One of the trends in developing digital ecosystems 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. Grasping this trend, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and IBM Vietnam have researched, built and developed the BIDV Open API (Application Programming Interface) system - an ecosystem leading the open banking trend of the future.
Mr. Le Ngoc Lam - General Director of BIDV, shared: "Determining digital transformation as a non-stop journey to create new values and new experiences for customers, today BIDV launched 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 future financial services".
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.
BIDV Open API system includes 04 main modules: API Manager (API management); API Gateway (integration processing); API Analytics (processing system data to serve real-time statistical reports); and BIDV Open API Portal online page for Programmers to learn and experience API.
At the event, BIDV announced 15 API packages with popular features, chosen by many customers including banking information query, BIDV QR, eKYC for individual customers, money transfer, bill payment, e-wallet... 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... to meet customer needs.
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. Today's go-live event is a strong step to develop 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, Online Mobile Services Joint Stock Company (owner of MOMO e-wallet) and EPAY Services Joint Stock Company to strengthen cooperation in integrating banking and financial services on partners' 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.
As the oldest and largest commercial bank in Vietnam in terms of total assets, BIDV has been in the Top 2,000 largest and most powerful companies in the world (Forbes) for many consecutive years; Top 300 most valuable banking brands globally (Brand Finance).
BIDV is also a pioneer in digital transformation, affirming its position as a commercial bank with the leading readiness index for the development and application of information technology (ICT) in Vietnam. In 2023, BIDV was honored by many domestic and international organizations in the field of digital transformation such as "Vietnam's Leading Digital Solution Provider" (Asiamoney Magazine), Outstanding Digital Transformation Unit (Asian and Oceanian Computing Industry Organization - ASOCIO); Sao Khue Award 2023 for BIDV iConnect product...
Dieu Linh
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