License to provide intermediary payment services in Vietnam

Application files and procedures for issuance of a license to provide intermediary payment services in Vietnam

Post date: 07-07-2022

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License to provide intermediary payment services in Vietnam

License to provide intermediary payment services in Vietnam

 

1. Application files for issuance of a license to provide intermediary payment services in Vietnam:

a. Profile composition:
i. An application form for a license, made according to the standard form prescribed by the State Bank: The original copies;
ii. Minutes or resolution of the meeting of the Members” Council, the Board of Directors (or the General Meeting of Shareholders in accordance with the provisions of the organization”s charter) approving the plan on provision of intermediary payment services in Vietnam: Original copies;
iii. Plan on providing intermediary payment services in Vietnam: Original copies:
iv. Explanation of technical solutions and Minutes of technical test acceptance with a cooperation partner: The original copies;
v. Personnel records: Curriculum vitae, certified copy or a copy issued from the original document or a copy accompanied by presentation of the original for comparison with documents proving the professional competence and qualifications of the legal representatives, General Director (Director), Deputy General Director (Deputy Director) and key officials implementing the plan on provision of payment intermediary services: A certified copies;
vi. Establishment license or business registration certificate issued by a competent state agency, the organization”s charter and operation (a certified copy or a copy issued from the original document or a copy attached to it). present the original for exchange of passports): A certified copy;

b. Number of set: 5 sets

2. Form of submission of application for license to provide intermediary payment services in Vietnam:

a. Direct submission: State Bank of Vietnam One-Stop service, 49 Ly Thai To, Hoan Kiem, Hanoi
b. Submission by postal service: By post (public postal service) to the One-Stop Service of the State Bank of Vietnam.

3. Processing time for the application for a license to provide intermediary payment services in Vietnam:

Within 60 days from the date of receipt of a complete and valid application, the State Bank of Vietnam will appraise and grant the license or have a written refusal stating the reason.

4. Fee for appraising the application for issuance of a license to provide intermediary payment services in Vietnam: 10,000,000 VND.

5. Requirements and conditions for license to provide intermediary payment services in Vietnam:

Organizations other than banks that want to provide intermediary payment services in Vietnam must ensure that they fully meet the following conditions:
+ Having an establishment license or an enterprise registration certificate issued by a competent state agency;
+ Having a plan on provision of intermediary payment services approved by a competent authority as prescribed in the organization”s charter, which must contain at least the following contents:
(i) Technical business process of the service applying for a license, including: Name, scope of supply, target customers, conditions of use, diagram and explanation of business steps, process cash flow from transaction initiation to settlement of obligations between related parties;
(ii) Mechanism to ensure solvency, including: Mechanism for opening and maintaining balance of payment security account, purpose of using payment security account;
(iii) Internal inspection and control process; managing risks, ensuring safety and security; general principles and internal regulations on prevention and combat of money laundering; processes and procedures for settlement of tracing requests, complaints and disputes;
+ Have a minimum charter capital of VND 50 billion;
Personnel conditions:
(i) The legal representative, the General Director (Director) of the organization applying for the license must have a university degree or higher or have at least 03 years of direct work in one of the fields of business administration, economics, finance, banking, law;
(ii) Deputy General Director (Deputy Director) and key staff to implement the plan  on provision of payment intermediary services (including Head of Department (department) or equivalent and technical staff) with advanced degrees Degree or higher in one of the fields of economics, finance, banking, information technology or specialized fields;
+ Technical conditions: Having physical facilities, technical infrastructure, information technology systems and technological solutions suitable to the requirements of the provision of intermediary payment services; The backup engineering system is built independently from the main system to ensure safe and continuous service provision when the main system fails and complies with other regulations on ensuring safety and security of the public system. information technology in banking activities;
+ For financial switching services, electronic clearing services, the service provider must have an organization make the settlement of clearing results between related parties;
+ For payment support services for customers with accounts at multiple banks, the service provider must connect with an organization providing financial switching and clearing services authorized by the State Bank to perform the switching and clearing of obligations arising in the process of providing intermediary payment services of the organization.

6. Legal grounds:
a. Circular 39/2014/TT-NHNN of the State Bank of Vietnam
b. Circular 150/2016/TT-BTC of the Ministry of Finance of Vietnam
c. Decree 16/2019/ND-CP of the Government of Vietnam
d. Decree 101/2012/ND-CP of the Government of Vietnam
e. Decree 80/2016/ND-CP of the Government of Vietnam
f. Circular 20/2016/TT-NHNN of the State Bank of Vietnam
g. Circular 30/2016/TT-NHNN of the State Bank of Vietnam
H. Circular 23/2019/TT-NHNN of the State Bank of Vietnam

Lawyer Vietnam Law Firm – Vietnamese Lawyers

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