1. LEGAL DOCUMENTS ARE EFFECTIVE IN 03/2025
1.1. Circular No. 64/2024/TT-NHNN regulations on the implementation of open application programming interfaces in the banking industry
- Name of legal document: Circular No. 64/2024/TT-NHNN issued on 31/12/2024 by the State Bank of Vietnam regulations on the implementation of open application programming interfaces in the banking industry (referred to as the “Circular No. 64/2024/TT-NHNN”).
- Effective date: 01/03/2025.
The content should be noted: Stipulating general principles when implementing Open API[1].
Specifically, Article 4 of Circular No. 64/2024/TT-NHNN stipulates: “Article 4. General principles
When implementing Open API, banks, customers and third parties (hereinafter referred to as the parties) must comply with the following requirements:
- Comply with the provisions of law on confidentiality, provision of customer information and protection of personal data. The processing of customers’ personal data is only for the benefit of the customers themselves, except in cases prescribed by law.
- Data during processing must be managed, stored, exploited and used for the correct purposes in the contract between the parties and in accordance with the provisions of law.
- Data during processing must be updated and accurate. In case of any discrepancy, timely correction and adjustment must be made according to the agreement between the parties.”
1.2. Decree No. 26/2025/ND-CP prescribing the functions, tasks, powers and organizational structure of the State Bank of Vietnam
- Name of legal document: Decree No. 26/2025/ND-CP issued on 24/02/2025 by the State Bank of Vietnam prescribing the functions, tasks, powers and organizational structure of the State Bank of Vietnam (referred to as the “Decree No. 26/2025/ND-CP”).
- Effective date: 01/03/2025.
The content should be noted: Stipulating on rights and obligations of credit institutions.
Specifically, Article 3 of Decree No. 26/2025/ND-CP stipulates: “Article 3. Organizational structure
- Monetary Policy Department.
- Payment Department.
- Department of Credit for Economic Sectors.
- Department of Forecasting, Statistics – Monetary and Financial Stability.
- Department of International Cooperation.
- Legal Department.
- Department of Finance – Accounting.
- Department of Organization and Personnel.
- Office.
- State Bank Inspectorate.
- Transaction Office.
- Department of Information Technology.
- Department of Issuance and Treasury.
- Department of Foreign Exchange Management.
- Department of Anti-Money Laundering.
- Department of Credit Institution Management and Supervision.
- Department of Credit Institution System Safety.
- State Bank branches in the Regions (Regional State Bank).
- Vietnam National Credit Information Center.
- Banking Times….”
[1] Clause 1, 2 of Article 3 of Circular No. 64/2024/TT-NHNN: “1. Application Programming Interface (API) is an interface that allows communication between software applications within an organization or between organizations. 2. Open Application Programming Interface in the Banking Industry (Open API) is a set of APIs provided by the Bank to third parties to directly connect and process data to provide services to customers. Open API includes Basic Open API and Other Open API.”
