On May 8, 2024, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) participated in the 2024 Banking Digital Transformation event organized by the State Bank of Vietnam in Hanoi. - BIDV's Deputy CEO - Mr. Tran Long, represented BIDV to share information related to the topic of building an open ecosystem through Open API to optimize benefits for customers.

The 2024 Banking Digital Transformation event was attended by Prime Minister Pham Minh Chinh, Governor of the State Bank of Vietnam Nguyen Thi Hong, along with representatives from ministries, sectors, banks, and major financial institutions. At this event, BIDV's Digital Transformation booth had the honor of being visited by Prime Minister Pham Minh Chinh, Governor of the State Bank of Vietnam, and many other dignitaries.

Prime Minister Pham Minh Chinh visited BIDV's Digital Transformation booth and was briefed on cross-border QR payment services.

Sharing on the topic of "Building an open ecosystem through Open API to optimize benefits for customers," Senior Executive Vice President - Mr.Tran Long focused on three main contents: Global banking openness trends and potential in Vietnam; BIDV Open API - the key to unlocking the digital ecosystem, optimizing benefits for customers; Solutions to promote the open ecosystem in the Vietnamese financial market.

With an open banking model, bank services will not only exist on the bank's owned channels but will also be "embedded," integrated into third-party applications, software, and digital platforms, providing simplicity, convenience, time and cost savings for customers. With BIDV Open API, "integrated banking" will create unprecedented financial solutions with excellent experiences for customers in shopping, payment, business, and financial management in the digital space. By 2025, it is estimated that 500,000 corporate customers, 1 million retail customers, and millions of individual customers will be provided with utilities from the BIDV Open API system.

Senior Executive Vice President – Mr.Tran Long affirmed:

"With 70,000 information technology enterprises providing digital transformation services, 18,000 software enterprises in Vietnam collaborating with third parties to bring strong potential for banking service coverage on digital channels... It can be seen that the potential for developing open banking in Vietnam is immense."

Senior Executive Vice President, Mr.Tran Long shared at the 2024 Banking Digital Transformation event.

With its position as the largest bank in Vietnam in terms of total assets, Mr.Tran Long stated that BIDV has identified "Technology and Digital Banking" as one of the three main pillars in its operational strategy. In recent times, BIDV has invested heavily in digital transformation activities and continuously introduced innovative financial solutions, including results in open banking activities that BIDV has and is providing to customers on the Open API platform.

On November 29, 2023, BIDV collaborated with IBM to officially launch the BIDV Open API system with 15 Public API packages for programmers to experience in the Sandbox environment, supporting third parties in researching and developing features linked to the bank, such as network information retrieval - exchange rates - bank interest rates, integrated banking services for individual customers, integrated banking services for corporate customers. Additionally, BIDV Open API connects with 56 internal transaction applications, enabling banking services to be processed quickly, automatically, and seamlessly. BIDV Open API is designed according to international standards, with multi-layer security, high scalability, flexible customization to meet various solutions in real-world environments. After 5 months of implementation, there have been 90,000 API calls on the system.

In the upcoming time, BIDV will continue to expand new API packages for trade finance services, guarantees, supply chain finance through partnerships between central enterprises and distributors, suppliers.

Mr. Tran Long believes that with the government's policies, the orientation of the State Bank, and the close coordination of the Ministry of Finance and related ministries and sectors, along with the participation of banks, the digital financial ecosystem will continue to expand, bringing products, services, and utilities to customers, saving costs, and contributing to promoting strong development of the digital economy.

Participating in the event, BIDV has left many good impressions, thereby affirming the pioneering position in digital transformation in general and in the banking sector's digital transformation in particular

At BIDV's Digital Transformation booth, BIDV representative, Ms. Phan Thi Thanh Nhan - Head of Card and Operations Center, introduced the Cross-border QR Payment service - a new technology product serving the expansion of cross-border retail payment connections between countries. With this service, customers in connected countries can make payments by scanning QR codes through bank applications without the need for the local currency of that country.