Legal Counselling

Vietnam: 04 types of electronic signatures used in the National Interbank Electronic Payment System

09:57, 11/02/2018

On December 30, 2016, the State Bank of Vietnam issued Circular No. 37/2016/TT-NHNN, which specifies all types of electronic signatures used in the National Interbank Electronic Payment System (NIEPS).

According to Circular No. 37/2016/TT-NHNN of the State Bank of Vietnam, electronic signatures are classified into 04 types, including:

- The creator’s electronic signature;

- The controller’s electronic signature;

- The approver’s electronic signature;

- The communicator’s electronic signature.

Concurrently, Circular No. 37/2016/TT-NHNN also stipulates the issuance and use of digital signatures as follows:

- Instruments for creation of creators’ and controllers’ digital signatures shall be issued and managed by participants and affiliated participants following their own procedures;

- Private keys for creation of approvers’ and communicators’ digital signatures shall be issued by the State bank in accordance with regulations of the State bank on management and use of digital signatures, digital documents and authentication of digital signatures. The person given a digital signature or private key is responsible for its confidentiality and shall bear legal responsibility if its revelation causes damage.

- The appointment of creators, controllers and approvers of participants and affiliated participants shall be decided by their competent persons as long as creators are independent from controllers and approvers.

View more details at Circular No. 37/2016/TT-NHNN of the State Bank of Vietnam, effective from November 01, 2019.

-Thao Uyen-

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