From September 17–25, 2025, a high-level delegation from the State Bank of Vietnam (SBV) and several government agencies, led by Deputy Governor Pham Tien Dzung, conducted a study tour in Switzerland and the United Kingdom. The visit was organized under the SECO-funded technical assistance project “Promoting Financial Inclusion and Climate Finance,” managed by the Asian Development Bank (ADB). The visit focused on fintech regulation, digital asset policy, modern payment systems, and innovation ecosystems.
The delegation comprised senior SBV officials, representatives from the Government Office and the Ministry of Justice, as well as executives from leading commercial banks - bringing together both regulatory and market perspectives to support the development of Vietnam’s digital banking and fintech landscape. The visit coincides with Vietnam’s rapid digital transformation in finance and banking, where 87% of adults now hold bank accounts, and many banking services are fully digitized.
Engagements with Swiss authorities
At the Swiss Financial Market Supervisory Authority (FINMA), Deputy Governor Pham Tien Dzung emphasized Vietnam’s commitment to responsible innovation, with a focus on consumer protection and system integrity. FINMA’s representative presented Switzerland’s principle-based regulatory approach, fintech licenses, and sandbox framework with license exemptions - designed to lower market entry barriers while managing risks. The two sides also discussed the landmark 2020 Distributed Ledger Technology (DLT) Act, one of the world’s first comprehensive legal frameworks for crypto assets, promoting transparency, anti-money laundering (AML) compliance, and market development.
The SBVdelegation works with FINMA in Switzerland
At the State Secretariat for Economic Affairs (SECO), both sides reviewed progress of the ongoing “Promoting Financial Inclusion and Climate Finance” project (2023-2028), which has supported banking sandboxes, ISO 20022 implementation, and the banking sector’s digital transformation strategy to 2030. The SBV also proposed a follow-up phase (2026-2029) focusing on data modernization, financial inclusion, and advanced executive training.
The working delegation meets with SECO in Bern
During the visit to the Swiss National Bank (SNB), the delegation explored the SIC national payment system, which enables 24/7 real-time payments and cross-border transactions. The SNB side also introduced its central bank digital currency (CBDC) initiatives, including Project Helvetia (wholesale CBDC integration) and Project Agorá (cross-border payments).
Meetings in the United Kingdom
At the Financial Conduct Authority (FCA), the SBV shared insights into Vietnam’s regulatory sandbox, which allows two-year fintech trials. The FCA outlined the UK’s six-month testing framework, fast-track licensing, and key initiatives such as the Regulatory Sandbox and AI Lab. Over the past decade, nearly 1,000 firms have participated in these programs, supported by the core principles of transparency, accountability, oversight, and data protection.
The SBV delegation and relevant agencies meet with the FCA in London
Discussions at the Bank of England (BoE) focused on the critical role of the Real-Time Gross Settlement (RTGS) system and its ongoing modernization - including ISO 20022 migration, instant payments, and liquidity-saving mechanisms.
At the Prudential Regulation Authority (PRA), BoE Deputy Governor Sam Woods emphasized the principle of “same risk, same regulation.”. The PRA and the FCA jointly test new models through sandbox initiatives, requiring fintechs to meet capital, risk management, and consumer protection standards. Notably, the UK does not issue a separate digital banking license; instead, the PRA follows a three-stage licensing process in coordination with the FCA, allowing pilot operations under limited capital. Since 2013, 41 banking startups have been licensed under this regime, although over 20 have since exited the market.
Exploring digital banking models and innovation ecosystems
In Switzerland, Zürcher Kantonalbank (ZKB) showcased its digital transformation strategy, incorporating open APIs and blockchain technologies. The Swiss Fintech Association (SFTA) presented its work in connecting capital, setting industry standards, and promoting collaboration among banks, fintech firms, and tech companies. Cybersecurity firm Adnovum demonstrated cutting-edge security solutions tailored for open banking, emphasizing the importance of balancing user experience with robust protection.
The SBV delegation and relevant agencies meet with the Swiss Fintech Association (SFTA)
In the UK, the delegation visited Revolut, HSBC, Innovate Finance, Level39, Digital Catapult, and the London Stock Exchange. Revolut shared its journey to becoming a global digital bank, driven by AI-powered services and a strong focus on cybersecurity, with one-third of its staff dedicated to security functions. HSBC discussed its digital strategy, which focuses on embedded finance, connected banking, data, ESG integration, and strategic investments through HSBC Ventures. The UK’s thriving fintech ecosystem - supported by innovation hubs and industry associations - continues to position London as a leading global fintech center.
The working delegation meets with Revolut in London
Studying Crypto Valley
In Switzerland’s Crypto Valley, a globally recognized blockchain hub, the delegation met with key partners who highlighted the country’s progressive legal frameworks, favorable tax policies, and strong public-private collaboration among the government, regulators, academia, and industry. Continuous investment in R&D and talent has made Crypto Valley a fertile ground for fintech innovation.
Outcomes and implications
Concluding the study tour, Deputy Governor Pham Tien Dzung affirmed that the experiences and insights gained in Switzerland and the UK will meaningfully contribute to Vietnam’s institutional development in payments, digital banking, fintech, and financial regulation. Key takeaways include the importance of regulators acting as enablers rather than gatekeepers, the need for early legal clarity, and the value of effective public-private partnerships.
He expressed sincere appreciation to Swiss and UK partners for their warm hospitality and valuable knowledge sharing. Looking ahead, he voiced strong confidence that these experiences would help Vietnam build a transparent, efficient, and globally integrated digital finance ecosystem. He also looked forward to continued cooperation, technical support, and greater international participation in Vietnam’s digital transformation.
HM