Vietnam: Information about customers to be provided for opening of electronic wallets

According to Circular No. 23/2019/TT-NHNN of the State Bank of Vietnam, when applying for opening of electronic wallets, customers (individuals and organizations) must provide the following information:

1. Personal electronic wallets:

- With regard to Vietnamese citizens, full name, date of birth, nationality, telephone number, number of old or new version ID card, passport remaining valid, date and place of issuance must be provided;

- With regard to foreign citizens, full name, date of birth, nationality, telephone number, number of passport remaining valid, date and place of issuance, immigration visa (if any) must be provided;

2. Institutional electronic wallets:

- In-full and abbreviated transaction name, corporate code, tax identification number (if the applicant’s tax identification number is different from the corporate code), main office address, transaction address and telephone number;

- Information about the legal representative of the organization applying for opening of electronic wallet.

Besides, providers of electronic wallet services must set out rules and regulations on registration for opening and use of their electronic wallets and must publicly inform customers prior to registration for opening of electronic wallets. In addition to regulations laid down in point a and b of this clause, providers of electronic wallet services may impose requirements for provision of other information on specific customers which conform to regulations of laws provided that they give clear notices and instructions to customers.

If a person applying for opening of electronic wallets holds a payment account opened in the custody of a guardian or legal representative, in addition to these documents and information, application for opening of an electronic wallet must include the followings:

- If the guardian or legal representative of an electronic wallet holder is a person, application for opening of an electronic wallet must additionally include old or new version ID card or passport remaining valid of that guardian or legal representative, And other documents evidencing guardianship or legal representation status over the electronic wallet holder. Information about the guardian or legal representative shall be subject to regulations laid down in point a of clause 2 of this Article;

- If the guardian or legal representative of the electronic wallet holder is a legal entity, application for opening of electronic wallet must additionally include one of the documents evidencing that such entity is established and operated legally, documents evidencing the status of guardianship or legal representation of that entity over the electronic wallet holder. All information about the guardian or legal representative shall be subject to point b of clause 2 of this Article while all information about legal representative of that entity shall be subject to point a of clause 2 of this Article.

View other provisions at Circular No. 23/2019/TT-NHNN of the State Bank of Vietnam, effective from January 07, 2020.

Thu Ba

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE