Under the pilot, only P2P lending companies licensed by the State Bank of Vietnam (SBV) will be allowed to operate. Foreign banks are excluded from participation. While credit institutions and fintech firms may join the trial, participation does not guarantee future compliance with business or investment regulations once formal laws are enacted.

Early this month, the State Bank of Vietnam (SBV) announced a new draft decree providing a controlled testing mechanism (sandbox) for fintech activities in the banking industry. This is the second draft that has been built to gather public opinions for this sector.