Basal Pay: Vietnam's First Licensed Pilot for Digital Asset Conversion

On August 26, 2025, the People's Committee of Da Nang officially approved for Basal Pay to join the national FinTech sandbox. This marks the first time in Vietnam that a blockchain-based solution for domestic money transfers targeting foreign visitors is being piloted under a regulated framework. The project complies with anti-money laundering and counter-terrorism financing (AML/CFT) standards and integrates the Financial Action Task Force's (FATF) Travel Rule.

Official license for Basal Pay sandbox pilot in Da Nang, August 2025.

Developed by AlphaTrue Solutions JSC, Basal Pay enables near-instant conversion of digital assets into fiat currency at costs about 30% lower than traditional methods. The system maintains customer identification records for five years, enabling regulators to monitor potential risks. The pilot program will span 36 months across five phases, overseen by the city government and the Department of Science and Technology.

Mr. Le Anh Quoc, Chief Executive Officer of AlphaTrue Solutions, developer of Basal Pay.

Da Nang received nearly 11 million visitors in the first seven months of 2025, generating service revenues of roughly VND 18 trillion, according to the General Statistics Office. The licensing coincides with the city's implementation of Resolution 29-NQ/TW on digital finance pilots and aligns with Resolution 222/2025/QH15, which designates Da Nang as one of Vietnam's two international financial centers.

Vietnam ranks fifth worldwide for digital asset adoption, with over 17 million users, according to Chainalysis. Yet most activity remains within a "legal grey zone." The sandbox mechanism is therefore seen as a structured tool for controlled experimentation with emerging financial technologies.

Tran Huyen Dinh, Director of the Basal Pay project, emphasized that this initiative is a pioneering step for Vietnam to demonstrate AML/CFT compliance and strengthen efforts to be removed from the FATF grey list.

International experience underscores the dual role of sandboxes: managing risks while attracting capital. In 2024, Singapore recorded USD 1.3 billion in fintech investment, with digital assets accounting for USD 267 million, according to KPMG. That same year, Thailand's Securities and Exchange Commission reported average daily transactions nearing USD 128 million.

The IMF has noted that countries placed on the FATF grey list face an average decline of 3% in GDP-equivalent foreign direct investment and a 3.6% fall in other capital flows. Pakistan, for example, is estimated to have lost around USD 38 billion between 2008 and 2019 due to its prolonged presence on the list.

According to Le Anh Quoc, Chief Executive of AlphaTrue Solutions, Basal Pay incorporates a three-layer identity framework and transmits customer data in accordance with the FATF Travel Rule standards.

With the Da Nang pilot, Basal Pay stands as both a technological experiment and a policy instrument, offering Vietnam an opportunity to address compliance obligations, reduce illicit capital flows, and strengthen its ambition to establish an internationally competitive financial hub.

Info here:

Contact person: Ms.Hai Yen

Company name: AlphaTrue Solutions

Website: https://basalpay.com/

Email: Yennth@blockchain.vn

City: Ho Chi Minh city

Country: Vietnam

Info here:

Contact person: Ms.Hai Yen

Company name: AlphaTrue Solutions

Website: https://basalpay.com/

Email: Yennth@blockchain.vn

City: Ho Chi Minh city

Country: Vietnam

The post Basal Pay: Vietnam's First Licensed Pilot for Digital Asset Conversion appeared first on Insights News Wire.

This release was published on openPR.