Developing Open banking in Vietnam: Opportunities and challenges

In recent years, the fourth industrial revolution has been progressing strongly, resulting in numerous accomplishments that have profound implications for various industries and sectors of the economy, including the banking sector. In the context of the digital transformation boom, traditional banking models have undergone modifications and advancements with the aim of boosting competitiveness and efficiency, leading to the emergence of the Open banking . The open banking concept represents a relatively optimal business model in line with the trends and demands of the digital era, allowing banks to expand their operations by offering digital products and services conveniently, comprehensively, cost-effectively, and reaching a more diverse customer base, both domestically and internationally.