On September 10, 2025, Deputy Governor Pham Tien Dzung of the State Bank of Vietnam (SBV) hosted Mr. Timothy Murphy, Global Vice Chairman of Mastercard, at the SBV headquarters in Hanoi.
Overview of the meeting. Photo: Duc Khanh
The meeting took place as Vietnam advances digital payments and financial inclusion as core pillars of its digital economy strategy. Under Government Resolution 57/NQ-CP on digital transformation, the banking sector is accelerating infrastructure modernization, digital financial services, and cybersecurity — crucial drivers of Vietnam’s ambitious growth goals.
Deputy Governor Pham Tien Dzung expressed appreciation for Mastercard’s long-standing partnership with the SBV, especially in supporting the National Non-Cash Payment Scheme and the Financial Inclusion Strategy. He reaffirmed that people remain at the center of SBV’s payment system development, with a focus on accessibility, affordability, and safety for all, including vulnerable groups.
Vietnam has made significant progress in financial inclusion: adult account ownership has surged from 30% to 87%. Policies enabling e-wallets and bank cards through electronic Know-Your-Customer (eKYC) have been pivotal. To further safeguard users, Vietnam introduced biometric authentication for high-value transactions in 2024 and continues to align security standards with global best practices.
The SBV is also prioritizing regulatory frameworks for emerging areas such as digital assets and stablecoins, as well as cross-border payment systems to facilitate tourism and global trade. Deputy Governor Pham Tien Dzung invited Mastercard to share international expertise and policy insights in these domains.
Deputy Governor Pham Tien Dzung speaks at the meeting. Photo: Duc Khanh
Mr. Murphy praised Vietnam’s rapid progress in expanding financial access and digital payments, noting SBV’s open and transparent policymaking. He reaffirmed Mastercard’s long-term commitment to Vietnam as a strategic market in the Asia–Pacific region. He highlighted four areas of future cooperation:
(i) Payment Security – Achieving 100% tokenization and authorization in Vietnam’s card market by 2030.
(ii) Real-Time Payments – Sharing global expertise in fraud prevention for account-to-account transactions.
(iii) Cross-Border Data Flows – Collaborating with regulators to ensure effective fraud prevention while complying with Vietnam’s cybersecurity framework.
(iv) Technological Innovation – Supporting adoption of ISO 20022, digital assets integration, AI-powered payment solutions, and next-generation real-time payment systems.
Mr. Timothy Murphy, Global Vice Chairman of Mastercard, speaks at the meeting. Photo: Duc Khanh
Mastercard also proposed a co-branded e-wallet–card solution enabling seamless payments for both international tourists in Vietnam and Vietnamese travelers abroad — a step toward deeper financial connectivity.
Deputy Governor Pham Tien Dzung emphasized SBV’s cautious but forward-looking approach to innovative financial models, balancing innovation with stability and compliance with global anti-money laundering and counter-terrorism standards. He also noted the establishment of Vietnam’s International Financial Center (IFC) as a milestone for positioning the country as a competitive regional hub.
In conclusion, both sides reaffirmed their commitment to strengthening cooperation. Mr. Murphy expressed strong confidence in the potential of Vietnam’s 100-million-strong market and pledged Mastercard’s continued investment in building a secure, inclusive, and innovative payment ecosystem.
Deputy Governor Pham Tien Dzung takes a commemorative photo with Mastercard. Photo: Duc Khanh
The meeting underscored SBV’s proactive role in shaping the future of digital finance, while highlighting the value of global partnerships in supporting Vietnam’s sustainable growth and integration into the international financial system.
HM