Da Nang is on the cusp of a historic opportunity to establish an international financial center where technology, capital, and intellect converge. This vision, long nurtured, is now closer to reality thanks to a synergy between national policy and local ambition for innovation. The future financial center is not only a product of this convergence but also a strategic move in Vietnam's transformation within the global economic landscape.

Fintech: Revolutionizing financial centers

Financial technology (fintech) is revolutionizing the global banking and financial sectors, opening new chapters in the development of international financial hubs. In the journey toward becoming such a center, leveraging fintech offers Da Nang both a competitive edge and significant challenges.

The digital era is no longer a futuristic concept. It is reshaping how users interact with financial services through fintech innovations.

In Luxembourg, tokenized investment funds have been launched. In Abu Dhabi, customer service is now driven by artificial intelligence (AI). Treasury managers in the UAE have adopted stablecoins - cryptocurrencies designed to maintain stable value. Meanwhile, in Vietnam, fintech continues to unlock new opportunities for banks and startups.

At the 2025 Da Nang Finance and Technology Week, the growing maturity of Vietnam’s fintech companies was evident, as they move from potential to expansion and regional recognition.

According to experts at the Vietnam Finance Forum 2025, the first wave of Vietnamese fintech giants such as MoMo, VNPAY, and FE Credit focused on digitizing basic financial services to reduce costs and increase accessibility.

The second wave, represented by companies like Finhay, Finviet, and Timo, has moved toward smarter, more personalized services.

The third and newest wave includes brands like Cake by VPBank and RISEGATE, which offer mobile-first banking experiences and venture into high-tech frontiers such as crypto asset investment.

Amid this transformation, experts and investors discussed strategic topics including building a national fintech ecosystem, establishing a globally connected open blockchain infrastructure by 2030, and shaping Vietnam’s digital asset future. Clearly, Da Nang’s international financial center cannot stand outside the digital rules of the game.

This open-minded approach - shared by both central and local governments - has gained strong support from experts and investors alike.

In today’s digital era, an international financial center must go beyond conventional banks, investment funds, and insurance firms. It must also encompass fintech ecosystems, digital assets, big data, and AI.

Philip J. Weights, Co-Chairman of the Swiss Fintech Association, stated: “Da Nang has real potential to lead in fintech as it builds its international financial center, thanks to its existing resources and readiness for development.”

From early momentum…

National Assembly Resolution No. 222/2025/QH15 designated Ho Chi Minh City and Da Nang as the two official locations for Vietnam’s international financial center initiative.

This "one center, two destinations" model aims to leverage the unique strengths of each city with distinct development strategies.

In alignment with fintech trends, Da Nang has identified blockchain and digital assets as the strategic focus for its financial center.

These focus areas are not only differentiators on the global map but also align closely with the city’s broader innovation strategy and unique character.

According to experts, Da Nang is well-positioned to become a digital financial center, much like the Astana International Financial Centre (AIFC), a fast-rising global player.

Yerkegali Yedenbayev, Director of Licensing and Fintech at the Astana Financial Services Authority (AFSA), noted that AIFC succeeded thanks to its modern infrastructure and dynamic regulatory environment.

From Central Party Resolution No. 33-NQ/TW to Resolution No. 43-NQ/TW, Da Nang has consistently been recognized as a dynamic and creative locality.

Right from the start of the current administration, Da Nang identified science, technology, innovation, and digital transformation as core foundations for sustainable development. Today, it leads nationally in ICT infrastructure, digital governance, digital economy, data centers, and a vibrant startup ecosystem.

As such, Da Nang is not starting from zero. Its blockchain and digital asset focus is a well-prepared strategic move.

According to Associate Professor Dr. Dang Tung Lam, Editor-in-Chief of the Journal of Economic Science at the University of Da Nang, with its strong innovation ecosystem, the city is ideally suited to launch controlled sandbox trials for new financial products. These may include digital banking, digital insurance, AI-powered credit scoring, and blockchain-based carbon credit trading.

“In my view, Da Nang’s success won’t come from chasing size or number of financial institutions, but from establishing a distinctive identity: a ‘small but smart’ international financial center where technology and innovation are foundational,” he said.

Many experts believe this approach could place Da Nang on the regional financial map without having to compete directly with long-established global centers. If it stays the course, the city can become a different kind of international financial hub - one that meets the digital future’s demands.

…To breakthrough milestones

At the forum session “Building a fintech ecosystem for Vietnam’s international financial center,” participants agreed: we cannot build the financial system of the future using outdated regulations.

Financial legal frameworks are inherently cautious and rigorous to ensure market transparency and safety. However, as the pace of market evolution outstrips regulatory updates, new risks inevitably emerge.

This creates a dilemma for policymakers: to neither stifle innovation nor allow uncontrolled risk.

Designing a regulatory framework that fits modern investors is no simple task, given the complexity and intersection of legal domains. It requires a coordinated, holistic approach.

Hence, experts and investors strongly advocate for controlled regulatory sandbox mechanisms in the development of Da Nang’s international financial center - providing a launchpad for disruptive innovation.

Dr. Dang Tung Lam believes that if Da Nang pioneers sandbox testing for digital assets, cryptocurrencies, and digital payment systems, it could become a “regional laboratory” attracting global fintech players.

However, sandbox environments demand robust digital infrastructure, high cybersecurity standards, and a technically competent regulatory team. Without proper oversight, risks such as money laundering, fraud, or collapses like the FTX crypto exchange could become real threats.

Experts say that to unlock fintech’s full potential in building the financial center, Da Nang must address three core challenges: a specialized legal framework, modern tech infrastructure (especially shared blockchain systems), and high-quality human resources.

According to Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Assets Association and President of 1Matrix, Da Nang’s free trade zone operates under a “single-window” system with flexible management mechanisms. It is well-positioned to integrate with the international financial center and sandbox trials in areas such as digital asset payments, cross-border transactions, and digital identity governance in trade, logistics, and finance.

“This institutional space can operate in sync with the international financial center, serving as a pilot ground before official legislation is adopted,” he added.

Dr. Dang Tung Lam emphasized that international investors and institutions care not just about tax incentives, but also legal transparency, streamlined procedures, and fair, effective dispute resolution mechanisms.

“Technology and innovation only thrive when paired with a superior, predictive regulatory framework. Though this path is challenging, with political will, a flexible legal environment, and a strategic talent plan, Da Nang can absolutely become a green, innovative, digital international financial center in the region,” he said.

In August 2025, Da Nang officially approved the Basal Pay project - a blockchain-powered domestic transfer app for foreign tourists - to participate in the city’s fintech sandbox program. By September 2025, Deputy Prime Minister Ho Duc Phoc signed Resolution No. 05/2025/NQ-CP, launching Vietnam’s pilot program for the digital asset market.

Nhan Dan