Cases of re-issuance of licenses to provide payment intermediary services in Vietnam from July 01, 2024
The content of the article discusses the cases of re-issuance of licenses to provide payment intermediary services in Vietnam from July 01, 2024.
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Cases of re-issuance of licenses to provide payment intermediary services in Vietnam from July 01, 2024 (Image from Internet)
On May 15, 2024, Hanoi issued Decree 52/2024/ND-CP regulating cashless payments.
Cases of re-issuance of licenses to provide payment intermediary services in Vietnam from July 01, 2024
According to Article 25 of Decree 52/2024/ND-CP, the State Bank of Vietnam (SBV) shall re-issue a license to provide payment intermediary services in the following cases:
* The license expires
Within 60 days before the license expires, the payment intermediary service provider shall submit an application for the license re-issuance to SBV. Where the application is submitted by post (postal services) or in-person to the Single-Window Department of SBV, the applicant shall submit 3 applications for the license re-issuance that include: a written request for the license re-issuance following Form No. 11 enclosed with Decree 52/2024/ND-CP, reports on the implementation of operations according to the license from the license issuance date to the submission date of the application for license re-issuance and copies of the effective license to SBV.
DOWNLOAD Form No.11
Within 30 working days after receiving the application for license re-issuance, SBV shall consider re-issuing the license or issue a written refusal specifying the reason;
The time limit for operations indicated on the license is 10 years from the date SBV re-issues the license.
* The license is lost, torn, burned, or destroyed in other forms
The payment intermediary service provider shall submit an application for the license re-issuance that specifies the reason for the re-issuance following Form No. 11 enclosed with Decree 52/2024/ND-CP. Within 10 working days after receiving the application for license re-issuance, SBV shall consider re-issuing the license or issue a written refusal specifying the reason;
DOWNLOAD Form No.11
The time limit for operations indicated on the license shall be the same as the time limit indicated on the lost, torn, burned, or destroyed license.
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According to Vietnam's current regulations, according to Clause 5 Article 16 of Decree 101/2012/ND-CP of Vietnam's Government, within 30 days as from receiving the application for reissuing the License, the State bank shall consider and issue the License, or the written refusal to issue the license enclosed with the explanation in one of the following cases: * The License expires At least 60 days before the License expires, the organization must apply for reissuing the License and a copy of the unexpired License to the State bank. * The License is revoked After 6 months as from the reasons for revoking the License are completely rectified, the organization that had its Licensed expired may send an explanation and application for reissuing the License to the State bank. * Amending and supplementing the License If the organization wishes to change the content of the License, its must make and send a written request, specifying the amendment and the reason for it, enclosed with a copy of the unexpired License, to the State bank. * In case the License in lost or damaged, the organization must send a written application for reissuing the License and, and the explanation, to the State bank. |
More details can be found in Decree 52/2024/ND-CP effective from July 1, 2024.
Decree 52/2024/ND-CP replaces Decree 101/2012/ND-CP on cashless payment; Decree 80/2016/ND-CP amending and supplementing several articles of Decree 101/2012/ND-CP on cashless payment and annuls Article 3 of Decree 16/2019/ND-CP amending and supplementing several articles of Decrees on business conditions under the state management scope of the State Bank of Vietnam.
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