On 29 November 2023 in Hanoi, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) officially launched BIDV Open API (application programming interface) - an open ecosystem which integrates banking services into customers’ applications, software, and digital platforms, thereby providing outstanding financial solutions and seamless experiences in the digital space.

Mr. Pham Anh Tuan - Director General of the Payment Department, the State Bank of Vietnam (SBV), Mr. Le Ngoc Lam - Chief Executive Officer of BIDV, Mrs. Pham Thi Thu Diep - Country General Manager of IBM Vietnam, Mr. Tran Dang Hoa – Chairman of FPT Information System Company (FPT IS), representatives of BIDV, IBM, FPT and nearly 100 participants from payment intermediaries, fintechs and other leading technology platforms in Vietnam were in attendances.

Representatives of SBV, BIDV and vendors attend the launching ceremony of BIDV Open API

Embedded banking, i.e. banking services are integrated into new apps, software, and platforms, has become one of future trends for digital ecosystem development globally. Accordingly, banking services will not only be offered via the bank’s owned channels but also at any touch-point or context where the user’s financial needs arise.

Mr. Le Ngoc Lam – BIDV’s CEO delivers a speech at the launching ceremony

Mr. Le Ngoc Lam - CEO of BIDV stated that capturing this trend, BIDV and IBM Vietnam have collaborated to develop BIDV Open API (at https://openapi.bidv.com.vn/devportal/) – the ecosystem that leads the open banking trend of the future. He said: 

Digital transformation has been identified as a non-stop journey to delivering new values and experiences to customers. That’s why today BIDV launches BIDV Open API towards continuing to expand and spread the digital ecosystem on new platforms, staying ahead of market trends and shaping the future of financial services.

According to Mr. Pham Anh Tuan, Director General of the Payment Department under SBV, the launching of BIDV Open API has demonstrated BIDV’s determination to promote a digital ecosystem that brings values to individuals, businesses and community. In the coming time, SBV recommends that credit institutions continue to promote cooperation with banks, fintech and companies to provide digital solutions for end-users.

BIDV Open API consists of 04 major modules: API Manager (API management); API Gateway (integration processing); API Analytics (processing system data for real-time statistical reports); and BIDV Open API Portal for developers to learn about and experience API.

At the event, BIDV announced 15 API packages with commonly used features selected by many customers including banking information query, BIDV QR, individual eKYC, fund transfer, bill payment, e-wallet, etc. Partners can easily learn, create and integrate banking products into their applications and platforms. In the coming time, BIDV will continue to add new API products such as trade finance, credit, guarantee,... to satisfy the needs of customers. 

Mrs. Pham Thi Thu Diep - Country General Manager of IBM Vietnam delivers a speech at the launching ceremony

According to Mrs. Pham Thi Thu Diep, Country General Manager of IBM Vietnam, the collaboration between IBM and BIDV to launch BIDV Open API will bring outstanding benefits to customers. She said:

We would like to thank BIDV for trusting and choosing IBM’s solutions and coordinating with FPT IS, our partner, for the project delivery. Today’s go-live event is a robust and promising step forward in developing Open Banking-led digital products for partners within BIDV’s digital ecosystem.

Representatives of SBV, BIDV and vendors join a panel discussion about BIDV Open API

To better understand the role of Open API in promoting collaborative development and creation of new services, a panel discussion with the theme “BIDV Open API - Shaping the future of financial services” was organized during the event. The participating businesses had the opportunity to discuss the benefits of BIDV Open API as well as SBV’s policies and mechanisms in electronic transactions and digital transformation, facilitating the provision of services and products on digital channels.

Also at the event, BIDV signed a memorandum of understanding on comprehensive cooperation with MISA Joint Stock Company, EzCloud Global Technology Co., Ltd., MOMO and EPAY Services Joint Stock Company to strengthen cooperation in integrating banking and financial services on partner platforms; research and develop new products to bring optimal benefits to end-users and enhance brand value of parties involved. Cooperation with Fintech, Bigtech and payment intermediaries will be one of BIDV’s business and market development strategies in the coming time.

About BIDV: With a history of more than 66 years, BIDV is the longest-established and largest commercial bank in Vietnam in terms of total assets. BIDV has been named among the Top 2,000 largest listed companies in the world (Forbes Global 2000); Top 300 most valuable banking brands globally (Brand Finance) for consecutive years. BIDV is also a pioneering bank in digital transformation, affirming its position as a commercial bank with the leading ICT index in Vietnam. In 2023, BIDV was honored by many domestic and international organizations in digital transformation with notable awards such as “Vietnam's Best Bank for Digital Solutions” (Asiamoney), Excellent Digital Transformation award (Asia-Oceania Computing Industry Organization - ASOCIO); Sao Khue Award 2023 for BIDV iConnect, etc.

 

About IBM: IBM is a leading global provider of business services, hybrid cloud and artificial intelligence, helping customers in more than 175 countries leverage insights from their data to optimize business processes, reduce costs and increase competitive edge in their industry. More than 4,000 government agencies and enterprises in critical infrastructure sectors such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to carry out their digital transformation quickly, efficiently and securely. IBM’s breakthrough evolutions in artificial intelligence, quantum computing, industry-specific cloud solutions and enterprise services deliver open and flexible options for customers. All of this is backed by IBM’s unwavering commitment to trust, transparency, accountability, integrity and services.