Supervision of provision of intermediary payment services in Vietnam

Supervision of provision of intermediary payment services in Vietnam

As stipulated in Article 11 of Circular 41/2024/TT-NHNN regarding the supervision of provision of intermediary payment services in Vietnam as follows:

The supervisory unit shall supervise the provision of intermediary payment services in Vietnam through the collection of documents, information, and data on the provision of payment intermediary services from the following sources:

- Reports as per the regulations of the Governor of the State Bank of Vietnam on statistical reporting policies;

- Reports and information provided by the payment intermediary service provider as stipulated in Article 17 of Circular 41/2024/TT-NHNN;

- Reports and information provided by cooperative banks as stipulated in Article 18 of Circular 41/2024/TT-NHNN;

- Documents, information, and data collected through inspection activities as per legal regulations;

- Documents, information, and data collected through the online supervision information system developed by the State Bank (hereinafter referred to as the online supervision information system) as stipulated in Clause 3, Article 20 of Circular 41/2024/TT-NHNN;

- Feedback from customers using payment intermediary services and information reflected in mass media;

- Information related to the activities of providing payment intermediary services provided or reflected by competent authorities;

- Other information serving the supervision of payment intermediary service provision requested by the supervisory unit from payment intermediary service providers or cooperative banks.

- Processing and summarizing documents, information, and data

+ Comparing and contrasting collected documents, information, and data with historical data to detect abnormal changes;

+ Comparing and contrasting documents, information, and data collected from different sources;

+ Assessing the rationality of collected documents, information, and data; in case of detecting missing, erroneous, or inappropriate documents, information, and data, the supervisory unit shall require the payment intermediary service provider to promptly report, explain, and provide accurate information;

+ Summarizing, analyzing, comparing, and contrasting the collected documents, information, and data.

More details can be found in Circular 41/2024/TT-NHNN which comes into force in Vietnam from July 17, 2024, except for Clause 4, Article 17 of Circular 41/2024/TT-NHNN which comes into force in Vietnam from October 1, 2024.

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