Procedures for opening e-wallets in Vietnam from October 1, 2024

Procedures for opening e-wallets in Vietnam from October 1, 2024 (Image from the Internet)

On July 17, 2024, the Governor of the State Bank of Vietnam issued Circular 40/2024/TT-NHNN on provision of intermediary payment services in Vietnam.

Procedures for opening e-wallets in Vietnam from October 1, 2024

Article 21 of Circular 40/2024/TT-NHNN stipulates the procedures for opening e-wallets in Vietnam from October 1, 2024, as follows:

- When there is a need to open an e-wallet, customers provide the e-wallet service provider with the necessary documents, information, and data to verify the customer's identity as specified in Article 18 of Circular 40/2024/TT-NHNN.

- The e-wallet service provider will check the legality, validity, and consistency of the documents, information, and data provided by the customer and verify the customer's identity according to legal regulations on anti-money laundering.

- After completing the check, comparison, and verification of the customer's identifying information, the e-wallet service provider will:

+ In case the documents, information, and data are complete, accurate, and legal, the e-wallet service provider will provide the customer with the contents of the agreement on opening and using the e-wallet as specified in Article 19 of Circular 40/2024/TT-NHNN;

+ In case the documents, information, and data are incomplete, inaccurate, or inconsistent, the e-wallet service provider will notify the customer to check, complete the file or refuse to open the e-wallet and clearly state the reasons to the customer;

+ In case it is discovered that the customer uses fake, illegal documents, information, or data, or the customer is on the blacklist according to anti-money laundering laws, the e-wallet service provider will report to the competent authorities and handle according to the law.

- After the customer agrees with the contents of the agreement on opening and using the e-wallet, the e-wallet service provider will open the e-wallet and notify the customer of the e-wallet number, name, guide, and require the customer to complete linking the e-wallet with their domestic currency account or debit card before using and throughout the time using the e-wallet.

- For customers with disabilities, the e-wallet service provider will base on the conditions and ability to provide the unit to guide the documents, procedures, and steps to open the e-wallet appropriately, ensuring that sufficient documents, information, and data are collected to identify and verify the customer as specified in Circular 40/2024/TT-NHNN.

More details can be found in Circular 40/2024/TT-NHNN, effective from July 17, 2024, except for the following provisions:

- Provisions of Article 11, Article 12, Article 13, Article 14, Article 35, and Clause 4 of Article 47 of Circular 40/2024/TT-NHNN are effective from August 15, 2024.

- Provisions of Clause 2 of Article 17, Article 18, Article 19, Article 20, Article 21, Article 22, Article 23, Article 28 (except Clause 3) of Circular 40/2024/TT-NHNN are effective from October 1, 2024.

- Provisions of Point c Clause 6 of Article 25, Clause 3 of Article 28 of Circular 40/2024/TT-NHNN are effective from January 1, 2025.

- Provisions of Point c and Point dd Clause 1, Point b and Point d Clause 2 of Article 25, and Point b and Point d Clause 3 of Article 27 of Circular 40/2024/TT-NHNN are effective from July 1, 2025.

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