The e-wallet with the most users, Momo, belongs to M_Service JSC, and is one of 34 non-bank payment intermediary services in Viet Nam. — Photo thongtincongnghe.com
The State Bank of Viet Nam (SBV) has issued licences to two non-banking organisations to provide intermediary payment services.
On April 15, SBV issued a licence to G Payment Joint Stock Company (G PAY) and six days later it granted a licence to VIDIVA Technology Joint Stock Company (VIDIVA).
Up to now, SBV licensed 34 non-bank payment intermediary services in the country including six last year.
Based in Ha Noi, G PAY was established in February 2018, under G-Group. The company currently offers money transfer, withdrawal, and deposit services.
Meanwhile, VIDIVA was established in August 2017 in HCM City and provides IT and other computer-related services.
Under current regulations, non-bank organisations that want to provide intermediary payment services must have a minimum charter capital of VND50 billion (US$2.1 million); have high technical infrastructure, information technology systems, technological solutions suitable to the requirements of payment intermediary service provision in the country.
The regulations also require a backup technical systems built independently from the main system to ensure safe and continuous service provision when the main system fails. The services also need to work with other regulations on ensuring safety and security of public systems information technology in banking operations in Viet Nam.
Late last year, the SBV announced the draft decree on the management of non-cash payments and set a foreign ownership limit of 49 per cent in intermediary payment firms, however, it announced to remove regulations limiting foreign ownership in local intermediary payment firms this February. — VNS