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FINANCIAL DIGITALIZATION AND FINANCIAL INCLUSION IN THE AI ERA:
POLICY EVIDENCE FROM VIETNAM

Hoang Dinh Minh* , Nguyen Thi Thu Huong** , Dang Tuan Dung , Dong Hoang Nhan 4
2
3
1
1, 3 State Bank of Vietnam, Hanoi, Vietnam.
2, 4 Hanoi Open University, Hanoi, Vietnam.
(*E-mail: minhktbk@gmail.com
**Email: thuhuong.kt@hou.edu.vn)

ABSTRACT

Financial digitalization has emerged as a critical driver of financial inclusion,
particularly in developing economies undergoing rapid digital transformation. In the era
of artificial intelligence (AI), technologies such as big data analytics, machine learning, and
intelligent digital platforms are transforming financial systems and expanding access to
formal financial services. Although a growing body of literature highlights the role of
digital finance in promoting financial inclusion, empirical and policy-oriented studies
examining the interaction between financial digitalization, AI applications, and financial
inclusion in emerging economies such as Vietnam remain limited. This study examines the
role of financial digitalization in promoting financial inclusion in Vietnam within the
context of the National Financial Inclusion Strategy to 2025 with a vision to 2030. The
study employs a qualitative research design combining policy analysis and secondary data
synthesis., drawing on reports from international organizations and Vietnamese
regulatory authorities to evaluate developments in digital financial infrastructure, fintech
ecosystems, and AI-enabled financial services. The findings indicate that Vietnam has
achieved substantial progress in expanding access to financial services through digital
banking, mobile payments, e-wallets, and mobile money platforms. However, several
structural challenges persist, including regulatory gaps, cybersecurity risks, uneven digital
infrastructure, and limited financial literacy. This study contributes to the literature by
providing a policy-oriented analytical perspective on the interaction between financial
digitalization, AI adoption, and financial inclusion in emerging digital economies, using
Vietnam as a representative case.
Keywords: financial digitalization, financial inclusion, AI, fintech, digital finance, fintech
ecosystem, Vietnam.

1. Introduction
Over the past decade, digital technologies have significantly transformed the
structure and operation of financial systems (Gomber et al., 2018; Ozili, 2020) and
financial services have gradually shifted from traditional branch-based banking models
toward digital platforms supported by technologies such as AI, big data analytics, cloud
computing, and mobile applications. This transformation, commonly described as
financial digitalization, has not only improved the efficiency of financial institutions but
has also expanded the accessibility of financial services to a broader segment of the
population.

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