Table of Contents/Mục lục
Establishing a Payment Intermediary Services Company in Vietnam
To successfully establish a company providing payment intermediary services in Vietnam, investors must comply with specific requirements outlined in Article 16 of Decree 101/2012/ND-CP. This guide highlights the conditions and dossier requirements for the establishment of payment intermediary services company.
Key Conditions for Establishing Payment Intermediary Services
- Legal Establishment
- Investors must obtain an establishment license or enterprise registration certificate from a competent authority.
- Approved Service Plan
- A detailed plan for providing intermediary payment services must be developed and approved by the relevant authority. This plan must cover:
- Name, scope, and target customers.
- Operational procedures, including cash flow between parties.
- Mechanisms for solvency, such as payment guarantee accounts.
- Risk management, internal inspection, confidentiality, and anti-money laundering protocols.
- A detailed plan for providing intermediary payment services must be developed and approved by the relevant authority. This plan must cover:
- Minimum Charter Capital
- Companies must hold at least 50 billion VND in charter capital.
- Personnel Requirements
- The legal representative and General Director (or Director) must possess:
- A bachelor’s degree or higher.
- At least 3 years of experience in fields such as business administration, economics, finance, banking, or law.
- Deputy Directors and key personnel must hold degrees related to their specific roles (e.g., economics, IT).
- The legal representative and General Director (or Director) must possess:
- Technical Infrastructure
- Companies must have:
- Adequate facilities and IT systems to ensure secure and uninterrupted service provision.
- A backup technical system independent of the primary system for safety and continuity.
- Compliance with banking regulations on IT system safety.
- Companies must have:
- Service Associations
- For financial switching and clearing services, companies must collaborate with licensed providers to settle payments.
- For payment services involving accounts across multiple banks, companies must work with switching and clearing service providers licensed by the State Bank.
Dossier Requirements for Licensing
To apply for a license, companies must prepare and submit the following:
- Application Form
- A written application in the format provided by the State Bank.
- Organizational Approval
- Resolutions or records from Member Assemblies, Boards of Directors, or shareholder meetings approving the scheme for intermediary services.
- Service Plan and Technical Solutions
- A comprehensive scheme for providing payment intermediary services.
- Descriptions of technical solutions, alongside acceptance of technical experiments.
- Personnel Documents
- Authenticated CVs and certificates proving the qualifications and experience of key personnel (e.g., legal representative, Directors).
- Legal and Operational Documents
- Copies of the establishment license or enterprise registration certificate.
- The organization’s charter of operation.
Additional Notes
Investors must ensure their company complies with all requirements and maintains accurate documentation during the licensing process. Changes in legal provisions may affect the requirements, so it is essential to seek expert advice for accurate guidance.
For detailed assistance with the establishment of payment intermediary services company, contact Law Plus at or call +84 966 008 030.
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Related:
- Procedures for establishing a foreign representative office in Vietnam
- Procedures for termination of foreign representative office in Vietnam
- Investment bank account
