This is ultimately a form of slavery though.

A country that is a dictatorship - I can understand why their slaves have to go through this. I fail to see why a true democracy would do this though. There is zero need to be required to have a smartphone; all those transactions work perfectly fine on a desktop computer system too, under Linux. People then may have a second device at home, some card reader and/or a thing such as Yubiko or something like that. IMO not even this should be required, but to mandate an app that would not be permissive under Linux - that is true dictatorship. I am surprised the government of Vietnam went that way.

Even elected governments already have the ability to take whatever they want from you, and force you to act against your own interests; this seems like a comparatively minor infringement.

But with kernel level attestation, the banks can start requiring this on computers as well...

(From the kernel-level anti-cheat discussion the other day)