In December 2014, the State Bank of Vietnam (SBV) issued the Circular No. 39/2014/TT-NHNN which sets a series of rules banks and non-bank organizations in Vietnam must follow in order to be permitted to offer intermediary payment services such as electronic payment portal, cash collection and payment services, electronic money transfer services, and e-wallet services.
Under the framework, organizations looking to provide such services in Vietnam must apply for a license and must comply to a set of requirements regarding risk management, safety guarantee and security, among other things. The license comes into force from the date of signing and is effective for ten years.
So far, the SBV has granted a license to 27 non-bank organizations:
National Payment Corporation of Viet Nam (NAPAS), a provider of financial switching services and electronic clearing services in Vietnam.
Viet Nam Payment Solution Joint Stock Company (VNPay), a provider of electronic payment services to more than 40 banks, 5 telcos and thousands of enterprises in Vietnam.
Viet Uc Online Service Joint Stock Company (BANKPAY).
Vietnam Online Service Trade Joint Stock Company (Vietnam Online).
Vietnam E Sports Development Joint Stock Company (VIETNAM ESPORTS), a esport company that provides the AirPay mobile payment app and the Ocha POS POS system.
Electricity and Telecommunications Payment Solutions Joint Stock Company (ECPay), a payment services provider in Vietnam which operates the electricity bill payment gateway of Electricity of Vietnam.
VNPT Electronic Payment Joint Stock Company (VNPT EPAY), a digital wallet and payment company.
Viet Phu Payment Services Support Corporation, a company that provides an employee benefit program. It operates iCare Benefits and Mobivi, an e-commerce and electronic transaction processing platform.
BaoKim Electronic Commerce Joint Stock Company, an online payment services company.
Vi Mo Technology Joint Stock Company, a company offering a mobile payment application called Vimo.
Moca Technology and Service Corporation, the operator of the Moca mobile payment application;
FPT Wallet Company Limited, the operator of digital wallet V-FPT and a joint venture between FPT, the largest information technology services company in Vietnam, and the group’s online shopping unit Sendo.vn.
M-PAY Trade and Technology Services Joint Stock Company, the operator of eMonkey, a multi-functional digital wallet.
ONEPAY Online Service and Commercial Joint Stock Company, a payment processing company providing payment gateway, payment processing and merchant services.
WEPAY Payment Services Company Limited, a payment gateway provider.
NGANLUONG Joint Stock Company, a joint venture of MOL AccessPortal Co., Ltd and Peacesoft Solutions Corporation that provides online payment services.
HI-TECH Security and Development Investment Company Limited.
1PAY Joint Stock Company, a digital payment platform provider targeting the broader Southeast Asian region.
People Care Joint Stock Company, the company behind MonPay, a social payment platform and digital wallet.
Viettel Group, Vietnam’s largest mobile network operator, which also operates an online payment platform.
Vina Investment Development and Technology Transfer Company Limited(VINATTI), help enterprises to maximise the power of internet and information technology in business development.
Vietnam Mobile – Based Services Company Limited(VIMASS), is a fast-growing mobile communications service operator in Vietnam launched in 2009.
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