From July 01, 2024, which documents are required for the application for approval to provide payment services without a payment account?
What are the regulations on payment services without customers' payment accounts from July 1, 2024?
On May 5, 2024, the Government of Vietnam issued Decree 52/2024/ND-CP regulating non-cash payments.
Clause 1, Article 18 of Decree 52/2024/ND-CP stipulates payment services without customers' payment accounts as follows:
Payment services without customers' payment accounts
1. Payment services without customers' payment accounts include:
a) Executing payment services: money transfer, collection services, payment on behalf services;
b) Other payment services not through accounts as regulated by the State Bank of Vietnam.
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Payment services without customers' payment accounts from July 1, 2024, include:
- Executing payment services: money transfer, collection services, payment on behalf services
- Other payment services not through accounts as regulated by the State Bank of Vietnam.
Clause 2, Article 18 of Decree 52/2024/ND-CP stipulates the organizations that can provide payment services without customers' payment accounts include:
- Commercial banks, foreign bank branches, policy banks
- Cooperative banks may provide some payment services without customers' payment accounts after being recorded in the Establishment and Operation License issued by the State Bank of Vietnam
- People's credit funds may provide transfer services, collection services, payment on behalf services for their members and customers after being recorded in the Establishment and Operation License issued by the State Bank of Vietnam
- Microfinance institutions may provide transfer services, collection services, payment on behalf services for their customers after being recorded in the Establishment and Operation License issued by the State Bank of Vietnam
- Public postal enterprises may provide transfer services, collection services, payment on behalf services after meeting the conditions stipulated in Article 19 Decree 52/2024/ND-CP and obtaining written approval from the State Bank of Vietnam.
*Note: The provision of payment services without customers' payment accounts shall be carried out in accordance with the regulations of the State Bank of Vietnam.
What documents are required from July 1, 2024, for the approval to provide payment services without customers' payment accounts?
What documents are required for the approval to provide payment services without customers' payment accounts?
Clause 1, Article 20 of Decree 52/2024/ND-CP stipulates the documents needed for the approval to provide payment services without customers' payment accounts include:
- An application for the provision of payment services without customers' payment accounts according to Form No. 03 issued together with Decree 52/2024/ND-CP
- The resolution of the members' council, a document of the authorized representative of the owner, in accordance with the company charter, approving the Statement of conditions for providing payment services without customers' payment accounts.
- A statement of the conditions for providing payment services without customers' payment accounts according to the regulations in Article 19 of Decree 52/2024/ND-CP
- Documentation on personnel: resumes, certified copies or copies issued from the original register, or copies presented with the original for comparison, of documents proving the competence and professional qualifications of legal representatives, General Director (Director), Person in charge, and key personnel providing these services.
- Establishment license or business registration license or equivalent documents issued by competent state agencies, company charter (certified copies or copies issued from the original register, or copies presented with the original for comparison).
What are the procedures to apply for the approval to provide payment services without customers' payment accounts?
Clause 2, Article 20 of Decree 52/2024/ND-CP stipulates the procedures to apply for the approval to provide payment services without customers' payment accounts include the following steps:
- Public postal service providers must send 03 sets of application documents for the provision of payment services without customers' payment accounts as regulated in Clause 1, Article 20 of Decree 52/2024/ND-CP through postal service (by mail) or directly to the Single Window Department of the State Bank of Vietnam or online through the State Bank of Vietnam's public service portal or the national public service portal (for online submissions, follow the procedures for administrative processes in an electronic environment). The public postal service providers must take full responsibility before the law for the accuracy and truthfulness of the information provided.
Based on the application documents, the State Bank of Vietnam assesses the documents based on the conditions set out in Article 19 of Decree 52/2024/ND-CP.
- Within 05 working days from the receipt date of the application documents, the State Bank of Vietnam will send a written confirmation to the applying public postal service providers stating that the application documents are complete and valid or not, according to the regulations.
If the application documents are not complete and valid according to the regulations, the State Bank of Vietnam will send a written request to the public postal service providers to supplement and complete the documents. The time the enterprises take to supplement and complete the documents will not be included in the assessment period.
- Within 60 working days from the receipt date of complete and valid application documents, the State Bank of Vietnam will assess the documents. If more than 60 days have passed since the State Bank of Vietnam issued a written request to supplement the documents but the applicants did not provide the additional documents, or after two requests the documents still do not meet the conditions, the State Bank of Vietnam will issue a written refusal to approve and return the documents to the public postal service providers.
Within 60 working days from the receipt date of the supplemented, completed documents from the public postal service providers, the State Bank of Vietnam will assess and issue written approval according to the regulations. If not approved, the State Bank of Vietnam will issue a written response to the public postal service providers, stating the reasons.
Decree 52/2024/ND-CP takes effect from July 1, 2024.
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