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|
STATE BANK OF
VIETNAM |
SOCIALIST
REPUBLIC OF VIETNAM |
|
No. 40/2024/TT-NHNN |
Hanoi, July 17 of 2024 |
ON PROVISION OF PAYMENT INTERMEDIARY SERVICES
Pursuant to the Law on State Bank of Vietnam dated June 16 of 2010;
Pursuant to the Law on Credit Institutions dated January 18 of 2024;
Pursuant to Decree No. 52/2024/ND-CP dated May 15 of 2024 of the Government on cashless payment;
Pursuant to Decree No. 102/2022/ND-CP dated December 12 of 2022 of the Government on functions, tasks, powers, and organizational structure of the State Bank of Vietnam;
At request of Director of Payment Department;
Governor of State Bank of Vietnam promulgates Circular on provision of payment intermediary services.
This Circular prescribes provision of payment intermediary services.
1. Payment intermediary service providers.
2. Banks, foreign bank branches (hereinafter referred to as “FBB”).
3. Organizations and individuals related to provision of payment intermediary services.
In this Circular, the terms below are construed as follows:
1. Payment security account is a Vietnam Dong checking account (hereinafter referred to as “VND account”) opened by e-wallet service providers, collections-on-behalf-of (COBO), payments-on-behalf-of (POBO) service providers at co-operative banks to facilitate provision of e-wallet, COBO, POBO services.
2. Body governing electronic clearing systems (hereinafter referred to as “electronic clearing governing body”) means a provider of payment intermediary services which is licensed by the State Bank of Vietnam (hereinafter referred to as “SBV”) to provide electronic switch and clearing services, and participate in and directly be connected to the National Electronic Interbank Payment System (IBPS) to perform the electronic settlement and clearing transactions.
3. Electronic clearing system means a payment system developed, owned, and managed by an electronic clearing governing body to provide electronic switch and clearing services.
4. Member of an electronic clearing system (hereinafter referred to as member) is a provider of payment services, a provider of payment intermediary services or any other entity meeting membership requirements and standards prescribed under regulations of an electronic clearing governing body, and being connected to an Electronic Clearing System to send, receive, and process payment transactions. Members include clearing and non-clearing members.
5. Clearing member means a member establishing net debit caps for electronic clearing and settlement transactions prescribed in Article 10 hereof to make payments via the Electronic Clearing System (ECS) and opening checking accounts for clearing and settlement purposes at SBV.
6. Non-clearing member means a member carrying out clearing and payment obligations arising from electronic switch and clearing transactions through clearing members.
7. Net debit cap for electronic clearing and payment transactions means the maximum limit on the value of a clearing difference payable by a clearing member in an electronic clearing session.
8. Result of an electronic net clearing (hereinafter referred to as “net clearing result”) is a data factsheet prepared by an electronic clearing governing body after end of each electronic clearing transaction session as a reconciliation report on the final differences receivable and payable of specific clearing members in that session.
9. Electronic clearing means a settlement of differences receivable and payable based on net clearing results via payment accounts that clearing members open at SBV. An electronic clearing governing body shall send SBV (via the IBPS) results of electronic clearing transactions for processing electronic clearing transactions.
10. A clearing member’s payment capability (hereinafter referred to as “solvency”) means an Asset balance recorded in a payment account of that clearing member opened at SBV at the time of processing of an electronic clearing transaction and overdraft facility issued for electronic clearing.
11. Co-operative bank means a bank or an FBB signing a contract or making an arrangement with a provider of payment intermediary services on cooperation in supplying payment intermediary services in accordance with Article 8 hereof.
12. Affiliated bank means a bank or an FBB where a customer uses their e-wallet to open a VND account and/or a debit card and VND account which may be linked to that customer’s e-wallet.
13. License means the license to provide payment intermediary services issued to an organization other than an FBB by SBV. Documents of SBV pertaining to amendment to the License are inseparable from the License.
1. Licensed organizations shall incur licensing fee in accordance with fee and charge laws.
2. Licensed organizations must incur licensing fee at SBV (Central Banking Department) within 15 working days from the date on which they are licensed.
1. Licensed payment intermediary service providers must operate under the correct name of the payment intermediary services and within the scope set by the License.
2. Where a license holder applies for addition of payment intermediary service or services, the license holder shall produce application and conform to procedures detailed under Article 23 and Article 24 of Decree No. 52/2024/ND-CP dated May 15 of 2024 of the Government on cashless payment and amending documents (if any) (hereinafter referred to as “Decree No. 52/2024/ND-CP”).
SBV shall decide to add payment intermediary service or services for the license holder in form of a document amending the License.
Article 6. Scope of payment intermediary services
Payment intermediary services (other than financial switching services) apply to payments of legitimate goods and services according to Vietnamese laws, including payments for foreign goods and services.
Article 7. Currency in transaction
1. Cashless payments made via payment intermediary services in Vietnamese territory must be in VND, except for cases where foreign currency is allowed in Vietnamese territory in accordance with foreign exchange management laws.
2. Where a foreign payment intermediary service provider provides payment intermediary services to a non-resident individual or a resident foreigner in Vietnam to pay for goods and services in Vietnam, payment accepting entity in Vietnam can only accept payment in VND except for cases where payment accepting entities in Vietnam are allowed to accept payment in foreign currency in accordance with foreign exchange management laws.
3. Where a payment intermediary service provider (other than financial switching service provider) provides payment intermediary services to customers to process payment for goods and services overseas, the currency used for payment via payment intermediary service or services must be VND.
4. The conversion from foreign currency to VND (or vice versa) and conversion rate thereof shall be agreed upon by the parties in accordance with regulations of the law.
Payment intermediary service providers must enter into contracts or agreements with co-operative banks pertaining to provision of payment intermediary services which must contain:
1. Document number (if any), date of signing contract or agreement.
2. Name of payment intermediary service provider, name of co-operative bank.
3. Name of cooperating payment intermediary service.
4. Specific rights and obligations of the parties in:
a) Choosing, signing contract or agreement with payment accepting entity; supervising and inspecting payment accepting entity during contract or agreement performance;
b) Settling reconciliation and complaint request of customers, payment accepting entity;
c) Other relevant rights and obligations.
5. In respect of cooperation in provision of COBO and/or POBO services, the contract or agreement must also contain:
a) Regulations on payment security measures in provision of COBO, POBO services including opening payment security accounts to facilitate COBO and POBO services, other security measures or maintenance of margin (if any);
b) Solutions in case COBO, POBO service providers fail to meet or maintain payment security measures in the provision of COBO and POBO services;
c) Cash flow procedures, payment, finalization, reconciliation, payment discrepancy handling procedures;
d) Details under Clause 2 Article 27 hereof (if any).
6. In respect of cooperation in providing electronic payment portal service, the contract or agreement must include: Procedures for connecting, transmitting, and processing electronic data of payments between electronic payment portal service providers and co-operative banks.
7. In respect of cooperation in providing e-wallet services, the contract or agreement must also include:
a) Regulations on opening and using payment security account associated to e-wallet services which must include:
(i) Information on payment security account;
(ii) Responsibilities of e-wallet service providers and co-operative banks relating to payment security account compliant with Article 27 hereof;
b) Procedures for implementation, rights, and obligations of the parties in the event that e-wallet service providers verify know-your-customer information, recognize customers via co-operative banks compliant with anti-money laundering laws and this Circular;
c) Rights and obligations of the parties and handling procedures in the event where customers deposit to e-wallet in accordance with Point a Clause 1 Article 25 hereof;
Article 9. Safety assurance in payment intermediary services
1. Prior to providing services, payment intermediary service providers must promulgate internal regulations pertaining to payment intermediary services which must contain the following procedures:
a) Technical and professional procedures of payment intermediary service, which at least includes: name of service; scope of service; target customer; use conditions; illustration and presentation of professional steps; cash flow procedures from transaction initiation to finalization of obligations between relevant parties in respect of e-wallet services and COBO, POBO services;
b) Procedures for internal inspection and control, which include: purpose; requirements; procedures for implementation; responsibilities of relevant departments;
c) Risk management, safety and confidentiality assurance procedures, including:
(i) Details compliant with risk management regulations, details on safety and confidentiality assurance compliant with regulations of SBV in e-banking operations;
(ii) Details compliant with regulations on preparing, using, preserving, and storing electronic documents in accordance with regulations of the law on e-transactions in banking operations;
(iii) Evaluation of potential risks and matching risk management solutions in provision of payment intermediary services;
(iv) Development of internal procedures pertaining to specific risk handling policies and solutions;
d) General principles and internal regulations on anti-money laundering, anti-terrorism financing, and preventing financing for proliferation of weapons of mass destruction including:
(i) General principles in anti-money laundering, anti-terrorism financing, and preventing financing for proliferation of weapons of mass destruction;
(ii) Internal regulations on in anti-money laundering, anti-terrorism financing, and preventing financing for proliferation of weapons of mass destruction compliant with regulations on anti-money laundering, anti-terrorism financing, and preventing financing for proliferation of weapons of mass destruction;
dd) Procedures and order of processing request for reconciliation, complaint, disputes compliant with regulations of SBV pertaining to cashless payment services including:
(i) Regulations on settlement or response of complaints, reconciliation of customers which dictate: receiving channels, departments, steps for filing complaints, complaint processing step within payment intermediary service providers and when cooperation with relevant entities is required;
(ii) Procedures and specific responsibilities of relevant parties, necessary duration of each step, and results issued to customers filing the complaints;
e) In respect of international financial switching services: internal regulations on selection standards of international payment systems in order to connect and perform financial switching in respect of international payments; internal regulations on professional procedures and risk management solutions in respect of international financial switching services.
2. Payment intermediary service providers must review and update internal regulations under Clause 1 of this Article on a regular basis in order to remain appropriate to practical situations in provision of payment intermediary services and comply with relevant law provisions.
3. Payment intermediary service providers must satisfy technical requirements pertaining to confidentiality and safety for devices facilitating bank card payment; requirements pertaining to information system safety in banking operations; requirements pertaining to safety and confidentiality in provision of online services in banking sector; implement safety and security measures in online payment and bank card payment.
4. Prior to providing services, license holders must publish the following information on their official website: payment intermediary services licensed by SBV; methods for providing payment intermediary services of the license holders; name/brand of payment intermediary services.
5. Payment intermediary service providers must record payments, monitor payable/receivable amounts relating to payment intermediary services separately from those of other business activities (if any) of the payment intermediary service providers; separately record payment and monitor individual payment intermediary service licensed by SBV.
6. Where payment intermediary service providers enter into contract or agreement with payment accepting entities directly (without co-operative banks), payment intermediary service providers must assume responsibilities to payment accepting entities in the same manner that payment service providers do to payment accepting entities according to regulations of SBV on cashless payment services.
7. Where payment intermediary service providers cooperate with other organizations such as product, service providers (hereinafter referred to as “partners”), payment intermediary service providers must enter into contract or agreement with the partners which must include:
a) Partners cooperating with payment intermediary service providers;
b) Distinction between responsibilities of payment intermediary service providers and partners in providing products and services and risks that arise during use of products and services;
c) Departments/entities in charge of settling difficulties and complaints of customers when using products and services;
d) Fulfillment of business conditions for each product and service (where products and services fall under conditional business lines);
dd) Risk warning for customers (if any);
e) Notification and disclosure of information under Points a, b, c, d, and dd of this Clause for customers before using products and services.
PROVISION OF PAYMENT INTERMEDIARY SERVICES
Section 1. ELECTRONIC CLEARING SERVICE
Article 10. Clearing member of ECS
Electronic clearing governing body may adopt regulations on admission (or cessation) of new members in their electronic clearing system in which clearing members are required to meet the following requirements:
1. They have been accepted as direct members of the IBPS.
2. They have already set electronic clearing limits under Clause 1 Article 11 hereof and have already been committed to monitoring and managing electronic clearing limits in order to ensure the processing of payment transactions via electronic clearing systems conforms to regulations laid down in Clause 3 Article 13 hereof.
3. They have entered into written commitments with electronic clearing governing bodies on their payment capability to make timely and full payments on any obligation arising from settlement of electronic clearing transactions and risk distribution obligations in the event that clearing members are incapable of repaying loan debts due to inadequate capital available for electronic clearing transactions.
4. They have entered into written commitments with SBV (Central Banking Department) on loan for clearing settlement in case they are incapable of repaying at the time of finalization and responsibilities for taking and repaying loans (principal and interest) to the SBV; indefinite and uninterrupted authorization to SBV (Central Banking Department) to, at their discretion, debit checking accounts of members, debit escrow account, and transfer ownership of valuable papers (when establishing clearing limits) in order to perform electronic clearing settlement and risk distribution obligations in the event that clearing members are incapable of repaying loan debts due to inadequate capital available for electronic clearing transactions.
Article 11. Electronic clearing limits
Electronic clearing governing bodies shall develop and promulgate internal regulations on organizing and operating ECS, including regulations on procedures for establishing, adjusting, and managing electronic clearing limits for clearing members, in which:
1. Establishment of electronic clearing limits:
a) Initial electronic clearing limits shall be established by value of valuable papers and escrow sums of clearing members;
b) Establishment of electronic clearing limits shall be implemented by electronic clearing governing bodies on a monthly basis on the first working day of the month;
c) Clearing members shall, at their discretion, calculate electronic clearing limits of the beginning of the period and submit request for establishment of electronic clearing limits to electronic clearing governing bodies before the first working day of a period. Electronic clearing limits of each clearing member is determined on the basis of the highest daily differences (payable - receivable) from transactions made via ECS of the previous period while maintaining escrow rate in accordance with Article 12 hereof.
Where electronic clearing limits at the beginning of a period equals zero or is negative, the electronic clearing limits at the beginning of a period will be determined on the basis of electronic clearing limits of the previous period and escrow rate under Article 12 hereof;
Where a clearing member participates in the ECS for less than a month, the electronic clearing limits of the beginning of the period of the member will be established by value of valuable papers and escrow sums;
Where a clearing member requests electronic clearing limits higher than the calculated electronic clearing limits, the difference will be subject to escrow rate in the same fashion as detailed under Point b Clause 2 Article 12 hereof;
d) Clearing members are responsible for data used for calculating electronic clearing limits at the beginning of the period. Electronic clearing governing bodies shall establish electronic clearing limits on the basis of request of clearing members, confirmation of SBV (Central Banking Department) regarding escrow sums of clearing members, ensure escrow rate, and notify results for compliance of clearing members;
dd) Clearing members shall submit escrow sums to establish electronic clearing limits in accordance with Article 12 hereof.
2. Adjustment to electronic clearing limits:
a) During a period with established electronic clearing limits, clearing members may request electronic clearing governing bodies to consider adjustment to electronic clearing limits on the basis of valuable papers, escrow sums, and expected transaction demands via the ECS:
(i) In case of an increase in electronic clearing limits, clearing members must submit additional valuable papers and escrow sums in accordance with Article 12 hereof. After clearing members have finished submitting additional escrow sums to establish electronic clearing limits at SBV (Central Banking Department) and received notice from SBV (Central Banking Department), electronic clearing governing bodies shall adjust and update the electronic clearing limits of the clearing members;
(ii) In case of a decrease in electronic clearing limits, within 1 working day from the date on which clearing members submit the request, electronic clearing governing bodies shall reduce electronic clearing limits of the clearing members, inform the clearing members and SBV (Central Banking Department) about the adjusted electronic clearing limits and minimum escrow sums corresponding to the adjusted electronic clearing limits. Based on notice of electronic clearing governing bodies and request of clearing members, SBV (Central Banking Department) shall return valuable papers and escrow sums to clearing members. The return of valuable papers for establishment of electronic clearing limits shall conform to regulations of SBV on depositary and use of valuable papers at SBV.
b) In respect of decrease in electronic clearing limits, electronic clearing governing bodies shall:
(i) decrease electronic clearing limits at the next electronic clearing settlement in respect of clearing members having decreased escrow sums during electronic clearing settlement according to regulations on net clearing settlement via ECS;
(ii) actively decrease electronic clearing limits of clearing members when clearing members are required to increase escrow rate in accordance with Point d Clause 2 Article 12 hereof;
(iii) decrease electronic clearing limits down to zero in respect of clearing members having outstanding debt in clearing settlement after receiving notice from SBV (Central Banking Department). The decreased electronic clearing limits of clearing members will remain effective until SBV (Central Banking Department) recovers all the debts.
3. Temporary adjustment to electronic clearing limit:
a) Clearing members may request a temporary increase in electronic clearing limits within a working day to satisfy payment demand;
b) Electronic clearing governing bodies may consider a temporary decrease to electronic clearing limits of clearing members in a working day where it is necessary for the purpose of ensuring solvency of clearing members:
(i) Temporary electronic clearing limits will be determined in the same manner in which temporary net debit caps are determined for members of low-value payment services of IBPS;
(ii) At the end of a business day, the temporary electronic clearing limits will revert to the original limits.
4. Management of current electronic clearing limits:
a) Current electronic clearing limits will be determined in the same manner in which current net debit caps are determined for members of low-value payment services of IBPS;
b) Where clearing members incur difference payable according to electronic clearing results, electronic clearing governing bodies will decrease current electronic clearing limits of said members by an amount corresponding to the difference payable for application in the subsequent clearing session and monitor settlement results of electronic clearing on the IBPS in order to:
(i) Where all clearing members have sufficient balance to settle electronic clearing results, electronic clearing governing bodies shall restore the current electronic clearing limits that have been previously decreased immediately after they have settled electronic clearing results;
(ii) Where at least 1 clearing member does not have sufficient balance to settle electronic clearing results, electronic clearing governing bodies shall restore electronic clearing limits that have been previously decreased only of clearing members whose balance is sufficient to settle electronic clearing results as of the date on which low-value clearing is settled via the IBPS and the electronic clearing governing bodies receive notice sent by SBV (Central Banking Department).
Article 12. Escrow collateral for establishment of electronic clearing limits
1. Clearing members shall deposit their money and valuable papers to SBV (Central Banking Department) as escrow sums in order to establish electronic clearing limits. Valuable documents and money serving as escrow for establishment of electronic clearing limits shall be subject to similar regulations to valuable documents and money serving as escrow for establishment of net debit caps in low-value payment settlement in the IBPS.
2. Escrow rate:
a) Clearing members shall submit escrow sums to establish electronic clearing limits. Minimum escrow rate for establishment of electronic clearing limits shall conform to Decision of Governor of SBV from time to time;
b) Where clearing members wish to increase electronic clearing limits, electronic clearing governing bodies shall consider applying escrow rate in the same manner as the increase in net debit caps of low-value payment service members of the IBPS;
c) Where clearing members wish to decrease electronic clearing limits following an increase in electronic clearing limits, the decrease in electronic clearing limits will be applied in the same manner as previously adopted escrow rates;
d) Electronic clearing governing bodies shall request Governor of SBV to consider an increase in escrow rates for clearing members that do not comply with rules, operating regulations of the ECS and are thus incapable of making payment for electronic clearing.
Article 13. Processing payments via ECS
Electronic clearing governing bodies shall develop professional procedures of the ECS, regulate number of sessions, clearing time, payment, reconciliation, data cross-examination, ensure timely, adequate, and accurate settlement for clearing members according to electronic clearing results in a manner that satisfies principles below:
1. Maximum value of transactions in VND of payment orders made via ECS must not exceed the maximum value of low-value payment order via the IBPS.
2. Processing of debt transactions via the ECS requires advance written agreement or written authorization.
3. Electronic clearing governing bodies and clearing members must closely monitor electronic clearing limits to ensure that total difference payable of clearing members in a clearing session does not exceed electronic clearing limits issued in the day of the clearing members.
Article 14. Settlement of electronic clearing transactions
1. In order to settle electronic clearing transactions, electronic clearing governing bodies must register use of net clearing services for other systems of the IBPS under the regulations of SBV on management, operation and use of the IBPS.
2. Electronic clearing governing bodies shall regulate specific clearing time at end of each transaction session according to each approach to processing payment orders or services of ECS, ensuring such time is consistent with the time of operation of the IBPS and settlement of electronic clearing transactions via the ECS.
3. Electronic clearing governing bodies shall send electronic clearing results to the IBPS in order to enter them in the clearing members’ relevant checking accounts under regulations on management, operation and use of the IBPS. The electronic clearing results sent to the IBPS must ensure that clearing members’ payment obligations in clearing sessions do not exceed electronic clearing limits of these members. Measures to be taken to deal with the case in which a clearing member is incapable of making payments shall be subject to regulations on management, operation and use of the IBPS.
Article 15 . COBO and POBO services
1. Customers must have checking accounts and bank cards in order to access COBO and POBO services.
2. Prior to providing services for customers, service providers must:
a) enter into agreements or contracts with co-operative banks and relevant parties appropriate to the license issued by SBV and this Circular;
b) comply with Article 9 hereof;
c) cooperate with co-operative banks in developing mechanisms for guaranteeing solvency which at least include: regulations for opening and maintaining balance of payment security accounts for COBO and POBO services separate from payment security accounts for other services and other checking accounts opened at co-operative banks; use purpose of payment security accounts for COBO and POBO services; payment security measures (if any) other than payment security accounts;
d) implement periodic supervisory and inspection measures to ensure payment capability for payment accepting entities.
Article 16. Electronic payment portal
Prior to providing services for customers, service providers must:
1. Enter into agreements or contracts with co-operative banks and relevant parties appropriate to the license issued by SBV and this Circular.
2. Comply with Article 9 hereof.
Section 3. ELECTRONIC WALLET SERVICE
Article 17. Customers of e-wallet services
1. Customers of e-wallet services in VND are organizations and individuals having VND accounts opened at the banks or credit institutions (other than joint checking accounts).
2. For business e-wallets:
Authorized e-wallet owners have the right to use e-wallets; The authorization must be done in writing, conform to authorization laws and regulations below:
E-e-wallet owner shall submit written authorization and documents, information, data for verifying authorized individuals under Clause 2 Article 18 hereof submitted by legitimate representatives of organizations or authorized representatives of organizations (hereinafter referred to as “legal representatives”), chief accountants (or accountant in charge) to e-e-wallet service providers.
E-wallet service providers must adopt measures for verifying identification of authorized persons in accordance with Clause 2 Article 21 hereof.
3. E-wallet service providers must not open e-wallets for themselves.
Article 18. Application for e-wallet
1. Application for e-wallet consists of:
a) Agreement on e-wallet opening and use in accordance with Article 19 hereof;
b) Documents, information, and data for verifying know-your-customer information in accordance with Clause 2, Clause 3 of this Article.
2. Documents, information, and data pertaining to personal documents of customers:
a) In case of Vietnamese nationals: Citizen ID Card, ID Card, electronic ID (via level 2 e-IDs), 9-digit ID Card or Birth Certificate for individuals below 14 years of age;
b) In case of individuals of Vietnamese origin and unidentified nationality: Identity certificate;
c) In case of foreigners:
(i) Passport and, for foreigners residing in Vietnam, entry visas or documents equivalent to visas or documents proving exemption from entry visas; or
(ii) Electronic identification (via level 2 e-IDs).
3. Documents, information, data of organization customers: Documents, information, data for verifying know-your-customer information in accordance with Point b Clause 1 Article 12 of the Law on Anti-Money Laundering; documents, information, data of legal representatives in accordance with Clause 2 of this Article.
4. Where individual customers open e-wallets via legal representatives or guardians (hereinafter referred to as “representatives”), application for e-wallet must also include:
a) In case of representatives that are individuals: documents, information, and data serving identification, verification of identification of the representatives in accordance with Clause 2 of this Article and documents proving status of the representatives to individuals applying for e-wallet opening;
b) In case of representatives that are juridical persons: documents, information, and data serving identification, verification of identification of the juridical persons in accordance with Clause 3 of this Article and documents proving status of the juridical persons to individuals applying for e-wallet opening.
5. E-wallet service providers may require additional documents, information, and data in the application for e-wallet other than those under Clauses 1 through 4 of this Article as long as they must inform and provide guidelines for customers.
6. Collection and storage of e-wallet application must meet requirements below:
a) Physical documents in the application for e-wallet must be original copies or certified true copies or copies issued from master registers or copies and original copies for comparison in accordance with regulation on issuance of copies from master registers, copies authentication from original copies, signature authentication, and contract, transaction authentication. Where original copies are required for comparison, e-wallet service providers must append verification on copies and assume responsibility for consistency between copies and original copies. Where documents are issued by foreign authority, consular legalization is implemented in accordance with consular legalization laws;
b) Electronic documents, information and data in e-wallet application must be inspected, cross-examined, and authenticated by e-wallet service providers in order to ensure adequacy, accuracy and store in accordance with e-transaction laws;
c) Where documents, information, and data in e-wallet application under Point a and Point b of this Clause are presented in foreign languages, e-wallet service providers may enter into an agreement with customers regarding whether or not a Vietnamese translation is produced while adhering to principles below:
(i) E-wallet service providers must inspect, control, and assume responsibilities for verifying contents of documents, information, and data in foreign languages compliant with information requirements under this Circular;
(ii) Documents, information, and data in foreign languages will be translated at request of competent authority; the translation must be verified by competent authority of e-wallet service providers or notarized or certified;
d) Documents, information, and data in e-wallet application under Clauses 1 through 4 of this Article are effective and unexpired throughout e-wallet opening and use.
Article 19. E-wallet opening and use agreement
1. E-wallet opening and use agreement between e-wallet service providers and customers must contain:
a) Document number (if any), date in which agreement is made;
b) Name of e-wallet service provider;
c) Information on customers opening e-wallet in accordance with Article 20 hereof;
d) Specific rights and responsibilities of the parties;
dd) Regulations on fees, rates, fee collection, fee adjustment in e-wallet opening and use;
e) The use of e-wallet including:
(i) The use of e-wallet must conform to Article 25 hereof;
(ii) Scope and limit of transactions via e-wallet;
(iii) Cases where debit entries are recorded to e-wallet as per the law and other cases where debit entries are recorded in relation to fraud according to conclusions of competent authority;
g) Regulations on linking e-wallet with VND account or debit card of e-wallet owners at co-operative banks;
h) Cases of e-wallet closure and handling of remaining balance in case of e-wallet closure, including:
(i) Where customers are found to have opened the e-wallet under fabricated documents or identification or use the e-wallet for fraudulent practices or other illegal activities;
(ii) Where no transactions are made via the e-wallet in a definite period of time according to regulations of e-wallet service providers;
(iii) Where other cases occur as per the law;
i) Provision of information and method for informing e-wallet owners about: account balance and transactions made via e-wallet; e-wallet closure; expiry of personal documents in e-wallet application and other necessary information during use of e-wallet;
k) Methods for receiving request for reconciliation, complaints; time limit for processing request for reconciliation, complaints and handling of reconciliation, complaint results according to regulations of SBV pertaining to cashless payment services;
l) Implementation of risk management, safety and confidentiality measures in e-wallet usage, including: cases where KYC information must be re-verified and cases where transactions via e-wallet are denied or delayed in accordance with Article 28 hereof;
m) Processing of private data of customers or private data provided by customers, provision of information to third parties in order to provide payment services for customers, and handling of cases of suspected fraud, impersonation, violation of the law;
n) Cases where information is provided:
(i) Information is provided at request of competent authority as per the law or with approval of customers;
(ii) Information pertaining to balance on e-wallet is provided to representatives, heirs (or heirs’ representatives) of e-wallet owners in case e-wallet owners die or are declared deceased.
2. Where e-wallet opening and use agreement is a standard form contract, e-wallet service providers must:
a) publicly post the standard form contract sample at their trading address, on website, e-wallet application on the internet and mobile phone (if any);
b) provide information pertaining to standard form contract to customers and implement measures to verify that customers have read and confirmed that they have been well-informed.
3. In addition to details under Clause 1 of this Article, e-wallet service providers may enter into other agreements with customers without contradicting the law.
Article 20. Information on customers opening e-wallet
1. E-wallet of individuals must contain:
a) In case of Vietnamese nationals, individuals of Vietnamese origin with unidentified nationality: full name; date of birth; nationality; occupation, title; phone number; personal identification number or 9-digit ID number; date of issue, place of issue, expiry date of personal identification documents; tax identification number (if any); permanent registration address and other current residence address (if any); whether the customers are residents or non-residents;
b) In case of foreigners: full name; date of birth; nationality; occupation, title; phone number; valid passport number or identification information issued by foreign authority, date of issue, place of issue, expiry date of passports; identification number of foreigners (if any); entry visa number or number of document replacing entry visa (for foreigners residing in Vietnam), except for cases where visa is exempt as per the law; residence address in foreign country and residence address in Vietnam (for foreigners residing in Vietnam); whether the customers are residents or non-residents;
c) Where a customer has at least two nationalities: respective information under Point a and Point b of this Clause; passport number, date of issue, place of issue, expiry date of passport; nationalities, residence address in countries of other nationalities;
d) Where individuals under Clause 4 Article 18 hereof open e-wallet: information on representatives, to be specific:
(i) In case of representatives that are individuals, information on representatives is specified under Point a, Point b, and Point c of this Clause;
(ii) In case of representatives that are juridical persons, information on juridical persons is specified under Clause 2 of this Article.
2. E-wallet of organizations must contain:
a) Information on e-wallet owner, including: Full and abbreviated business name; headquarters address; business address; establishment permit number or number of documents proving eligibility to establish and operate legally; business registration number or tax identification number (if any); seal sample (if any); identification number of the organization (if any); phone number; fax number, web site (if any); field of business operation;
b) Information on legal representatives of e-wallet owners and authorized individuals (if any) according to Point a, Point b, and Point c Clause 1 of this Article;
c) Information on chief accountants or accountants in charge (if any) of organizations opening e-wallet in accordance with Point a, Point b, and Point c Clause 1 of this Article.
Article 21. Procedures for opening e-wallet
1. Upon applying for e-wallet, customers shall provide documents, information, and data under Article 18 hereof to e-wallet service providers of choice.
2. E-wallet service providers shall examine legitimacy and adequacy, cross-examine to verify consistency, accuracy of documents, information, and data provided by the customers, and verify KYC information in accordance with anti-money laundering laws.
3. After inspecting, cross-examining, and verifying KYC information, e-wallet service providers shall:
a) provide customers with e-wallet opening and use agreement in accordance with Article 19 hereof where documents, information, and data are adequate and legitimate.
b) inform customers for examination and revision of the application or reject the application and state reason where documents, information, and data are inadequate or illegitimate;
c) report to the authority and proceed as per the law where customers are found to have used fabricated or illegitimate documents, information, or data or are blacklisted in accordance with anti-money laundering laws.
4. After customers have agreed to e-wallet opening and use agreement, e-wallet service providers shall open e-wallet and notify customers about number, name of e-wallet, provide instructions and request customers to link their e-wallet to their VND account or debit cards before and during use of e-wallet.
5. In respect of customers that are people with disabilities, e-wallet service providers shall, within their capabilities and conditions, provide instructions pertaining to applications and procedures for opening e-wallet while collecting adequate documents, information, and data for verification of KYC information in accordance with this Circular.
Article 22. Opening e-wallet via electronic means
1. E-wallet service provider shall promulgate internal regulations on procedures for opening e-wallet via electronic means compliant with this Circular and regulations of the law on anti-money laundering, electronic transactions, personal data protection, safety and confidentiality assurance, and including at least the following steps:
a) Collecting documents, information, and data to verify KYC information in accordance with Clause 2, Clause 3 Article 18 hereof and:
(i) Biometric information of e-wallet owners in case of individual customers;
(ii) Biometric information of legal representatives in case of organization customers;
b) Examining legitimacy of documents, information, and data for verifying KYC and cross-checking biometric information of e-wallet owners (in case of individual customers), legal representatives (in case of organization customers) against:
(i) Biometric information stored in encrypted data storage unit of citizen ID card or ID card confirmed to have been issued by police authority or e-identification via electronic identification and authentication system; or
(ii) Biometric information that has been collected and inspected (to ensure consistency between biometric information collected from customers with biometric data in encrypted information storage unit of ID card or ID card confirmed to have been issued by police authority or e-identification via electronic identification and authentication system);
c) Displaying warnings pertaining to prohibited actions when opening and using e-wallet via electronic means and ensuring that customers have adequately read the warnings via the use of technical means;
d) Providing customers with e-wallet opening and use agreement in accordance with Article 19 hereof and verifying customers’ approval for e-wallet opening and use agreement in accordance with Point b Clause 2 of this Article;
dd) Informing customers about number, name of e-wallet, transaction limits via e-wallet, providing instructions and requesting customers to link their e-wallet with their VND accounts or debit cards before and during use.
2. E-wallet service providers shall decide on solutions, procedures, and technologies involved in opening e-wallet via electronic means, assume risks that arise (if any), and meet requirements below:
a) Solutions, procedures, and technologies selected by e-wallet service providers must meet security, safety, and confidentiality requirements according to regulations of SBV;
b) Verification of customers’ approval for details under e-wallet opening and use agreement is required:
(i) For personal e-wallet: technical measures facilitating verification via electronic means are implemented to depict e-wallet owners’ approval for details under e-wallet opening and use agreement;
(ii) For business e-wallet: legal representatives append electronic signature to verify e-wallet owners’ approval for details under e-wallet opening and use agreement;
c) The following documents, information, and data regarding KYC are adequately stored and preserved throughout e-wallet opening and use: customer identification information; biometric information of personal e-wallet owners, legal representatives of business e-wallet owners; sound, images, audio and visual recordings; phone number registered for e-wallet opening; MAC address; transaction history; biometric comparison results under Point b Clause 1 of this Article. Information and data must be stored safely and securely, backed up in a manner that preserves data integrity to facilitate inspection, examination, and verification of e-wallet owners during use of e-wallet, handle reconciliation, complaints and disputes, and provide information at request of competent authority. Time limit for implementation shall conform to anti-money laundering and e-transaction laws;
d) E-wallet service providers must examine and evaluate safety, security rating of solutions, procedures, technologies on a regular basis and suspend services to upgrade, repair, and improve in case of sign of safety breach.
3. Opening e-wallet via electronic means does not apply to individuals under Clause 4 Article 18 hereof and individuals from 15 years of age to under 18 years of age.
Article 23. Verifying information on customers opening e-wallet
1. E-wallet owners must accurately, adequately provide and update documents, information, and data in e-wallet application to e-wallet service providers and be held accountable for veracity of documents, information, and data that they provide.
2. E-wallet service providers must inspect, verify, and ensure that e-wallet application and information on customers opening e-wallet are adequate and legitimate in accordance with Article 18 and Article 20 hereof.
1. E-wallet service providers must request e-wallet owners to link their e-wallet with VND accounts or debit cards associated with VND account of the e-wallet owners opened at affiliated banks before use and maintain linking during use.
2. VND accounts or debit cards linked to e-wallet must have been registered for electronic payment services at affiliated banks.
3. E-wallet service providers must not allow e-wallet owners to use e-wallet where e-wallet has not been linked to VND accounts or debit cards of the e-wallet owners at affiliated banks.
4. Within 7 working days from the date on which e-wallet is no longer linked to VND accounts or debit cards of e-wallet owners, e-wallet service providers must request e-wallet owners (via at least 2 methods) to link their e-wallet with their VND accounts or debit cards as per the law. Where e-wallet owners fail to link e-wallet with their VND accounts or debit cards within 1 month from the date on which e-wallet service providers send written request, e-wallet service providers shall close the e-wallet and refund wallet balance to the e-wallet owners (if any).
Where e-wallet service providers cannot refund wallet balance to e-wallet owners due to reasons originating from the e-wallet owners within 1 month from the date on which e-wallet closure is performed, e-wallet service providers must monitor wallet balance and refund when e-wallet owners request.
5. E-wallet service providers must enter into agreement with affiliated banks and/or electronic switch and clearing service providers regarding procedures for linking e-wallet with VND accounts or debit cards of e-wallet owners.
6. E-wallet owners may link e-wallet with at least one VND account and/or debit cards that they have opened at affiliated banks.
Article 25. Using e-wallet services
1. Deposit to e-wallet can be made via:
a) Cash deposit to payment security account of payment intermediary service providers (for e-wallet services) opened at co-operative banks;
b) Wire transfer from VND account of e-wallet owners opened at affiliated banks;
c) Wire transfer from VND account opened at banks and FBBs other than those under Point b of this Clause;
d) Wire transfer from other e-wallet in the same system (provided by the same e-wallet service provider);
dd) Wire transfer from other e-wallets outside of the system (provided by other e-wallet service providers).
2. E-wallet owners may use their e-wallet to:
a) Deposit money from e-wallet to VND account of e-wallet owners opened at affiliated banks;
b) Transfer money to VND account opened at banks and FBBs other than those under Point a of this Clause;
c) Transfer money to other e-wallet in the same system (provided by the same e-wallet service provider);
d) Transfer money to other e-wallets outside of the system (provided by other e-wallet service providers);
dd) Pay for goods and services; submit fees and charges for legitimate public services as per the law.
3. Customers are not allowed to use e-wallet to make transactions serving money laundering, terrorism financing, financing for proliferation of weapons of mass destruction, fraud, or other violations of the law.
4. E-wallet service providers shall issue a refund to e-wallet owners when:
a) E-wallet service providers terminate e-wallet services provided for customers;
b) E-wallet service providers are terminated, have their license revoked, dissolve, or go bankrupt as per the law;
c) E-wallet owners fail to link their e-wallet with their VND account or debit cards in accordance with Clause 4 Article 24 hereof;
d) E-wallet owners die or are declared dead at which point account balance is transferred to the owners' heirs;
dd) Competent authority requests such action as per the law;
e) Cases where e-wallet closure and handling of remaining balance occur as per written agreement between e-wallet owners and e-wallet service providers in accordance with Point h Clause 1 Article 19 hereof.
5. E-wallet service providers are not allowed to deposit cash submitted by customers to their e-wallets; grant credit extension for e-wallet owners; pay interest on e-wallet balance.
6. E-wallet service providers shall provide use instructions for e-wallet owners that satisfy the following principles:
a) Scope of use and transfer limit of each e-wallet owner conform to risk management laws and e-wallet opening and use agreement under Point c Clause 1 Article 28 hereof;
b) Adequate information is available to inspect, cross-examine, and verify KYC information during e-wallet use;
c) E-wallets can only be used to conduct transactions under Clause 2 Article 25 hereof electronically after matching personal documents and biometric information of e-wallet owners or representatives (in case of individuals customers) or legal representatives (in case of organization customers) with:
(i) Biometric information stored in encrypted data storage unit of citizen ID card or ID card confirmed to have been issued by police authority or e-identification via electronic identification and authentication system; or
(ii) Biometric information collected in-person in case of foreigners who do not use e-identification or individuals of Vietnamese origin with unidentified nationality; or
(iii) Biometric information that has been collected and inspected (to ensure consistency between biometric information collected from customers with biometric data in encrypted information storage unit of ID card or ID card confirmed to have been issued by police authority or e-identification via electronic identification and authentication system); or
(iv) Biometric information of the individuals stored in National database on population in case their ID cards do not contain encrypted information storage unit;
d) Verification measures are adopted appropriate to each type of transactions made via electronic means according to regulations of SBV.
Article 26. E-wallet transaction limit
1. Total transaction limit for personal e-wallet per customer opened at an e-wallet service provider (including wire transfer and payment services under Point b, Point c, Point d, and Point dd Clause 2 Article 25 hereof) is 100 million VND per month.
2. Clause 1 of this Article does not apply to:
a) E-wallets of individuals entering into contracts or agreements to act as payment accepting entities for e-wallet service providers;
b) Payment services: Online payment on national public service portal; electricity payment; water payment; telecommunication payment; fees, charges, and payment related to operation of road vehicles in traffic; tuition fees; hospital fees; social insurance contribution, health insurance premium contribution in accordance with the Law on Insurance Trading; payment of due, overdue debts, interest, and arising costs to banks and FBBs.
3. E-wallet service providers must ensure that total limit for transactions under Point b Clause 2 of this Article via personal e-wallet of a customer does not exceed total transaction limits imposed by e-wallet service providers for the customers under Clause 1 of this Article.
4. E-wallet service providers are responsible for inspecting, monitoring, and ensuring that the use of personal e-wallets conforms to transaction limit imposed by the e-wallet service providers. E-wallet service providers will be held accountable where e-wallet owners fail to adhere to the transaction limit imposed by the e-wallet service providers under this Circular.
Article 27. Using payment security account for e-wallet services
1. E-wallet service providers must ensure that total account balance in all payment security accounts affiliated to e-wallet services opened at co-operative banks must not be lower than total balance of e-wallets issued to customers at any given time.
2. Where e-wallet services are provided together with COBO and/or POBO services, payment intermediary service providers must guarantee that:
a) Payment security accounts affiliate to e-wallet services must not the payment security accounts that are affiliated to COBO and POBO services and must be separate from other payment security accounts at co-operative banks;
b) The use (debit/credit) of payment security accounts affiliated to e-wallet services must be separate from the use (debit/credit) of payment security accounts affiliated to COBO and POBO services.
3. Payment security accounts affiliated to e-wallets can only be used to:
a) Transfer money to VND account of e-wallet owners opened at affiliated banks (for the use of e-wallets under Point a Clause 2 Article 25 hereof);
b) Transfer money to VND accounts opened at banks, FBBs (for the use of e-wallets under Point b Clause 2 Article 25 hereof);
c) Transfer money to payment security accounts affiliated to e-wallet services opened by e-wallet service providers at co-operative banks;
d) Transfer money to payment security accounts affiliated to e-wallet services provided by other e-wallet service providers;
dd) Transfer payment to checking accounts of payment accepting entities and public service providers corresponding to transactions that use e-wallet as payment method in accordance with Point dd Clause 2 Article 25 hereof;
e) Refund money to e-wallet owners in accordance with Clause 4 Article 25 hereof.
g) allow e-wallet service providers to withdraw fees charged by the parties from payment security accounts affiliated to e-wallet payment services in case relevant parties charge service fees directly from e-wallets. E-wallet service providers shall negotiate with co-operative banks about solutions for proving, ensuring that amounts withdrawn from payment security accounts are fees charged by the parties in e-wallet transactions.
Article 28. Assuring safety and confidentiality in e-wallet opening and use
1. E-wallet service providers must promulgate internal regulations on risk management in e-wallet opening and use which include:
a) Solutions for inspection, cross-examining, and verifying KYC information during e-wallet opening and use, including:
(i) Solutions for examining legitimacy, adequacy, consistency, and accuracy of documents, information, and data in application for e-wallet opening;
(ii) Solutions for preventing impersonation, intervention, fabrication, and falsification of KYC authentication in e-wallet opening and use process;
(iii) Technical and technological solutions for cross-checking biometric information of customers in accordance with Point b Clause 1 Article 22 and Point c Clause 6 Article 25 hereof;
(iv) Solutions for ensuring that e-wallets are opened by rightful owners or authorized individuals or representatives or legal representatives;
(v) Other solutions imposed by e-wallet service providers to prevent risks of fraud, impersonation, violation of the law, or exploitation of e-wallet for illegal activities;
b) Criteria set for identifying e-wallets suspected of fraud and violation of the law (hereinafter referred to as “criteria set”) on the basis of consulting causes for suspicion promulgated under Appendix No. 1 and Appendix No. 2 attached hereto. E-wallet service providers must review, amend, and update the criteria set on a regular basis using documents, information, and data in e-wallet opening and use;
c) Potential risks in e-wallet opening and use and appropriate risk handling solutions. Risk handling solutions include:
(i) Regulations on transaction scope and limit based on customer risk ratings; including specific risk management solutions for customers under 18 years of age;
(ii) Cases where KYC information must be updated or re-authenticated, including those under Clause 4 of this Article;
(iii) Cases where transactions conducted via electronic means are rejected or suspended under Clause 2 Article 25 hereof;
d) Regulations on inspecting and cross-checking KYC information against information system for managing, supervising, and preventing fraud risks in payment of SBV and lists of customers suspected of fraud, violation of the law provided by Ministry of Public Security and other authorities (if any) in order to adopt appropriate risk handling solutions;
dd) Internal regulations on risk management which must be reviewed and amended on a regular basis based on orders, recommendations, and warnings of authorities and information, data, risks involved in the e-wallet opening and use.
2. E-wallet service providers must issue warnings and instructions to customers on a regular basis regarding criminal schemes in e-wallet opening and use; instructions regarding maintaining of data confidentiality and safe use of e-wallet.
3. E-wallet service providers must monitor effective period of personal documents of e-wallet owners and relevant individuals during use of e-wallet; inform customers about expiry of personal documents at least 30 days in advance to allow customers to update; suspend transactions conducted via e-wallets under Clause 2 Article 25 hereof in case personal documents of customers expire.
4. E-wallet service providers must re-verify KYC information and promptly adopt solutions under anti-money laundering laws when:
a) Customers exhibit suspicious signs according to the Law on Anti-Money Laundering;
b) E-wallet service providers suspect legitimacy of documents under application for e-wallet opening of customers;
c) Information on owners of personal e-wallet or legal representatives of owners of business e-wallets is included in blacklist according to anti-money laundering laws, list of fraud suspicions on information system for managing, supervising, and preventing fraud risks in payment of SBV or list of customers suspected of fraud, violation of the law provided by Ministry of Public Security and other authorities (if any);
d) Information on e-wallet or e-wallet owners does not match information, data of competent authority.
5. E-wallet service providers must adhere to regulations on information safety and security in e-wallet opening and use as per the law.
Article 29. Safety measures when providing e-wallet services to customers
Prior to providing e-wallet services for customers, e-wallet service providers must:
1. Enter into agreements or contracts with co-operative banks and relevant parties appropriate to the license issued by SBV and this Circular.
2. Comply with Article 9 hereof.
3. Cooperate with co-operative banks equipped with payment security solutions in respect of e-wallet services under Article 27 hereof.
4. Promulgate internal regulations on solutions for preventing customers from using e-wallet that has not been linked or is not linked to the e-wallet owners’ VND accounts or debit cards.
Article 30. Providing information
1. E-wallet service providers shall provide information pertaining to customers’ e-wallet in accordance with instructions of SBV for performance of state management functions.
2. E-wallet service providers must provide information pertaining to e-wallet suspicious of fraud, violation of the law at request of SBV in accordance with Appendix 1 and Appendix 2 attached hereto by 10th of each month at the latest. Information is provided via electronic means in accordance with connection techniques of SBV.
Section 4. PROVISION OF PAYMENT INTERMEDIARY SERVICES INVOLVING FOREIGN ELEMENT
Article 31. Goods and service payments in Vietnam
Where foreign payment intermediary service providers provide services to customers who are non-residents and foreign residents in Vietnam to conduct goods and service payment in Vietnam:
1. Foreign payment intermediary service providers must enter into contracts or agreement with commercial banks, FBBs (approved by SBV for participation in international payment system of the foreign payment intermediary service providers) to conduct goods and service payments in Vietnam.
2. For the purpose of cooperating with foreign payment intermediary service providers, commercial banks and FBBs must verify whether the foreign payment intermediary service providers are under supervision and management of competent authority of countries where the foreign payment intermediary service providers are based or licensed (including management and supervision in terms of anti-money laundering, anti-terrorism financing, anti-financing of proliferation of weapons of mass destruction); request the foreign payment intermediary service providers to comply with regulations pertaining to customer identification, storage of information, documents, data, reports, and confidentiality of information, documents, and data in accordance with regulations of the law on anti-money laundering, anti-terrorism financing, anti-financing of proliferation of weapons of mass destruction of Vietnam or relevant recommendations of Financial Action Task Force (FATF).
3. Contracts and agreements between commercial banks, FBBs and foreign payment intermediary service providers must include:
a) Cash flow procedures, payment and settlement procedures between the parties, guarantee that payment accepting entities in Vietnam receive payment for goods and services from foreign payment intermediary service providers;
b) Solutions of managing, handing potential risks regarding payment, technology, exchange rate, and other risks (if any);
c) Connection solutions and conditions between the parties;
d) Specific rights and obligations of the parties;
dd) Responsibilities for cooperating in responding, settling complaints and reconciliation of payment accepting entities in Vietnam.
4. Foreign organizations providing payment services, payment intermediary services to customers who are non-residents and foreign residents in Vietnam to conduct goods and service payment in Vietnam must not pay payment intermediary service providers directly.
Article 32. Payment for foreign goods and services
Where payment intermediary service providers (other than financial switching service providers) provide payment intermediary services for customers to conduct payment for foreign goods and services:
1. Payment intermediary service providers must enter into contracts or agreements with commercial banks and FBBs (approved by SBV for foreign exchange activities on international market) regarding payment and settlement of payment for foreign goods and services.
2. Payment intermediary service providers must adopt supervising solutions to ensure that payments for foreign goods and services made via payment intermediary services are legitimate as per Vietnam’s law and complaint with foreign exchange laws.
Upon cooperating with payment intermediary service providers foreign or otherwise in accordance with Article 31 and Article 32 hereof, commercial banks and FBBs must:
1. Develop internal regulations pertaining to anti-money laundering compliant with regulations of the law on anti-money laundering, anti-terrorism financing, and anti-financial of proliferation of weapons of mass destruction.
2. Develop internal regulations on inspecting, storing documents and instruments related to transactions to ensure that payments using foreign currency and international payment are used for the right purpose and compliant with regulations of the law on foreign exchange management and applicable relevant law provisions.
RIGHTS AND RESPONSIBILITIES OF RELEVANT PARTIES
Article 34. Rights of payment intermediary service providers
1. Prescribe terms of service; request customers to accurately and adequately provide relevant information upon and during service use; deny service where customers fail to meet requirements for using services, fail to comply with regulations of service providers, or violate other agreements.
2. Prescribe safety measures for service use.
3. Prescribe service fee types and rate appropriate to applicable law provisions.
4. Choose banks, FBBs, other organizations as partners to enter into contracts or agreements on service provision and development on the basis of assuring safety, effectiveness, and compliance with the license and regulations of the law.
5. Exercise other rights according to contracts or agreements with banks, FBBs, payment accepting entities, customers, and partners as per the law.
1. Financial switching and electronic clearing service providers have the responsibility to:
a) promulgate technical standards, instructions provided to members upon participating in and connecting to system of financial switching and electronic clearing organizations; inform members prior to adjustment or update of technical standards and these guiding regulations;
b) ensure coherent operation and maintain stable operation of the system; inform members about system upgrade, update, and maintenance plan in case such upgrade, update, and maintenance activities may disrupt services provided to customers and members;
c) publicize fee types and rates applicable to members before use;
d) promulgate regulations on settlement, reconciliation, cross-examination between financial switching and electronic clearing service providers and members;
dd) cooperate with members in resolving errors and difficulties that arise during system operation.
e) cooperate with members in resolving support request of customers during service provision by members;
g) cooperate with members in verifying suspicions of frauds, impersonation;
h) provide adequate information on a regular and irregular basis regarding transactions made via systems of financial switching and electronic clearing service providers at request of members;
i) cooperate with members in adopting risk management, safety and confidential solutions during service use and provision;
k) perform other obligations as per contracts or agreements with members.
2. International financial switching service provides have the responsibility to:
a) comply with responsibilities of financial switching service providers under Clause 1 of this Article;
b) promulgate internal regulations on selection and connection standards for international payment systems for financial switching of international transactions, comply with regulations on foreign exchange and Vietnam’s laws;
c) perform other obligations as per contracts or agreements with international payment systems in a law-compliant manner.
3. Electronic clearing governing bodies have the responsibility to:
a) develop and promulgate internal regulations on organization and operation of ECS in a manner compliant with this Circular and applicable regulations on payment activities, including the following mandatory information:
(i) Standards and requirements of members of ECS;
(ii) Suspension and termination of membership of ECS;
(iii) Payment procedures and risk management mechanism of ECS;
(iv) Procedures for establishing, revising, managing, and supervising electronic clearing limits;
(v) Operating hours of ECS including: time of receiving order, time for settling clearing, settlement, number of sessions;
(vi) Inquiry, cross-examination, and error, reconciliation, and complaint handling procedures;
(vii) Actions taken in case the ECS is disrupted due to maintenance, repaired, technical difficulties, or emergency;
(viii) Rights and obligations of members in ECS, including risk distribution obligations in electronic clearing settlement;
(ix) Fee policies;
b) develop system for receiving and clearing transactions and payments of members, ensure safe and coherent operation of ECS;
c) monitor, manage, and promptly update electronic clearing limits of clearing members; apply effective warning measures to allow clearing members to promptly increase electronic clearing limits, and comply with Clause 3 Article 13 hereof;
d) produce and send electronic clearing results to IBPS to promptly, adequately, and accurately perform electronic clearing for clearing members;
dd) receive and send notification regarding electronic clearing results from IBPS to clearing members;
e) calculate, identify, and send risk distribution obligation of each clearing member to SBV (Central Banking Department) to facilitate repayment of loans for settlement of electronic clearing;
g) take charge and cooperate with SBV (Central Banking Department) in developing cooperation procedures in managing escrows for establishment of electronic clearing limits of clearing members.
Article 36. Responsibilities of COBO, POBO, and electronic payment portal service providers
1. Towards customers, COBO, POBO, and electronic payment portal service providers have the responsibility to:
a) provide customers with service instruction;
b) publicize fee types and rates before customers use the services;
c) cooperate with relevant parties in:
(i) resolving or responding to complaints and reconciliation request of customers;
(ii) compensating customers for damage caused by technical difficulties of the system, customer information disclosure vulnerability, and other vulnerabilities of service providers;
(iii) conducting inspection, reconciliation of transactions made via system of service providers;
(iv) providing information on a regular, irregular basis regarding transactions made via system of service providers at request of customers.
2. Towards payment accepting entities, COBO, POBO, and electronic payment portal service providers have the responsibility to:
a) implement Clause 6 Article 9 hereof;
b) COBO and POBO service providers have the responsibility to adequately and promptly settle all successful payments for payment accepting entities as per agreements or contracts with payment accepting entities.
3. Towards co-operative banks, COBO, POBO, and electronic payment portal service providers have the responsibility to:
a) enter into contracts or agreements with co-operative banks in accordance with Article 8 hereof;
b) COBO and POBO service providers have the responsibility to adopt payment security measures for COBO and POBO services under contracts or agreements with co-operative banks and this Circular.
4. Towards other partners, COBO, POBO, and electronic payment portal service providers have the responsibility to:
a) enter into contracts or agreements with partners upon cooperating in providing goods and services for customers in accordance with Clause 7 Article 9 hereof;
b) electronic payment portal service providers have the responsibility to satisfy technical requirements to connect to the parties, facilitate payments of customers;
c) cooperate with customers and relevant parties in adopting risk management, safety, and confidential measures during use of service.
5. COBO, POBO, and electronic payment portal service providers shall assume other responsibilities as per contracts or agreements with payment accepting entities, banks, FBBs, financial institutions eligible for credit card issuance, other payment intermediary service providers, and partners in a law-compliant manner.
Article 37. Responsibilities of e-wallet service providers
1. Towards customers, e-wallet service providers have the responsibility to:
a) execute payment orders of e-wallet owners after inspecting legitimacy of the payment orders;
b) store and update all registered specimen signatures and seal samples (if any) of customers for inspection and cross-examination during e-wallet use;
c) promptly credit e-wallet of customers after receiving oncoming payment orders and deposit orders; refund amounts incorrectly debited to e-wallet of customers; cooperate in refunding amounts that have been incorrectly transferred to e-wallet of customers at request of e-wallet service providers, banks, FBBs that perform the transfer;
d) promptly inform e-wallet owners about balance, transactions, documents of transactions that occur on e-wallets and assume responsibilities for accuracy of information provided by service providers;
dd) update customer information on a regular basis or when customers notify changes to information under application for e-wallet opening and promptly update, verify KYC information upon identifying customers with high risk ratings according to criteria set by e-wallet service providers; preserve e-wallet documents and documents on transactions made via e-wallet as per the law;
e) maintain confidentiality of information, personal data of customers or personal data provided by customers, information related to e-wallet and transactions carried out on e-wallet of customers as per the law;
g) provide customers with instructions on safe use of e-wallet, notify and provide explanations for customers regarding prohibited actions in e-wallet opening and use, respond and resolve difficulties, complaints of customers in e-wallet opening and use in accordance with this Circular and agreements between e-wallet owners and e-wallet service providers;
i) promulgate internal regulations on e-wallet opening and use at e-wallet service providers; provide instructions and public post for customer’s acknowledgement and implementation. Internal regulations must include the following details:
(i) Applications and procedures for e-wallet opening, including opening of e-wallet via electronic means and opening of e-wallet for customers who are people with disabilities, incapacitated people, and people without or with limited civil capability;
(ii) Regulations on e-wallet opening and use agreement;
(iii) Regulations on use of e-wallet;
(iv) Regulations on reconciliation, complaints and reconciliation, complaint request forms;
(v) Regulations on risk management in e-wallet opening and use compliant with Clause 1 Article 28 hereof;
(vi) Requirements in which customers must possess VND accounts opened at banks and FBBs before using e-wallet service, customers must link their e-wallet with their VND accounts and/or debit cards (associated to VND accounts) before and during use of e-wallet.
2. In respect of banks and FBBs:
a) Towards co-operative banks, e-wallet service providers have the responsibility to:
(i) adequately and promptly fulfill obligations related to transactions according to agreements between e-wallet service providers and co-operative banks and regulations of the law;
(ii) enter into contracts or agreements with co-operative banks in a manner compliant with Article 8 hereof;
(iii) cooperate with co-operative banks and partners in examining, reconciling transaction data on a daily basis on accounts of e-wallet service providers opened at co-operative banks in accordance with agreements between the parties;
b) Towards affiliated banks:
E-wallet service providers are responsible for cooperating with affiliated banks and/or electronic switching and clearing service providers in examining and cross-checking information of customers applying for e-wallet opening in accordance with agreement between the parties and making sure that customers applying for e-wallet opening are owners of VND accounts or debit cards linked to the e-wallet.
3. E-wallet service providers shall assume responsibility for damage when:
a) The damage is done as a result of error or fault committed by the e-wallet service providers including failure to comply with regulations of the law on safety and confidentiality in service provision;
b) E-wallet service providers fail to take timely actions after receiving written notice of competent authority regarding the fact that customers or e-wallet thereof are related to fraud or violations of the law.
4. E-wallet service providers must comply with regulations of the law pertaining to anti-money laundering and anti-terrorism financing and must not commit prohibited actions under Article 8 of Decree No. 52/2024/ND-CP.
5. Regarding the use of e-wallet to pay for foreign goods and services, e-wallet service providers have the responsibility to:
a) regulate documents and papers relating to payments made for foreign goods and services via e-wallet and inspect, store documents and papers in a manner compliant with regulations of the law on foreign exchange management and electronic transactions;
b) closely supervise and assume responsibility for ensuring that payments for foreign goods and services made via e-wallet serve the right purposes, respect e-wallet transaction limits under this Circular, and conform to regulations of the law.
6. Where non-residents or resident foreigners use e-wallet, e-wallet service providers must adopt strict inspection and supervision measures to ensure that the e-wallet is only used for activities compliant with regulations on foreign exchange management pertaining to the use of VND accounts of non-residents and resident foreigners and this Circular.
7. E-wallet service providers shall assume other responsibilities as per contracts or agreements signed with co-operative banks, payment accepting entities, other partners, and customers in a manner compliant with regulations of the law.
Article 38. Rights of banks and FBBs
1. Banks and FBBs have the right to:
a) choose organizations other than banks and FBBs to cooperate, conduct technical test for payment intermediary service or services;
b) enter into contracts or agreements with payment intermediary service providers licensed by SBV;
c) exercise rights according to contracts or agreements with payment intermediary service providers and relevant parties in a manner compliant with the law.
2. Co-operative banks have the right to:
a) request payment intermediary service providers to provide necessary information relating to transactions made via payment intermediary service providers with co-operative banks in a manner compliant with regulations of the law and agreement between the parties;
b) deny transactions where e-wallet service providers do not use payment security accounts in accordance with Article 27 hereof;
c) exercise rights under Clause 3 of this Article where co-operative banks also act as affiliated banks.
3. Affiliated banks have the right to request e-wallet service providers to provide customer information to facilitate the linking of e-wallet with the customers’ VND accounts and/or debit cards opened at the affiliated banks.
Article 39. Responsibilities of banks and FBBs
1. Banks and FBBs have the responsibility to:
a) cooperate in providing payment intermediary services with organizations that are not banks or FBBs licensed by SBV (except for cases under Clause 1 Article 31 hereof);
b) exercise obligations under contracts or agreements with payment intermediary service providers, payment accepting entities, customers, and relevant parties in a manner compliant with regulations of the law;
c) adopt inspection, supervision solutions in case non-residents or resident foreigners use e-wallet provided by payment intermediary service providers in order to ensure that:
(i) The non-residents and resident foreigners have documents proving legitimate income in VND in case they refill their e-wallet by depositing cash to payment security accounts affiliated to e-wallet services of e-wallet service providers opened at co-operative banks;
(ii) The use of VND accounts of non-residents and resident foreigners to refill or transfer to e-wallet, withdraw or transfer from e-wallet to VND accounts must conform to regulations of the law on foreign exchange management and relevant law provisions.
d) be held accountable in case non-residents or resident foreigners use VND accounts in a manner contradicting the law in transactions related to e-wallet.
2. Co-operative banks have the responsibility to:
a) cooperate with payment intermediary service providers and partners in inspecting, reconciling daily transactions data on accounts of payment intermediary service providers opened at co-operative banks as per agreements between the parties;
b) execute payments for relevant parties in accordance with regulations of SBV and contracts or agreements on joint service provision signed with payment intermediary service providers;
c) open payment security accounts for e-wallet service providers and ensure that these accounts are different from payment security accounts affiliated to COBO and POBO services and that these accounts are separate from other checking accounts of e-wallet service providers; manage solutions for securing payment capability of COBO and POBO service providers; ensure that the use of payment security accounts for e-wallet services complies with contracts or agreements signed with e-wallet service providers and this Circular;
d) prevent payment intermediary service providers from conducting overdraft transactions using payment security accounts affiliated to e-wallet, COBO, and POBO services.
dd) cooperate with payment intermediary service providers in developing procedures for resolving customer’s complaints relating to payments made via payment intermediary services;
e) assume responsibilities under Clause 3 of this Article in case co-operative banks are also affiliated banks.
3. Affiliated banks have the responsibility to:
a) cooperate with e-wallet service providers and/or electronic switching and clearing service providers in examining and cross-checking information of customers applying for e-wallet opening in accordance with agreement between the parties and making sure that customers applying for e-wallet opening are owners of VND accounts or debit cards linked to the e-wallet.
b) ensure that VND accounts or debit cards linked to e-wallet have been registered for electronic payment services at affiliated banks.
4. Where co-operative banks directly enter into contracts or agreements with payment accepting entities (agreements in which payment intermediary service providers participate), co-operative banks must assume responsibilities for payment accepting entities in accordance with regulations of SBV regarding provision of cashless payment services.
5. Where payment accepting entities are also payment intermediary service providers, co-operative banks must assume responsibilities towards payment accepting entities in accordance with regulations of SBV regarding provision of cashless payment services.
Article 40. Responsibilities of clearing members
1. Actively monitor, manage, and promptly update debit balance on checking accounts of their member organizations opened at SBV (Central Banking Department) to ensure payment ability for settlement of electronic clearly; adequately and promptly implement obligations that arise upon joining the ECS.
2. Register, maintain, and manage electronic clearing limits as per the law. Actively monitor, supervise, and promptly increase electronic clearing limits to ensure coherent and uninterrupted transactions made by customers via ECS.
3. Comply with regulations on organization and operation of electronic clearing governing bodies.
Article 41. Responsibility for cooperation in license issuance procedures
1. Within 15 working days from the date on which Payment Department receives adequate documents under Clause 2 Article 24 of Decree No. 52/2024/ND-CP , Payment Departments shall request departments and relevant entities affiliated to SBV (when necessary) in writing to remark in accordance with Clause 2 of this Article.
2. From the date on which written request sent by Payment Department is received:
a) Within 20 working days from the date on which Information Technology Department receives written request of Payment Department, Information Technology Department shall send written remarks to Payment Department for evaluation, assessment of documents and technical prerequisites of organizations applying for the License: documents under Point c, Point d, Point dd (personnel dossiers on technicians implementing Scheme for provision of payment intermediary services), Point h (in respect of electronic switching and clearing services), Point i (in respect of international financial switching services) Clause 2 Article 24 of Decree No. 52/2024/ND-CP ;
b) Within 20 working days from the date on which anti-money laundering authority receives written request of Payment Department, anti-money laundering authority shall send written remarks to Payment Department for evaluation and assessment of compliance with anti-money laundering laws of organizations applying for the License under Point c Clause 2 Article 24 of Decree No. 52/2024/ND-CP , including general principles and internal regulations on anti-money laundering, anti-terrorism financing, and anti-financing for proliferation of weapons of mass destruction;
c) Within 10 working days from the date on which relevant departments and entities affiliated to SBV (if any) receive written request of Payment Department, the relevant departments and entities affiliated to SBV (if any) shall send written remarks to Payment Department.
3. Within 20 working days from the date on which Payment Department receives written remarks of departments and relevant entities affiliated to SBV in accordance with Clause 2 of this Article, Payment Department shall consolidate, submit reports on evaluation results regarding application of organizations applying for license to the Governor of SBV, send written request for remarks to Ministry of Public Security and relevant agencies or issue written notice on rejection which states reason for rejection.
4. Within 20 working days from the date on which Payment Department receives remarks of Ministry of Public Security and relevant agencies, Payment Department shall consolidate the remarks and request Governor of SBV to issue the license or issue written notice on rejection which states reason for rejection.
Article 42. Responsibility for cooperation in license re-issuance procedures
1. Where license expires:
a) Within 03 working days from the date on which Payment Department receives adequate documents under Clause 1 Article 25 of Decree No. 52/2024/ND-CP , Payment Departments shall request departments and relevant entities affiliated to SBV (if necessary) in writing to remark in accordance with Point b Clause 1 of this Article;
b) Within 7 working days from the date on which Information Technology Department, anti-money laundering authority, departments and relevant entities affiliated to SBV (if any) receive written request of Payment Department, Information Technology Department, anti-money laundering authority, departments and relevant entities affiliated to SBV (if any) shall send written remarks to Payment Department;
c) Within 03 working days from the date on which Payment Department receives written remarks of departments and relevant entities affiliated to SBV in accordance with Point b Clause 1 of this Article, Payment Department shall consolidate, submit reports on evaluation results regarding application of organizations applying for license re-issuance to the Governor of SBV, send written request for remarks to Ministry of Public Security and relevant agencies or issue written notice on rejection which states reason for rejection;
d) Within 02 working days from the date on which Payment Department receives remarks of Ministry of Public Security and relevant agencies, Payment Department shall consolidate the remarks and request Governor of SBV to re-issue the license or issue written notice on rejection which states reason for rejection.
2. Where license is lost, torn, burnt, or otherwise damaged:
a) Within 02 working days from the date on which Payment Department receives adequate documents under Clause 2 Article 25 of Decree No. 52/2024/ND-CP , Payment Departments shall request departments and relevant entities affiliated to SBV (if necessary) in writing to remark in accordance with Point b Clause 2 of this Article;
b) Within 5 working days from the date on which entities and relevant entities affiliated to SBV (if any) receive written request of Payment Department, entities and relevant entities affiliated to SBV (if any) shall send written remarks to Payment Department;
c) Within 3 working days from the date on which Payment Department receives remarks sent by entities and relevant entities affiliated to SBV (if any) under Point b Clause 2 of this Article, Payment Department shall consolidate and request Governor of SBV to re-issue license as per the law or issue notice on rejection which states reason for rejection.
Article 43. Responsibility for cooperation in license amendment and revision procedures
1. Within 03 working days from the date on which Payment Department receives adequate documents under Clause 1 Article 26 of Decree No. 52/2024/ND-CP , Payment Departments shall request departments and relevant entities affiliated to SBV (when necessary) in writing to remark in accordance with Clause 2 of this Article.
2. Within 7 working days from the date on which entities and relevant entities affiliated to SBV (if any) receive written request of Payment Department, entities and relevant entities affiliated to SBV (if any) shall send written remarks to Payment Department.
3. Within 03 working days from the date on which Payment Department receives written remarks of departments and relevant entities affiliated to SBV in accordance with Clause 2 of this Article, Payment Department shall consolidate, submit reports on evaluation results regarding application of organizations applying for license amendment, revision to the Governor of SBV, send written request for remarks to Ministry of Public Security and relevant agencies or issue written notice on rejection which states reason for rejection.
4. Within 02 working days from the date on which Payment Department receives remarks of Ministry of Public Security and relevant agencies, Payment Department shall consolidate the remarks and request Governor of SBV to amend, revise the license or issue written notice on rejection which states reason for rejection.
Article 44. Responsibility for cooperation in license revocation procedures
1. Where license is revoked under Point a, Point b Clause 1 Article 27 of Decree No. 52/2024/ND-CP:
a) Within 2 working days from the date on which any of the situations detailed under Point a and Point b Clause 1 Article 27 of Decree No. 52/2024/ND-CP occurs, Payment Department shall send request to departments and relevant entities affiliated to SBV (if necessary) for remarks in accordance with Point b Clause 1 of this Article;
b) Within 5 working days from the date on which entities and relevant entities affiliated to SBV (if any) receive written request of Payment Department, entities and relevant entities affiliated to SBV (if any) shall send written remarks to Payment Department;
c) Within 3 working days from the date on which Payment Department receives remarks of departments and relevant entities under Point b Clause 1 of this Article, Payment Department shall consolidate remarks and request Governor of SBV to revoke license as per the law.
2. Where license is revoked under Point c, Point dd, and Point e Clause 1 Article 27 of Decree No. 52/2024/ND-CP:
a) Within 5 working days from the date on which any of the situations detailed under Point c, Point dd, or Point e Clause 1 Article 27 of Decree No. 52/2024/ND-CP occurs, Payment Department shall send request to departments and relevant entities affiliated to SBV (if necessary) for remarks in accordance with Point b Clause 1 of this Article;
b) Within 5 working days from the date on which entities and relevant entities affiliated to SBV (if any) receive written request of Payment Department, entities and relevant entities affiliated to SBV (if any) shall send written remarks to Payment Department;
c) Within 10 working days from the date on which Payment Department receives remarks of departments and relevant entities under Point b Clause 1 of this Article, Payment Department shall consolidate remarks and request Governor of SBV to revoke license as per the law.
3. Where license is revoked under Point h Clause 1 Article 27 of Decree No. 52/2024/ND-CP:
a) Within 5 working days from the date on which situations under Point h Clause 1 Article 27 of Decree No. 52/2024/ND-CP occur, Payment Department shall cooperate with departments and relevant entities affiliated to SBV (if necessary) in issuing notice and requesting explanation.
b) Within 20 working days from the date on which the notice issued, where license holders fail to provide adequate written explanation, Payment Department shall cooperate with departments and relevant entities affiliated to SBV (if necessary) and request Governor of SBV to revoke the license as per the law.
4. Where license is revoked under Point d Clause 1 Article 27 of Decree No. 52/2024/ND-CP:
a) Within 2 working days from the date on which situations under Point d Clause 1 Article 27 of No. 52/2024/ND-CP , Payment Department shall send written request to departments and relevant entities affiliated to SBV (if any), Ministry of Public Security, and relevant agencies for remarks;
b) Within 7 working days from the date on which entities and relevant entities affiliated to SBV (if any) receive written request of Payment Department, entities and relevant entities affiliated to SBV (if any) shall send written remarks to Payment Department;
c) Within 3 working days from the date on which Payment Department receives remarks sent by departments, relevant entities affiliated to SBV (if any), Ministry of Public Security and relevant agencies, Payment Department shall consolidate and request Governor of SBV to revoke the license as per the law.
5. Where license is revoked under Point g Clause 1 Article 27 of Decree No. 52/2024/ND-CP:
a) Within 5 working days from the date on which situations under Point g Clause 1 Article 27 of Decree No. 52/2024/ND-CP occur, Payment Department shall cooperate with departments and relevant entities affiliated to SBV (if necessary) in issuing notice and requesting explanation.
b) Within 20 working days from the date on which the notice issued, where license holders fail to provide adequate written explanation, Payment Department shall cooperate with departments and relevant entities affiliated to SBV (if necessary), Ministry of Public Security, and relevant agencies and request Governor of SBV to revoke the license as per the law.
Article 45. Responsibility for cooperation in implementation after obtaining the license
1. Information Technology Department acting as liaison shall receive application of payment intermediary service providers licensed by the SBV, cooperate with departments and relevant entities affiliated to SBV (if necessary) and physically inspect operation of the service providers after obtaining the license and before providing payment intermediary services to the public in accordance with Clause 4 Article 24 of Decree No. 52/2024/ND-CP.
2. Within 15 working days from the date on which Information Technology Department receives adequate documents, Information Technology Department shall conduct physical inspection at service providers licensed by SBV and issue notice regarding whether or not the service providers satisfy Point dd, Point g, Point h Clause 2 Article 22 of Decree No. 52/2024/ND-CP. Where service providers fail to satisfy requirements above, the notice must also request licensed service providers to adopt rectifying measures within 3 months.
Where licensed service providers fail to satisfy requirements in accordance with Clause 4 Article 24 of Decree No. 52/2024/ND-CP after 3 months, Information Technology Department shall request Payment Department to revoke the license in accordance with Article 27 of Decree No. 52/2024/ND-CP.
Section 2. OTHER RESPONSIBILITY FOR PAYMENT INTERMEDIARY SERVICE PROVISION
Article 46. Payment Department
1. Provide information for Bank Supervision and Inspection Agency, SBV branches of provinces and central-affiliated cities after discovering signs of violations of the law or violations of the law regarding provision of payment intermediary services; produce administrative offence notice and transfer to competent authority.
2. Act as liaison, cooperate with Information Technology Department and relevant entities in inspecting compliance with regulations of the law on payment intermediary services. Inspection must be conducted at service providers to ensure the correct name of service providers, correct headquarters address of service providers.
3. Cooperate with Bank Supervision and Inspection Agency, SBV branches of provinces and central-affiliated cities in investigating payment intermediary service providers as per the law.
4. Act as liaison and cooperate with relevant entities in advising Governor of SBV about escrow rate for establishing electronic clearing limits.
5. Monitor, examine, and cooperate with relevant entities in settling difficulties that arise during implementation of this Circular.
Article 47. Information Technology Department
1. Acts as liaison to inspect compliance with regulations on information technology sector of payment intermediary service providers as per the law.
2. Cooperates with Bank Supervision and Inspection Agency, SBV branches of provinces and central-affiliated cities in investigating payment intermediary service providers as per the law.
3. Cooperates with Payment Department and relevant entities in inspecting compliance with regulations on payment intermediary services.
4. Studies, develops technical solutions for IBPS in order to fulfill regulations under this Circular.
Article 48. Bank Supervision and Inspection Agency
1. Receives information sent by Payment Department in accordance with Clause 1 Article 46 hereof and takes actions as per the law.
2. Acts as liaison in inspecting provision of payment intermediary services by National Payment Corporation of Vietnam as per the law.
Article 49. Agencies exercising anti-money laundering functions and tasks
Advise and assist Governor of SBV in state management regarding anti-money laundering in provision of payment intermediary services.
Article 50. Central Banking Department
1. Receives, manages, and calculates value of escrow property of clearing members; communicates information relating to value and escrows of clearing members.
2. Records clearing results to checking accounts of relevant parties.
3. Takes action in case clearing members of ECS do not have sufficient solvency.
4. Cooperates with electronic clearing governing bodies in developing cooperation procedures in managing escrow to establish electronic clearing limits.
Article 51. SBV branches of provinces and central-affiliated cities
1. Act as liaison to inspect provision of payment intermediary services of payment intermediary service providers that are not banks, FBBs based in provinces and cities as per the law, other than those under Clause 2 Article 48 hereof.
2. Receive information sent by Payment Department in accordance with Clause 1 Article 46 hereof and takes actions as per the law.
3. Cooperate with Payment Department in inspecting compliance with regulations on payment intermediary services.
1. This Circular comes into force from July 17 of 2024 except for Clauses 2, 3, 4, and 5 of this Article.
2. Article 11, Article 12, Article 13, Article 14, Article 35, Clause 4 Article 47 hereof enter into force from August 15 of 2024.
3. Clause 2 Article 17, Article 18, Article 19, Article 20, Article 21, Article 22, Article 23, Article 28 (except Clause 3) hereof enter into force from October 1 of 2024.
4. Point c Clause 6 Article 25, Clause 3 Article 28 hereof enter into force from January 1 of 2025.
5. Point c and Point dd Clause 1, Point b and Point d Clause 2 Article 25, and Point b and Point d Clause 3 Article 27 hereof come into force from July 1 of 2025.
6. Circular No. 39/2014/TT-NHNN dated December 11 of 2014 of the Governor of SBV amended by Article 2 of Circular No. 20/2016/TT-NHNN dated June 30 of 2016 of the Governor of SBV; Article 3 of Circular No. 30/2016/TT-NHNN dated October 14 of 2016 of the Governor of SBV; Circular No. 23/2019/TT-NHNN dated November 22 of 2019 of Governor of SBV expire from the effective date hereof; except for:
a) Article 9a and Clause 4 Article 11 amended by Circular No. 23/2019/TT-NHNN effective until August 14 of 2024 inclusive;
b) Clause 1, Clause 2, Clause 3, Clause 4, Point a and Point b Clause 7 Article 9 amended by Circular No. 23/2019/TT-NHNN effective until September 30 of 2024.
Article 53. Transition clauses
1. In respect of customers who have opened e-wallet before October 1 of 2024, e-wallet service providers must cooperate with the customers in updating documents, information, and data under e-wallet dossiers in order to adhere to Article 18 hereof before January 1 of 2026.
2. Payment intermediary service providers shall review and amend the following contracts or agreements between payment intermediary service providers and the parties signed before the effective date hereof:
a) Contracts or agreements signed with co-operative banks in order to stay in line with Article 8 hereof, before January 1 of 2026;
b) Contracts or agreements signed with payment accepting entities in order to stay in line with Clause 6 Article 9 hereof, before January 1 of 2026;
c) Contracts or agreements signed with partners for provision of products and services for customers in order to stay in line with Clause 7 Article 9 hereof, before January 1 of 2026.
Article 54. Organizing implementation
Chief of Office, Director of Payment Department, heads of entities affiliated to SBV, payment intermediary service providers, banks, FBBs are responsible for the implementation of this Circular./.
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This translation is made by THƯ VIỆN PHÁP LUẬT, Ho Chi Minh City, Vietnam and
for reference purposes only. Its copyright is owned by THƯ VIỆN PHÁP LUẬT
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