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    SBV Publishes Multiple Regulatory Updates for Banks

    April 05, 2022

    The State Bank of Vietnam (SBV) issued an action plan for banks, a regulation on the operation of a steering committee on prevention of corruption and crime, a draft Decree on a mechanism for controlled testing for fintech activities, and information on bilateral dialog between SBV and the US-ASEAN Business Council.

    Below are the key highlights of these recent updates:

    • SBV issued an action plan for implementation of the Resolution No. 11 related to the mandate and responsibilities of the banking sector. The key tasks and measures highlighted in the action plan are related to management of the monetary and credit policies and the banking operations, increasing the charter capital of the commercial banks where the State holds more than 50% of the shares, conducting support policies through Vietnam Bank for Social Policies, and coordinating with the ministries and agencies to implement the relevant tasks and measures as required in the action plan.
    • The SBV Governor signed Decision No. 370/QD-NHNN promulgating the regulation on operation of the steering committee for the prevention of corruption and crime in the banking sector. The regulation stipulates the functions, tasks, powers, principles, working modes, and working relationships of the Steering Committee for the prevention and control of corruption and crime in the banking sector.
    • SBV is requesting opinions on a draft decree stipulating a mechanism for controlled testing for fintech activities in the banking sector. The draft decree is expected to create a regulatory mechanism for activities, including peer-to-peer lending, credit scoring, application programming interfaces (APIs), and applications involving blockchain.
    • The SBV Deputy Governor, Pham Thanh Ha, co-chaired a bilateral dialog between SBV and the US-ASEAN Business Council wherein the two sides discussed focus areas and priorities for 2022 for the economic recovery and growth from the impact of the COVID-19 pandemic; the discussions covered area, such as the creation of a legal corridor for development of payment and fintech in the banking sector, the administrative reform plan in 2022, and the green finance and sustainable investment initiatives.

     

    Related Links (in English and Vietnamese)

     

    Keywords: Asia Pacific, Vietnam, Banking, Action Plan, AML CFT, Regulatory Sandbox, Fintech, Steering Committee, Work Priorities, Regtech, P2P Lending, SBV

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