Press Release

Finastra survey finds Vietnam banks amongst global leaders in exploration of generative AI

Vietnam financial institutions investing in BaaS and embedded finance despite challenging economic constraints

Singapore – November 28, 2023 – Finastra’s annual global survey reveals strong interest in emerging technologies and banking models amongst Vietnam financial institutions, despite technology investments being constrained by challenging economic conditions.

The ‘Financial Services: State of the Nation Survey 2023’ finds that 91% of finance executives surveyed in Vietnam say their institution is interested in generative AI – the highest of all the markets surveyed. While Vietnam doesn’t yet lead in the implementation of AI (38% of respondents in Hong Kong say they have already implemented the technology versus 22% in Vietnam) it does lead in terms of overall interest. Just 3% say their institution has no interest in generative AI.

Bullish on BaaS and embedded finance

Vietnam has the highest proportion of decision makers whose organizations have deployed or improved their embedded finance capabilities in the last 12 months (58%, vs 41% globally), as well as the second-highest proportion deploying or improving BaaS capabilities (55%, vs 48% globally). This reflects the Vietnam decision makers’ enthusiasm for the emerging banking models, with 89% seeing them as business growth and revenue generators – the highest globally apart from Hong Kong (95%).

Economic conditions constrain investment plans

The challenging economic climate has affected banks’ investment plans globally, with significant proportions in every market saying their financial institution’s investments in technology and digital banking have been constrained to some extent. This is highest in Vietnam, where 87% say their organization’s investments have been constrained – including 32% whose organizations have been heavily constrained. However, 67% have either resumed their investments in full or expect to have done so by the end of H1 2024.

Growth potential in green lending

There is a strong perception that ESG-focused finance can benefit both financial institutions and communities, with 91% in Vietnam agreeing that a focus on ESG and sustainability will be the next big disruptor in the sector. This is the highest globally and significantly more than the global average (79%).

In particular, 82% agree that ‘green lending’ provides an opportunity for growth and revenue generation. One of the keys to unlocking this potential might be generative AI. Of those interested in the technology, the most popular use (current or planned) globally is the collection, processing and analysis of data for ESG decision-making or criteria classifications (36%), with 44% in Vietnam planning to use it in this way – the highest globally behind Saudi Arabia (47%).

“Despite the challenging economic climate, it’s clear from our research that investment in AI, BaaS, and embedded finance remain key priorities for financial services organizations over the next 12 months, particularly as they seek to further enhance and personalize the customer experience,” said Simon Paris, Chief Executive Officer at Finastra. “We share the industry’s ongoing commitment to ESG initiatives, to collaboration around Open Finance, and excitement in using advanced technologies like AI to help deliver on the opportunities ahead.”

Access the full report and findings here.

Survey Methodology

  • A total of 956 professionals (at managerial level) in financial institutions and banks across the US, UK, France, Germany, Hong Kong, Singapore, Saudi Arabia, Vietnam and the UAE were surveyed. These financial institutions represent a gross total of around USD$33 billion in turnover over the last 12 months, employ approximately 2.4 million staff and have approximately 240 million client / customer / member relationships.
  • As a result of rounding up percentage results, the answers to some questions might not always add up exactly to 100%. Respondents were also able to select more than one answer for some questions.
  • Comparative analysis was made from results of a similar survey run by Finastra in August 2022 which was also conducted online amongst financial institutions and banks across the same markets, except for Saudi Arabia and Vietnam.
  • The research was conducted by Savanta via an online panel (August to September 2023).


For further information please contact:

Benjamin Jun Tai
Head of PR, APAC
T +65 9058 1160

About Finastra

Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation,, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,000 institutions, including 45 of the world’s top 50 banks. For more information, visit For more information, visit