By
Bach Quang
Sat, September 13, 2025 | 8:00 am GMT+7
Vietnam, known for its rapid progress in expanding financial access and digital payment, is a strategic market for Mastercard in the Asia-Pacific region.
Timothy Murphy, the company’s vice chairman, made the statement at a Wednesday meeting with State Bank of Vietnam (SBV) Deputy Governor Pham Tien Dung in Hanoi.
Timothy Murphy, Mastercard’s global vice chairman, speaks at a meeting with SBV Deputy Governor Pham Tien Dung in Hanoi, September 10, 2025. Photo courtesy of the central bank.
Murphy highlighted four areas of future cooperation. First, payment security: achieving 100% tokenization and authorization in Vietnam’s card market by 2030.
Second, real-time payments: sharing global expertise in fraud prevention for account-to-account transactions. Third, cross-border data flows: collaborating with regulators to ensure effective fraud prevention while complying with Vietnam’s cybersecurity framework.
Fourth, technological innovation: supporting adoption of ISO 20022, digital assets integration, AI-powered payment solutions, and next-generation real-time payment systems.
Mastercard also proposed a co-branded e-wallet-card solution enabling seamless payments for both international tourists in Vietnam and Vietnamese travelers abroad – a step toward deeper financial connectivity.
SBV Deputy Governor Pham Tien Dung (fifth, right) and Mastercard representatives at a meeting in Hanoi, September 10, 2025. Photo courtesy of the central bank.
In response, Deputy Governor Pham Tien Dung expressed his appreciation for Mastercard’s long-standing partnership with the SBV, especially in supporting the National Non-Cash Payment Scheme and the Financial Inclusion Strategy.
He noted that people are at the center of the SBV’s payment system development, with a focus on accessibility, affordability, and safety for all, including vulnerable groups.
Vietnam has made significant progress in financial inclusion with adult account ownership having surged from 30% to 87%. Policies enabling e-wallets and bank cards through electronic Know-Your-Customer (eKYC) have been pivotal.
To further safeguard users, Vietnam introduced biometric authentication for high-value transactions in 2024 and continues to align security standards with global best practices.
Dung emphasized the SBV’s cautious but forward-looking approach to innovative financial models, balancing innovation with stability and compliance with global anti-money laundering and counter-terrorism standards.
He noted the establishment of Vietnam’s International Financial Center (IFC) as a milestone for positioning the country as a competitive regional hub.
Murphy expressed strong confidence in the potential of Vietnam’s 100-million-strong market and pledged Mastercard’s continued investment in building a secure, inclusive, and innovative payment ecosystem.