Vietnam: Requirements for surveillance tools for provision of electronic wallet services?

According to Circular No. 23/2019/TT-NHNN of the State Bank of Vietnam, providers of electronic wallet services must provide tools for the state bank to oversee provision of electronic wallet services. Specifically, surveillance tools must meet the following requirements:

- These tools must allow supervision of the number of electronic wallets (already issued, activated or active), total balances in electronic wallets of all customers at the time of access to such tools;

- These tools must allow oversight of total balances in payment guarantee accounts for electronic wallet services, information of each payment guarantee account for electronic wallet services opened at acquiring partner banks, including account holder's name, account code and balance determined at the time of access to these tools;

- These tools can authorize access to data collected in a reporting month (from the initial day to the last day of the month) on the 5th day of the following month at the latest, including the following data:

+ The number of electronic wallets and total balances in electronic wallets (already issued, activated and active) determined at the end date of the reporting period; the number and total value of top-up, withdrawal, payment and other transactions in electronic wallets which are daily counted each month;

+ The number and total value of debit-side and credit-side transactions of payment guarantee accounts for provision of electronic wallet services which are daily counted each month;

+ Information about 10 top electronic wallets having the large number of transactions and 10 top electronic wallets creating the highest transaction value which are arranged in line with specific customers (including business merchants, individual or institutional customers, but excluding individuals or entities accepting payments), comprising information about opening, closing balances; the number and total value of top-up, withdrawal transactions of specific affiliate banks; the number and total value of payment and money transfer transactions; the number and total value of other transactions (if any) (only taking into account transactions successfully processed by payment facilitation systems). The number of electronic wallets to be reported may vary depending on the state bank’s request.

Besides, Circular No. 23/2019/TT-NHNN also guides the authentication of information about customers applying for opening of electronic wallets as follows:

- Electronic wallet holder must provide updated and accurate information included in application for opening of electronic wallets to the provider of electronic wallet services, and must bear responsibility for authenticity of provided information;

- Provider of electronic wallet services shall be responsible for checking and verifying documents submitted to apply for opening of electronic wallet, and ensuring that they are provided in a full and valid manner.

Moreover, linking electronic wallets to payment accounts or debit cards of customers (electronic wallet holders) opened at affiliate banks as follows:

- Providers of electronic wallet services must request customers to complete connection of electronic wallets to their payment accounts or debit cards opened at affiliate banks before they start using electronic wallets;

- Electronic wallets must be linked to Vietnamese-dong payment accounts or debit cards (linked to Vietnam-dong payment accounts) that customers open at affiliate banks;

- Providers of electronic wallet services must agree with affiliate banks or providers of electronic transfer switch and clearing services on procedures and approaches for connection of electronic wallets to their payment accounts or debit cards;

- Customers may connect their electronic wallets to one or multiple payment accounts or debit cards of customers (electronic wallet holders) opened at affiliate banks.

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

Thu Ba

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