Recently, the Government of Vietnam issued Decree No. 80/2016/ND-CP on amendments to certain regulations on non-cash payments. According to this Decree:
- Having an establishment license or enterprise registration certificate issued by a competent authority, in which the provision of payment intermediary services is one of their primary businesses;
- Having an approved plan for payment intermediary service provisions in accordance with the regulations on investment authority prescribed in their charter, which must contain the required contents;
- Meeting technical requirements;
- With regard to the financial switching, clearing services, the service provider must have the payment between relevant parties settled by another service provider;
- With regard to payment services provided for a customer holding accounts in multiple banks, the service provider must associate with a provider of switching and clearing services licensed by the State Bank to provide such services during the process of intermediary payment services;
- During the process of service provision, the provider of payment intermediary services must have an administrative accounting information system to ensure the supervision of sources of funds, assets and outcomes of the payment intermediary services.
Moreover, Decree No. 80/2016/ND-CP also amends and supplements several other provisions on non-cash payments.
More details can be found in Decree No. 80/2016/ND-CP of Vietnam’s Government, which takes effect from July 01, 2016.
Address: | 19 Nguyen Gia Thieu, Vo Thi Sau Ward, District 3, Ho Chi Minh City |
Phone: | (028) 7302 2286 |
E-mail: | info@lawnet.vn |