Press Release on issuance of Circular No.41/2024/TT-NHNN
Hanoi, July 17, 2024 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 41/2024/TT-NHNN stipulating the supervision and the implementation of the supervision over the important payment systems and the provision of the payment intermediary services. With the effect of this new Circular, Circular No. 20/2018/TT-NHNN dated August 30, 2018 stipulating the supervision of the payment systems, which was amended and supplemented by Circular No.14/2019/TT-NHNN dated August 30, 2019 amending and supplementing a number of Articles of the SBV’s Circulars on the periodical reporting requirements, shall cease to be effective.
The new Circular is composed of 6 Chapters with 26 Articles, specifically as follows:
- Chapter I: “General provisions”, comprising of 4 Articles (from Article 1 to Article 4), stipulating the scope of regulation; the subjects of application; the interpretation of some terms; the means of supervision.
- Chapter II: “Supervision over the important payment systems”, comprising of 5 Articles (from Article 5 to Article 9), stipulating the substances related to the supervision over the important payment systems; monitoring of the operations of the important payment systems; on-site inspection of the important payment systems; assessment of the important payment systems; warnings and recommendations from the supervision over the important payment systems.
- Chapter III: “Supervision of the provision of the payment intermediary services”, comprising of 5 Articles (from Article 10 to Article 14), stipulating the substances related to the supervision over the provision of the payment intermediary services; monitoring of the provision of the payment intermediary services; on-site inspection of the provision of the payment intermediary services; assessment of the provision of the payment intermediary services; warnings and recommendations from the supervision over the provision of the payment intermediary services.
- Chapter IV: “Reporting and providing information”, comprising of 4 Articles (from Article 15 to Article 18), stipulating the means, the frequencies and the timelines of the reports; reporting and providing information by the operating institutions; reporting and providing information by the payment intermediary service providers; reporting and providing information by the cooperative banks.
- Chapter V: “Responsibilities of the relevant parties”, comprising of 6 Articles (from Article 19 to Article 24), stipulating the responsibilities of the Payment Department, the Information Technology Department, the Banking Supervision Agency under the SBV, the SBV municipal and provincial branches, the operating institutions, the payment intermediary service providers.
- Chapter VI: “Enforcement”, comprising of 2 Articles (Article 25 and Article 26), stipulating the effectiveness and the implementation arrangements.
In addition, the new Circular is also enclosed with 4 report forms and 5 Appendices stipulating the information and data criteria.
The new Circular took effect from July 17, 2024, except for paragraph 4 of Article 17, which takes effect from October 1, 2024, with the aim to enable the implementing entities to have more time to arrange their implementation, revise and update their technological solutions.
Translated by Le Hang