Vietnam’s Circular 23: Guidelines for opening electronic wallets from 2020

Specifically, according to Clause 3 Article 1 of Circular No. 23/2019/TT-NHNN of the State Bank of Vietnam amending and supplementing Article 9 of Circular No. 39/2014/TT-NHNN, the application requirements for opening electronic wallets is specified as follows:

First, personal electronic wallets:

- Information of the applicant for opening electronic wallets which is requested by the provider of electronic wallet service and conforms to regulations laid down in clause 2 of this Article;

- Old or new-version ID card or passport remaining valid, birth certificate (applicable to Vietnamese citizens aged under 14 years); immigration visa or any document proving exemption from the immigration visa requirement which is granted to the applicant for electronic wallet (applicable to foreign nationals);

Second, institutional electronic wallets:

- Information of the applicant for opening electronic wallets which is requested by the provider of electronic wallet service and conforms to regulations laid down in clause 2 of this Article;

- One of documents evidencing the organization applying for opening of electronic wallet is established and operated on a legal manner, including establishment decision, enterprise registration certificate, investment certificate and other documents required by law;

- Documents evidencing the status of representation held by the legal representative or the authorized representative of the organization applying for opening of electronic wallet, enclosing old or new-version ID card or passport thereof;

Moreover, customers applying for opening of electronic wallets can present documents referred to above which are original, duplicate or scanned from original ones or in other forms in accordance with regulations imposed by providers of electronic wallets.

View full text 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