Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) was proudly awarded the titles of “Best Open Banking/API Initiative in Vietnam” and “Best Trade Finance Bank in Vietnam” for 2024 by The Asian Banker on 18 July 2024, in Hanoi. These awards underscore BIDV’s commitment to delivering innovative and effective products and services to businesses.

Open Banking - Shaping the future of financial services

The “Best Open Banking/API Initiative in Vietnam” award is part of The Asian Banker's Financial Technology Innovation Awards. The award is determined by criteria including the scale and scope of open banking, the resources dedicated to its development, the level of innovation, and the value it delivers compared to other products.

Officially launched in late 2023, BIDV Open API has created substantial market buzz in less than 7 months. It has seen over 240,000 API calls through the sandbox, attracted nearly 600 experience accounts, and registered more than 100 partners for integration. BIDV’s integrated banking services have been broadly adopted across various platforms including sales management, school management, hotel management, seaport management, cash flow management (CMS), and enterprise resource planning (ERP) as well as numerous software/applications across all sectors of the economy.

Mr. Nguyen Chien Thang (Director of BIDV Digital Banking Development Center) and Ms. Bui Minh Trang (Deputy Director of BIDV Wholesale Product Policy Department) received the award

Currently, BIDV has the highest number of APIs distributed to the market (over 200 APIs). On the bank’s Open API portal, there are 15 public API packages out of the total of 130 APIs along with 5 custom API packages. These options enable customers and partners to explore and understand banking services as well as evaluate compatibility with different banks.

According to a representative from The Asian Banker, BIDV has advanced technology investment for developing open banking, setting a new trend and shaping the future of financial services. BIDV’s efforts demonstrate the bank’s determination to lead the open banking trend in Vietnam. “We chose BIDV for the ‘Best Open Banking/API Initiative in Vietnam’ award due to their exceptional ability  to provide customers with enhanced banking services through their own software and applications. Their collaboration with Fintechs to create innovative financial solutions not only improves  operational efficiency for customers but also accelarate digital transformation in the Vietnamese market.”

Raise trade finance products to meet international standards

The “Best Trade Finance Bank in Vietnam” is part of The Asian Banker's Transaction Finance Awards, recognizing financial institutions for exceptional performance in trade financing, supply chain financing and international settlement. The awards are elected by an independent international panel of experts with extensive  experience and deep expertise in trade finance. 

Ms. Dang Hoai Ly (Deputy Director of BIDV Trade Finance Operations Center) and Ms. Pham Minh Chau (Deputy Director of BIDV Wholesale Product Policy Department) received the award

BIDV has recently introduced a suite of high-quality trade finance products tailored to businesses, offering quick and convenient credit approval processes. These offerings are further enhanced by appealing foreign currency and derivative trading options that meet the evolving needs of businesses. The Bank consistently introduce innovative products and services, such as Factoring, LC Prepayment, and a flexible collateral mechanism for issuing letters of credit. BIDV also features an automatic credit limit mechanism for trade finance transactions, ensuring businesses have timely access to credit. Notably, BIDV has been a pioneer in integrating Trade Finance and International settlement services into BIDV iBank digital bank, creating a comprehensive and digital ecosystem for import-export businesses.

BIDV has provided Supply Chain Finance solutions to over 50 leading large enterprises and FDI companies nationwide, engaging more than 1,700 suppliers and distributors in key industries. Among these, nearly 700 SMEs have successfully gained access to working capital. Beyond offering practical and effective product solutions, BIDV also provides the BIDV SCF application ưhich digitizes Supply Chain Finance activities for customers. With businesses now able to conduct transactions on digital channels anytime, anywhere, transaction processing times  are significantly reduced thanks to timely synchronized information among key stakeholders.

Receiving awards from a prestigious financial magazine like The Asian Banker underscores BIDV’s commitment to service excellence highlighting the bank's dedication to technological investment, professional expertise, and product development for  both domestic and international businesses.