What documents are included in the application for a license to provide payment intermediary services in Vietnam?

Are banks payment intermediary service providers in Vietnam?

Pursuant to Clause 5 Article 3 of the Decree 52/2024/ND-CP:

Interpretation of terms

For the purpose of this Decree, the following terms shall be construed as follows:

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5. Payment intermediary service providers refer to organizations that are not banks or foreign bank branches licensed to provide payment intermediary services by SBV.

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As regulated above, banks are not payment intermediary service providers.

What documents are included in the application for a license to provide payment intermediary services in Vietnam? - image from internet

What documents are included in the application for a license to provide payment intermediary services in Vietnam?

Pursuant to Article 24 of the Decree 52/2024/ND-CP stipulating issuance of licenses to provide payment intermediary services:

Issuance of licenses to provide payment intermediary services

1. SBV shall issue licenses to provide payment intermediary services according to Clause 1 Article 22 of this Decree to applicants for such licenses.

2. An application for a license to provide payment intermediary services includes:

a) Written request for issuance of the license following Form No. 07 enclosed herewith;

b) Resolutions of the Board of Members, Board of Directors, and General Meeting of Shareholders, documents of the competent representative of the owner conforming with the competence prescribed in the Company Charter regarding the approval for the provision of payment intermediary services, and the presentation of technical measures;

c) Schemes to provide payment intermediary services following Form No. 08 enclosed herewith;

d) Presentation of technical measures;

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As regulated above, an application for a license to provide payment intermediary services includes:

- Written request for issuance of the license;

- Resolutions of the Board of Members, Board of Directors, and General Meeting of Shareholders, documents of the competent representative of the owner conforming with the competence prescribed in the Company Charter regarding the approval for the provision of payment intermediary services, and the presentation of technical measures;

- Schemes to provide payment intermediary services following Form No. 08 enclosed herewith;

- Presentation of technical measures;

- Personnel documents;

- Copies of documents proving that the applicant for the license is legally established and operated;

- Commitment documents and proof documents of the owner, founding members, and founding shareholders of the organization regarding the assurance of the maintenance of the actual value of the charter capital;

- Regarding financial switch services and electronic clearing services:

+ Schemes for an organization to carry out the settlement of clearing results between concerned parties;

+ Written agreements on the connections with participating organizations, which contain commitments to connect to no more than 2 providers of financial switch services and electronic clearing services;

+ Documents proving that the information infrastructures and the server system in accordance with the law;

- Regarding international financial switch services:

+ Intramural regulations on standards of the selection of international payment systems to be connected to for the implementation of financial switch of international payment transactions;

+ Intramural regulations on professional procedures for risk management measures regarding international financial switch services requested for licenses;

+ Copies of documents proving that organizations operating international payment systems are legally established and operated abroad issued by competent authorities of countries and territories where such organizations are established or headquartered;

+ Schemes for an organization to carry out the settlement of clearing results between concerned parties.

Which agencies shall issue licenses to provide payment intermediary services in Vietnam?

Pursuant to Clause 1 Article 24 of the Decree 52/2024/ND-CP:

Issuance of licenses to provide payment intermediary services

1. SBV shall issue licenses to provide payment intermediary services according to Clause 1 Article 22 of this Decree to applicants for such licenses.

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As regulated above, SBV shall issue licenses to provide payment intermediary services to applicants for such licenses.

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