Vietnam's ABBank requires facial biometric approval for business transfers over 10 million VND

The State Bank of Vietnam’s Circular 77/2025, effective 1 July 2026, mandates higher‑security authentication for large business payments. ABBank announced that legal representatives of corporate customers must approve and verify qualifying transactions with facial‑recognition biometrics.

For newly‑established enterprises (account opened < 12 months), the threshold is VND 50 million per transaction or VND 100 million per day. For firms using a single‑entry accounting model, the limit is lowered to VND 10 million per transaction or VND 20 million per day. The new rule applies to both domestic transfers and electronic‑wallet payments. Banks have warned that non‑compliant accounts may face temporary suspension of online transfers.

In parallel, the central bank will discontinue magnetic‑stripe ATM cards from the same date, urging customers to switch to chip cards to avoid service interruptions.