"Vietnam has frozen 86 million bank accounts due to a lack of biometric verification, as part of a broader effort to enhance security and transition to a cashless economy.
Background of the Decision
In late 2024, the State Bank of Vietnam (SBV) initiated a significant overhaul of the banking system, requiring all bank account holders to provide biometric identification, such as fingerprints or facial scans. As of September 2025, accounts that have not complied with these
requirements have been frozen or erased, impacting approximately 86 million accounts out of a total of 200 million registered in the country. Account holders must now provide updated biometric data to maintain their accounts. Those who fail to comply risk losing access to their funds and services.
This move is part of Vietnam's broader strategy to promote digital payments and reduce cash transactions, aligning with global trends towards a cashless society.
The freezing of 86 million bank accounts in Vietnam marks a significant shift in the country's banking practices, emphasizing the importance of biometric verification in enhancing security and preventing fraud. As the government continues to implement these changes, account holders are urged to comply with the new requirements to avoid disruptions in their banking services."
Bing
