Vietnam: Tasks of oversight and supervision of important payment systems

Specifically, according to Circular No. 20/2018/TT-NHNN of the State Bank of Vietnam, tasks of oversight and supervision of important payment systems include:

* National Interbank Payment System

- General situations of the National Interbank Payment System, including information about operating time, current conditions of participating members, current status of payment transactions with respect to specific services (e.g. high-value payment service, low-value payment service, foreign exchange payment service and net settlement service for other payment systems).

- Situations and management of risks, such as operational risk, credit risk, liquidity risk and settlement risk, arising in the National Interbank Payment System.

- Compliance with legislative regulations relating to management and operation of the National Interbank Payment System.

- Changes in the operation of the National Interbank Payment System, including changes in functions of the system, internal processes and procedures of the system.

* Foreign exchange payment system

- General situations of the foreign exchange payment system, including situations of participating members and payment transactions.

- Situations and management of risks, such as operational risk, credit risk, liquidity risk and settlement risk, arising in the foreign exchange payment system.

- Compliance with legislative regulations relating to management and operation of the foreign exchange payment system.

- Changes in the operation of the foreign exchange payment system, including changes in functions of the system, internal processes and procedures of the system.

* Securities payment system

- General situations of the securities payment system, including situations of participating members and payment transactions.

- Situations and management of risks, such as operational risk, credit risk, liquidity risk and settlement risk, arising in the securities payment system.

- Compliance with legislative regulations relating to management and operation of the securities payment system.

- Changes in the operation of the securities payment system, including changes in functions of the system, internal processes and procedures of the system.

* Clearing and switching system for financial transactions

- General situations of the clearing and system for financial transactions, including situations of participating members and transactions with respect to specific services.

- Situations and management of risks, such as operational risk, credit risk, liquidity risk and settlement risk, arising in the clearing and switching system for financial transactions.

- Compliance with legislative regulations relating to management and operation of the clearing and switching system for financial transactions.

- Changes in the operation of the clearing and switching system for financial transactions, including changes in functions of the system, internal processes and procedures of the system.

This is the contents specified in Chapter II of Circular No. 20/2018/TT-NHNN of the State Bank of Vietnam, which takes effect from January 01, 2019.

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