BIDV Open API – Shaping the future of financial services

This ecosystem will provide superior financial solutions and seamless service experiences in the digital space.

Attending the program were Mr. Pham Anh Tuan - Director of the Payment Department of the State Bank of Vietnam (SBV), Mr. Le Ngoc Lam - General Director of BIDV, Ms. Pham Thi Thu Diep - General Director of IBM Vietnam, Mr. Tran Dang Hoa - Chairman of FPT Information System Company (FPT IS), representatives of BIDV, IBM, FPT and nearly 100 representatives of payment intermediary enterprises, financial technology (fintech) and leading technology platform companies in Vietnam.

bidv open api shaping future financial services image 1 — Mr. Le Ngoc Lam, General Director of BIDV spoke at the event.

One of the trends in developing the digital ecosystem in the world in the coming time is embedded banking - banking services are integrated into new applications, software, and platforms. Accordingly, banking services will not only be performed at the bank's own channels but at any touch point or context where users' financial needs arise.

According to Mr. Le Ngoc Lam - General Director of BIDV, grasping this trend, BIDV and IBM Vietnam Company have researched, built and developed the BIDV Open API system - the leading ecosystem in the open banking trend of the future. He shared " Determining digital transformation as a non-stop journey to create new values and new experiences for customers, today BIDV launches the BIDV Open API system with the desire to continue to expand and spread the digital ecosystem on new platforms, anticipate market trends and shape financial services in the future".

According to Mr. Pham Anh Tuan, Director of the SBV Payment Department, the launch of the BIDV Open API system demonstrates BIDV's determination to promote a digital ecosystem that brings value to individuals, businesses and the community. In the coming time, the SBV recommends that credit institutions continue to promote cooperation with banks, fintech and companies providing digital solutions for end users.

The BIDV Open API system includes 04 main modules: API Manager (API management); API Gateway (integration processing); API Analytics (processing system data for real-time statistical reporting); and the online BIDV Open API Portal for Programmers to learn and experience API. At the event, BIDV announced 15 API packages with commonly used features, chosen by many customers, including banking information queries, BIDV QR, eKYC for individual customers, money transfers, bill payments, e-wallets, etc. Partners can easily learn, create and integrate banking products on their applications and platforms. In the coming time, BIDV will continue to add new API products such as trade finance services, credit, guarantees, etc. to meet customer needs.

bidv open api shaping future financial services image 2 — Representatives of the State Bank, BIDV and contractors performed the launching ceremony of the BIDV Open API ecosystem.

According to Ms. Pham Thi Thu Diep - General Director of IBM Vietnam, the combination of IBM and BIDV to launch the BIDV Open API system will bring outstanding utilities to customers. She shared: " IBM thanks BIDV for trusting and choosing IBM's solution and coordinating with IBM partner FPT IS in implementing this project in the past time. Today's go-live event is a strong step in developing digital products according to the Open Banking model to partners in BIDV's digital ecosystem" .

To better understand the role of Open API in promoting cooperation in developing and creating new services, the event held a discussion session with the theme “BIDV Open API - Shaping the future of financial services”. Enterprises participating in the program had the opportunity to discuss the benefits of BIDV Open API as well as the State Bank's policies and mechanisms in electronic transactions and digital transformation, facilitating the provision of products and services on digital channels.

Also at the event, BIDV signed a comprehensive memorandum of understanding between BIDV and MISA Joint Stock Company, EzCloud Global Company Limited, MOMO and EPAY Services Joint Stock Company to strengthen cooperation in integrating banking and financial services on partner platforms, researching and developing new products to optimize utilities for end users and enhance the brand value of both parties. Cooperation with Fintech, Bigtech enterprises and payment intermediaries will be one of BIDV's business and market development strategies in the coming time.

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