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.

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.

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.

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.