Press release on issuance of Circular No.64/2024/TT-NHNN
Hanoi, December 31, 2024 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 64/2024/TT-NHNN regulating the implementation of the Open Application Programming Interface (Open API) in the banking sector. The Circular comes into effect on March 1, 2025.
Circular No. 64/2024/TT-NHNN is composed of 03 Chapters with 02 Sections and 16 Articles, together with 02 Appendices, specifically as follows:
1. Chapter I. General regulations, comprising of 04 Articles, regulating the scope of application; the subjects of application; the interpretation of terms; and the general principles in the implementation of the Open API in the banking sector. Accordingly, the Circular stipulates the implementation of the Open API by the commercial banks, the cooperative banks, the foreign bank branches, and other relevant organizations and individuals involved in the provision of services through the Open API in the banking sector.
2. Chapter II. Specific regulations on the implementation of the Open API, comprising of 02 Sections and 08 Articles:
(i) Section 1: Regulating the implementation of the Open API, including: the principles for the Open API implementation (Article 5); the list of Open APIs (Article 6); the list of the technical standards (Article 7); the contract between a bank and a third party (Article 8); and the disclosure of the Open API information (Article 9).
(ii) Section 2: Regulating the rights and responsibilities of the bank and the third party, including: the rights of the bank (Article 10); the responsibilities of the bank (Article 11); and the rights and responsibilities of the third party (Article 12).
3. Chapter III. Implementation, comprising of 04 Articles, regulating the responsibilities of the Department of Information Technology under the SBV (Article 13); the entry into force (Article 14); the transitional provisions (Article 15); and the implementation arrangements (Article 16).
4. Appendices:
- Appendix 1: regulating the specifications of the technical standards for Open APIs in the banking sector.
- Appendix 2: regulating the technical standards for implementing Open APIs in the banking sector.
The issuance of this Circular aims to improve the legal framework (for the implementation and providing guidance for the 2024 Law on Credit Institutions), in order to meet the practical development needs of open banking operations in Vietnam in the coming time, as well as to keep up with the global trend of open banking development. This Circular will allow third parties to conveniently and securely access the banks’ and their customers’ data with the consent of the data owners, thereby creating favorable conditions for the Fintech community to provide innovative services, meeting the growing demands of customers and keeping up with the global development trends in providing banking services.
HM