Press release on the issuance of Circular No.23/2019/TT-NHNN
On November 22, 2019, the Governor of the State Bank of Vietnam (SBV) issued Circular No.23/2019/TT-NHNN amending and supplementing a number of articles of Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the SBV Governor providing guidance for the intermediary payment services (as amended and supplemented at Circular No. 20/2016/TT-NHNN dated June 30, 2016 and Circular No. 30/2016/TT-NHNN dated October 14, 2016).
Specifically, Circular No. 23/2019/TT-NHNN is composed of the following main substances:
- Specific provisions on e-wallet services, such as: Information and registration documents required from customers for opening e-wallets; authentication measures for customers’ information upon opening e-wallets; linking e-wallets with payment accounts (or debit cards) of customers (e-wallet owners) at the associated banks; the use of e-wallets; e-wallet usage limits; the purposes of using payment assurance accounts for e-wallet services.
- Provisions clarifying the roles and responsibilities of the payment intermediary service providers, banks and related parties, especially in the management and supervision of payment accepting units.
- Detailed provisions on supervisory tools, information and reporting regimes applicable to providers of intermediary payment services, clarifying the responsibilities of the units involved in supervising the provision of intermediary payment services.
- Detailed provisions on electronic clearing services, creating a legal basis for the implementation of the Automatic clearing system for retail payment transactions in Vietnam.
This Circular annuls Paragraph 3 of Article 25 of Circular No. 37/2016/TT-NHNN dated December 30, 2016 of the SBV Governor on the management, operations and use of the national interbank electronic payment system, as well as amends and supplements Point d, Paragraph 1 of Article 5 of Circular No. 04/2016/TT-NHNN dated April 15, 2016 on regulating the valuable papers depository and use at the SBV.
This Circular takes effect from January 7, 2020.
Translated by VA