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| Regulations on the regulatory sandbox in the banking sector revised__Photo: VNA |
Deputy Prime Minister Nguyen Van Thang has, on behalf of the Government, signed Decree 382/2026/ND-CP amending and supplementing a number of articles of Government Decree 94/2025/ND-CP providing the regulatory sandbox in the banking sector.
The new decree facilitates the application of new methods of dossier submission, leverage of digital data, and relaxation of conditions for personnel of financial technology (Fintech) businesses.
Decree 382, which takes effect on October 6, allows organisations applying for participation in the regulatory sandbox, adjusting tested solutions, terminating or extending the testing period, and applying for certificates of testing completion, to submit their dossiers by post, via delivery services, or through authorised representatives in accordance with regulations; or in person to the State Bank of Viet Nam’s Single-Window Division; or via the National Public Service Portal.
A notable new point is that the central bank is empowered to proactively utilise dossier information available in the national databases and specialised databases. Businesses are not required to submit again the documents that are accessible by managing agencies, including information on criminal record certificates, degrees, diplomas, certificates, enterprise registration and investment registration.
The decree also relaxes conditions for legal representatives or Chief Executive Officers of Fintech companies. Accordingly, persons holding these positions must hold a university or higher degree in economics, business administration, law, information technology, finance, banking, accounting or auditing, or have at least two years’ experience of acting as a manager or executive officer in the field of finance, banking payment intermediation or information technology.
Consequently, the aforesaid two-year experience requirement has been removed if the head of the business satisfies the law-specified conditions on professional degrees.
Regarding dossiers of application for participation in the regulatory sandbox, Fintech companies are no longer required to submit resolutions of the Members’ Council or the Board of Directors and the Shareholders’ General Meeting, or the owner's document on approval of the scheme providing the fintech solution.
The scheme of registration for participation in the regulatory sandbox is supplemented with requirements to demonstrate a simulation model or demonstration of the Fintech solution, groups of potential customers, and technical commentaries regarding information systems and system security.- (VLLF)
