According to the State Bank of Vietnam, the scope of the draft regulation has been expanded to include mobile money services, in addition to credit institutions, foreign bank branches, payment intermediaries, and credit information companies. This move aims to ensure the security of emerging digital transaction models rapidly growing in Vietnam.
The most notable aspect is the tightening of security regulations for online and mobile banking applications, commonly known as banking apps.
The State Bank of Vietnam is updating and adding new regulations to enhance the safety and security of banking apps.
Under the draft, these applications must comply with international security standards such as OWASP, including prevention of the top 10 common security vulnerabilities and full adherence to mobile application safety requirements.
Additionally, the State Bank mandates that banks conduct regular audits and update their applications at least every two months. Users will not be allowed to use versions more than two generations behind the latest release and cannot downgrade to older versions once security patches are available.
Upon detecting vulnerabilities, banks must immediately halt transactions, address the issues, and release updates. Applications should also have the capability to automatically cease operations if signs of attack are detected, such as device rooting, jailbreaking, or malware interference.
The draft also introduces biometric authentication requirements (fingerprint, facial recognition) when modifying corporate customer identity information. This regulation aligns with Directive 139 to prevent cybercriminals from exploiting fake companies to open payment accounts.
Another significant change is the proposed elimination of standard electronic signatures in digital transaction confirmations, retaining only secure electronic signatures, digital signatures, or foreign electronic signatures recognized in Vietnam. This aligns with the 2023 Law on Electronic Transactions and Decree 23/2025, ensuring higher legal and security standards in online banking transactions.
Furthermore, the appendix classifying online payment transactions has been refined, categorizing them by value, limits, and customer types. High-value transactions or those involving newly established businesses will require additional biometric authentication to mitigate fraud risks.
According to the State Bank, these regulatory updates aim to standardize digital banking security to international norms, enhance cybersecurity, and establish a transparent legal framework for new models like mobile money and biometric authentication.
Once implemented, the new circular is expected to enhance user safety and strengthen trust in Vietnam’s digital banking system.
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Unfortunately, we cannot perform cash withdrawals if the account holder has not completed biometric authentication by January 1, 2025. This measure is in place to ensure the security of our clients’ funds and to comply with regulatory requirements. We apologize for any inconvenience this may cause, and we encourage you to complete your biometric authentication as soon as possible to avoid any disruptions to your banking services.
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