Basal Pay has gained support from numerous international users due to its ability to seamlessly convert crypto assets into fiat currency.
This is the first project in Vietnam to fully integrate the Travel Rule standards set by the Financial Action Task Force (FATF) while also meeting stringent anti-money laundering and counter-terrorism financing (AML/CFT) requirements. This move marks a significant step forward in Vietnam’s efforts to enhance financial transparency and international integration.
Developed by AlphaTrue Solutions JSC, Basal Pay allows users to directly convert crypto assets into fiat currency and vice versa in just a few seconds, offering a faster and more cost-effective solution compared to traditional methods. The system operates on a blockchain platform, incorporating a three-tier identification mechanism and compliance with the Travel Rule, enabling the transmission and storage of sender and receiver information for at least five years.
According to Mr. Tran Huyen Dinh, Project Director and Head of the Fintech Application Committee under the Vietnam Blockchain and Digital Assets Association, Basal Pay aims to become the first solution in Vietnam to demonstrate AML/CFT compliance capabilities, thereby supporting efforts to remove the country from the FATF grey list.
Basal Pay will undergo a 36-month trial period consisting of five phases: platform development, limited operation, scale-up, evaluation, and official deployment. The entire process will be supervised by the Department of Science and Technology and the city government of Da Nang.
The granting of the trial license coincides with the city’s implementation of Resolution 29-NQ/TU (April 2025), which encourages new digital financial models to attract investment and promote startups. In parallel, Resolution 222/2025/QH15 of the National Assembly identifies Da Nang as one of two localities chosen to develop an international financial center with specific policies.
Mr. Tran Huyen Dinh, Head of the Fintech Application Committee of the Vietnam Blockchain and Digital Assets Association and Project Director at AlphaTrue Solutions JSC.
Vietnam is currently ranked among the top five countries globally in terms of crypto asset usage, with over 17 million users, according to Chainalysis. However, most activities remain in a legal “grey area,” posing risks related to money laundering, fraud, and tax evasion. In this context, the FinTech sandbox serves as a risk management “shield” while still promoting innovation.
Mr. Le Anh Quoc, Executive Director of AlphaTrue Solutions, stated that Basal Pay is designed to become a model for Vietnamese enterprises in developing technology and complying with international standards from the trial stage.
According to Ms. Phan Thi Ngan, CEO of OneFin Vietnam JSC, the project’s technology partner, Basal Pay will enhance the payment experience for tourists, supporting digitalization and modernizing the national financial ecosystem.
Basal Pay is not just a technological product but also holds strategic value by providing empirical data to support regulatory authorities in establishing a legal framework for digital assets. Only 29% of 138 countries assessed by the FATF in June 2025 were found to have fully or largely compliant frameworks in this area.
Experiences from countries like Singapore and Thailand demonstrate that sandboxes can attract significant investment while effectively managing risks. For Vietnam, this tool is essential in the context of increasing pressure from the FATF grey list, which could result in potential losses of 3-3.6% of GDP, according to the IMF.
With nearly 11 million tourist arrivals and tourism revenue reaching VND 18,000 billion in the first seven months of 2025, Da Nang is emerging as a bright spot for digital financial experiments. The implementation of Basal Pay will not only improve the tourism experience but also demonstrate the alignment between local strategies and the national vision for developing a modern, transparent, and sustainable financial center.
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Blockchain is the backbone of modern finance, ensuring transparency, speed, and efficiency in cross-border transactions. This technology is ushering in a new era for the development of global financial hubs. With Vietnam’s vision to establish Da Nang as an international financial center, blockchain is not just a trend but a strategic focal point.
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Basal Pay is Vietnam’s first crypto asset conversion project, adhering to stringent AML/CFT regulations and integrating the FATF’s Travel Rule standards. This innovative project has been approved for testing within the FinTech sandbox in Da Nang, marking a significant step forward in the country’s crypto landscape.
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