The State Bank of Vietnam (SBV), the country’s central bank, has moved to tighten rules around artificial intelligence (AI) in the banking sector, requiring lenders and e-wallet providers to notify customers in advance when AI systems are used, according to a report from local outlet Vietnam News.
The proposal was reportedly included in a draft circular on safety, risk management, and conditions for AI deployment in banking activities.
Under the draft, banks and intermediary payment service providers must inform customers before deploying AI-powered tools such as virtual assistants, automated hotlines, and chatbots in customer communications.
In addition, institutions must notify users if AI is applied for emotion recognition or biometric classification, and any content generated by AI, such as images, audio, or video, must be clearly disclosed.
According to the Vietnam News report, the draft will prevent banks from using AI to exploit customer vulnerabilities related to age, disability, or financial hardship to sell high-risk financial products, and customers will have the right to file complaints against decisions influenced by AI, with banks required to assign human personnel to review these instances.
The central bank reportedly said the tighter framework is aimed at controlling risks, ensuring fair treatment of customers, and protecting vulnerable groups, in the context of the rapidly expanding use of AI across banking.
The new regulations are expected to take effect from March of this year, and AI systems in operation before this date will have until September 2027 to comply.
Vietnam enhancing AI strategies
The updated banking rules come at a time of increased focus on AI in Vietnam and across the region.
At the end of January, Permanent Member of the Vietnam’s Party Central Secretariat, Tran Cam Tu, signed Directive No. 57, which set out strict measures to strengthen cybersecurity, protect data, and safeguard information integrity across the country’s political system.
To combat growing concerns around the rise of AI deepfakes and scams, one of the main provisions of the directive required identity authentication across all online activities in Vietnam, with Tran reportedly calling for a “clean sweep” of “rubbish SIMs,” fake accounts, and anonymous users. This requirement applies to all citizens, social media users, telecom subscribers, and digital asset owners in Vietnam.
Additionally, social media platforms operating in the country were henceforth required to enforce mandatory identity verification and implement age restrictions to safeguard minors.
Meanwhile, neighboring Lao has also recently upped its AI readiness, announcing in January its National Artificial Intelligence Strategy, which will be shaped by UNESCO’s AI Ethics Readiness Assessment Methodology (RAM).
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Source: https://coingeek.com/vietnam-central-bank-targets-stricter-bank-ai-use/
