Procedures for issuance of licenses to provide payment intermediary services in Vietnam

Procedures for issuance of licenses to provide payment intermediary services in Vietnam (Internet image)

On June 11, 2024, the State Bank of Vietnam issued Decision 1118/QD-NHNN announcing new, amended administrative procedures in the field of payment activities, implemented at the Single-Window Department under the management of the State Bank of Vietnam.

Procedures for issuance of licenses to provide payment intermediary services in Vietnam

(1) Order of execution:

- Step 1. The organization prepares the application and submits it to the State Bank of Vietnam to request a license for providing payment intermediary services.

- Step 2. Based on the application, the State Bank of Vietnam will coordinate with relevant ministries and agencies to review the application, specifically:

Within 5 working days from the date of receiving the application, the State Bank of Vietnam will send a written confirmation to the organization acknowledging receipt of a complete and valid application. In case the application is incomplete or invalid, the State Bank of Vietnam will send a written request to the organization to supplement and complete the application. The time taken for supplementing and completing the application is not counted in the evaluation period.

Within 60 days from the date the State Bank of Vietnam sends a written request for supplemental documents, if the organization requesting the license does not resubmit the application or the supplemented documents still do not meet the requirements, the State Bank of Vietnam will return the application to the organization;

- Step 3. Within 90 working days from the date of receiving a complete and valid application, the State Bank of Vietnam will evaluate the application.

Within 60 days from the date the State Bank of Vietnam sends a written request for explanation or additional documentation and the organization fails to resubmit the application, the State Bank of Vietnam will return the application to the organization.

Within 90 working days from the date of receiving the supplemented documents, the State Bank of Vietnam will evaluate and issue the license as per regulations. In case the license is not issued, the State Bank of Vietnam will send a written response to the organization, specifying the reasons;

From the day the State Bank of Vietnam receives a complete and valid application, the organization requesting the license may send additional, supplementary documents up to 2 times; the time for submitting additional documents should not exceed 60 days from the date the State Bank of Vietnam sends a written confirmation that the complete and valid application has been received.

(2) Method of execution:

- Directly at the administrative headquarters (One-Stop Department); or

- Via postal service; or

- Submit online at the State Bank public service portal or the national public service portal.

(3) Components of the application:

- Application form requesting a license for providing payment intermediary services according to Form No. 07 issued together with Decree 52/2024/ND-CP dated May 15, 2024;

- Resolution of the Board of Members, Board of Directors, General Meeting of Shareholders, document of the authorized representative of the owner in accordance with the company’s Articles of Association approving the Proposal for providing payment intermediary services and the Technical Solution Explanation;

- Proposal for providing payment intermediary services according to Form No. 08 issued together with Decree 52/2024/ND-CP dated May 15, 2024;

- Technical Solution Explanation;

- Personnel documentation: personal resume according to Form No. 09 issued together with Decree 52/2024/ND-CP dated May 15, 2024, copies of certificates proving expertise and qualifications of the legal representative, General Director (Director), Deputy General Director (Deputy Director), and key staff implementing the Payment Intermediary Services Proposal; criminal record or equivalent document of the legal representative, General Director (Director) as per legal regulations (within 6 months before submitting the license application); document from the authorized representative of the unit where the legal representative, General Director (Director) has worked or is working confirming the position and time served in the position or a copy of documents proving the position and time served in the unit of the legal representative, General Director (Director);

- Copies of documents proving the organization requesting the license has been legally established and operating, including: establishment license or enterprise registration certificate or equivalent document; Articles of Association of the organization; investment certificate of foreign investors (if any);

- Commitment document and proof from the owner, founding members, founding shareholders of the organization regarding maintaining the actual value of the charter capital;

- For financial switching services, electronic clearing services: a plan for a settlement organization to finalize the clearing results among the related parties specified in Form No. 08 issued together with Decree 52/2024/ND-CP; a connection agreement with participating organizations, including a commitment not to connect with more than 2 organizations providing financial switching and electronic clearing services; documents proving the information infrastructure, server system meet the requirements according to point g clause 2 Article 22 Decree 52/2024/ND-CP dated May 15, 2024;

- For international financial switching services: internal regulations on criteria for selecting an international payment system to connect and conduct financial switching for international transactions; internal regulations on business procedures with risk management measures for international financial switching services requesting a license; copies of documents proving the organization operating the international payment system is legally established and operating overseas, issued by the competent authority of the country, territory where the organization is headquartered; a plan for a settlement organization to finalize the clearing results among the related parties, specified in Form No. 08 issued together with Decree 52/2024/ND-CP dated May 15, 2024.

(4) Number of copies: In case of submitting the application by post (postal service) or directly to the One-Stop Department of the State Bank of Vietnam, the organization requesting the license sends 2 copies of the application and 6 CDs (or 6 USBs) storing scanned copies of the complete application.

(5) Processing time: 90 working days from the date of receiving a complete and valid application.

(6) Fee: 10,000,000 VND

More details can be found in Decision 1118/QD-NHNN dated June 11, 2024.

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