, Decree No. 94/2025/ND-CP enters into force, establishing regulations for a controlled testing mechanism for innovative fintech solutions in the banking sector. The decree establishes a formal sandbox framework enabling approved entities to pilot solutions in three specified areas: credit scoring, data sharing via open application programming interfaces (open APIs), and peer-to-peer lending, within a time-bound and risk-managed setting. The sandbox allows each fintech solution to be tested for a maximum period of two years, with extensions permitted upon approval by the State Bank of Vietnam. The results of these trials are intended to support regulatory development by allowing competent authorities to assess the practical implications, benefits, and risks associated with the tested fintech models before considering wider implementation.