Vietnam: Objectives of oversight and supervision of important payment systems

07:51, 02/09/2018

On August 30, 2018, the State Bank of Vietnam issued Circular No. 20/2018/TT-NHNN prescribing oversight and supervision of payment systems. According to this Circular, oversight and supervision of important payment systems are aimed at achieving certain objectives.

Specifically, according to Article 4 of Circular No. 20/2018/TT-NHNN of the State Bank of Vietnam, oversight and supervision of important payment systems are aimed at achieving the following objectives:

First, to ensure safety, stability and efficiency of important payment systems.

Second, to ensure their compliance with legislative regulations.

Third, to punctually detect and give warnings to operating organizations in order to minimize risks arising during the process of operating important payment systems.

Fourth, to protect legitimate rights and interests of clients using payment services and increase the client’s trust in payment services.

View more details at: Circular No. 20/2018/TT-NHNN of the State Bank of Vietnam takes effect from January 01, 2019.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

4 lượt xem

- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn