HÀ NỘI — Việt Nam has taken a bold step into fintech innovation by licensing its first pilot project that converts digital assets into Vietnamese đồng and vice versa. The Đà Nẵng People’s Committee approved the Basal Pay project on Tuesday to operate within the city’s fintech sandbox, signalling a new era in the country’s financial technology approach.
Developed by AlphaTrue Solutions, Basal Pay uses blockchain technology to facilitate domestic money transfers for international visitors. The app enables instant conversion between digital currency and fiat, eliminating multiple intermediaries and cutting transaction costs by around 30 per cent compared to traditional methods.
The 36-month trial will progress through five stages: platform development, limited operation, scaling, evaluation and official deployment.
Lê Anh Quốc, CEO of AlphaTrue Solutions Joint Stock Company, said the system features three layers of identification and automatically transmits transaction data according to Travel Rule standards to relevant authorities, storing information securely for five years. This improves efficiency for users while aiding regulators in preventing money laundering, terrorism financing, and boosting financial transparency.
The Đà Nẵng City Department of Science and Technology, along with the City Government, will supervise the entire process to ensure legal compliance and smooth integration of blockchain technology with the traditional financial system.
This licensing comes as Đà Nẵng has been designated one of two cities charged with developing an international financial centre featuring special policies under Resolution 222/2025/QH15 passed by the National Assembly. The city is actively promoting fintech innovation through sandbox models involving digital assets and financial services to attract investment and startups.
Basal Pay aims to serve as a model for how Vietnamese enterprises can master advanced technology while meeting international standards from the earliest phases of development. — BIZHUB/VNS
