Instructions on online procedures for opening an e-wallet in Vietnam

Instructions on online procedures for opening an e-wallet in Vietnam (Internet image)

Instructions on online procedures for opening an e-wallet in Vietnam

Providers of e-wallet services must issue internal regulations on the process and procedures for opening e-wallets using electronic means in accordance with the provisions of Circular 40/2024/TT-NHNN, laws on anti-money laundering, electronic transactions, personal data protection, ensuring safety and security, and including at least the steps stipulated in Article 22 of Circular 40/2024/TT-NHNN as follows:

(1) Collect documents, information, and data to verify customer identification information as stipulated in Clauses 2 and 3 of Article 18 of Circular 40/2024/TT-NHNN and:

- Biometric information of the e-wallet holder for individual customers;

- Biometric information of the legal representative for organizational customers;

(2) Verify the legality and validity of the documents, information, and data verifying customer identification information and must match the biometric information of the e-wallet holder (for individual customers) or the legal representative (for organizational customers) with:

- Biometric data stored in the encoded information storage of the citizen identity card or verified citizen card issued by the Police authority or through the verification of the person's electronic identification account created by the Electronic Identification and Verification System; or

- Biometric data that has been collected and verified (ensuring the match between the individual's biometric data and the biometric data in the encoded information storage of the citizen identity card or verified citizen card issued by the Police authority or the individual's biometric data through the verification of the electronic identification account created by the Electronic Identification and Verification System);

(3) Display a warning to the customer about prohibited actions when opening and using the e-wallet through electronic means and have a technical solution to ensure the customer has fully read the warning content;

(4) Provide the customer with the content of the agreement for opening and using the e-wallet as stipulated in Article 19 of Circular 40/2024/TT-NHNN and confirm the customer's acceptance of the agreement for opening and using the e-wallet;

*(5) Notify the customer of the wallet number, wallet name, transaction limits via the e-wallet, and guide and request the customer to complete linking the e-wallet with their Vietnamese dong account or debit card before using and throughout the usage of the e-wallet._

Requirements for e-wallet service providers in Vietnam

E-wallet service providers are free to decide the measures, forms, and technology to serve the opening of e-wallets through electronic means, bear any arising risks (if any), and must meet at least the following requirements:

- The measures, forms, and technology chosen by the e-wallet service providers must ensure the standards of security, safety, and confidentiality as stipulated by the State Bank of Vietnam;

- Confirm customer acceptance of the content in the agreement for opening and using the e-wallet:

+ For individual customer e-wallets: use technical means to ensure confirmation by electronic means, showing the e-wallet holder's acceptance of the content in the agreement for opening and using the e-wallet,

+ For organizational customer e-wallets: the legal representative signs with an electronic signature to confirm the e-wallet holder's acceptance of the content in the agreement for opening and using the e-wallet,

- Fully store and manage all documents, information, and data for customer identification during the opening and usage of e-wallets via electronic means, such as: customer identification information; biometric factors of the individual wallet holder, the legal representative of the organization opening the e-wallet, audio, images, video recordings, audio recordings; phone numbers registered to open the e-wallet; unique identification information of the transaction device (MAC address); transaction logs; biometric information verification results. The information and data must be stored safely and securely, with backup copies, ensuring the completeness and integrity of data to facilitate the inspection, verification, authentication of the e-wallet holder during the use of the e-wallet, dispute resolution, and provide information upon request from competent authorities. The storage time must comply with laws on anti-money laundering and electronic transactions;

- E-wallet service providers must regularly check, evaluate the safety, security of measures, forms, and technology, and temporarily suspend services for upgrading, modification, and completion in case of any security breach indication.

- Opening e-wallets through electronic means does not apply to individual customers as per Clause 4, Article 18 of Circular 40/2024/TT-NHNN, individual customers aged 15 to under 18.

Tran Trong Tin

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