Overview of payment intermediary services and licensing procedures under Decree 52

This article provides an overview of payment intermediary services and the necessary procedures for applying for a License to provide such services as stipulated in Decree 52/2024/ND-CP regulating non-cash payments (“Decree 52”). The content below covers the definition of payment intermediary services, the organizations authorized to provide them, and the specific dossier and procedures for issuing a License for the provision of payment intermediary services (“Payment Intermediary License”) as mandated by the State Bank of Vietnam. 

1. Payment Intermediary Services

Definition and Scope: Payment intermediary services include the following specific activities: 

  • Financial switching services; 
  • International financial switching services; 
  • Electronic clearing services; 
  • E-wallet services; 
  • Collection and payment support services; and 
  • Electronic payment gateway services. 

The provision of these services must comply with the regulations of the State Bank of Vietnam. 

Organizations Providing Services: An organization providing payment intermediary services is defined as an organization—other than a bank or foreign bank branch—that has been granted a License for the provision of payment intermediary services by the State Bank of Vietnam. 

Therefore, in accordance with Decree 52, except for banks and foreign bank branches, any organization wishing to provide these services must satisfy the relevant conditions and obtain a Payment Intermediary License from the State Bank of Vietnam. 

2. Application Dossier for Issuance of License

Competent Authority: The State Bank of Vietnam is the authority responsible for issuing the License to requesting organizations. 

Required Dossier Components: To request a License, the organization must submit a dossier containing: 

(a) Application Form: Form No. 07 issued with Decree 52. 

(b) Internal Approval: A Resolution of the Board of Members, Board of Directors, General Meeting of Shareholders, or written approval from the authorized owner’s representative (as per the Charter) approving the Payment Intermediary Service Provision Project and the Technical Solution Explanation Report. 

(c) Service Provision Project: Form No. 08 issued with Decree 52. 

(d) Technical Report: An explanation of the technical solutions. 

(e) Personnel Dossier: 

  • Curriculum vitae (Form No. 09) and copies of degrees/certificates for the legal representative, General Director (Director), Deputy General Director, and key personnel. 
  • Criminal record certificate (issued within 06 months) for the legal representative and General Director (Director). 
  • Written confirmation or documentation proving the work history and positions held by the legal representative and General Director (Director). 

(f) Establishment Documents: Copies of the establishment license/business registration certificate, organization Charter, and investment certificate of foreign investors (if applicable). 

(g) Capital Commitment: Written commitment and evidence from the owner or founding members/shareholders regarding the maintenance of the actual value of the charter capital. 

(h) Additional Requirements for Switching/Clearing Services: A plan for clearing result settlement (Form No. 08); connection agreements (limited to maximum 02 organizations); and proof of information infrastructure/server compliance (Point g, Clause 2, Article 22). 

(i) Additional Requirements for International Switching Services: Internal regulations on selecting international systems and risk management; proof of the international organization’s legal establishment; and a plan for clearing result settlement. 

3. Procedures for Issuance of License

Submission and Receipt: The organization shall submit 02 sets of dossiers and 06 CDs (or USBs) containing scanned copies to the State Bank of Vietnam (via post or directly at the One-Stop Shop). 

Timeline and Process: 

  • Completeness Check (05 Working Days): The State Bank of Vietnam confirms receipt of a valid dossier or requests supplementation. If the organization fails to supplement the dossier within 60 days of a request, the dossier is returned. 
  • Appraisal and Issuance (90 Working Days): Upon receipt of a complete dossier, the State Bank of Vietnam conducts an appraisal. During this period, if explanations are requested and not provided within 60 days, the dossier is returned. Within 90 working days of receiving a complete/supplemented dossier, the State Bank of Vietnam shall issue the License or provide a written refusal with reasons. 
  • Self-Supplementation: The applicant may independently submit supplements a maximum of 02 times within 60 days of the State Bank of Vietnam confirming receipt of the valid dossier. 

4. Procedures for Operational Deployment

After obtaining the License, the organization must adhere to the following deployment steps: 

  • Notification (At least 30 days prior to operation): Within 06 months of licensing and at least 30 working days before providing services, the organization must verify its technical system compliance to the State Bank of Vietnam. This includes submitting the Technical Acceptance Minutes (Form No. 10) with a cooperating bank and proof of settlement organization arrangements. 
  • On-site Inspection (Within 15 days of notification): The State Bank of Vietnam will conduct an on-site inspection. If the organization fails to meet the conditions (per Article 22), the License may be considered for revocation. 

5. Term of License

The Payment Intermediary License is valid for 10 years from the date of issuance. For international financial switching services, the term is limited to the operational term of the underlying Financial Switching Service Provision License. 

Conclusion 

In summary, to legally operate as a payment intermediary service provider, organizations must strictly adhere to the definitions and procedural requirements set out in Decree 52. This involves submitting a comprehensive dossier to the State Bank of Vietnam, undergoing a rigorous appraisal process, and ensuring full technical and operational compliance prior to launching services to the market. 

Disclaimers:

This article is for general information purposes only and is not intended to provide any legal advice for any particular case. The legal provisions referenced in the content are in effect at the time of publication but may have expired at the time you read the content. We therefore advise that you always consult a professional consultant before applying any content.

For issues related to the content or intellectual property rights of the article, please email cs@apolatlegal.vn.

Apolat Legal is a law firm in Vietnam with experience and capacity to provide consulting services related to Finance and contact our team of lawyers in Vietnam via email info@apolatlegal.com.



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