On 15 May 2024, the Government issued Decree No. 52/2024/ND-CP ("Decree No. 52/2024") on non-cash payments. Decree No. 52/2024 replaces Decree 101/2012/ND-CP on the same subject, which was passed nearly 12 years ago. The decree took effect on 1 July 2024.
While Decree No. 52/2024 maintains the intermediary payment service ("IPS") licence requirements, it tightens the conditions for providing an IPS. It also enhances regulations in the field of international payments and introduces new concepts such as electronic money.
In terms of IPS licensing, more stringent conditions are imposed on those that provide financial switching or electronic clearing services. These service providers cannot engage in any other business operations. Furthermore, companies that seek to apply for an IPS licence in these services need to meet a minimum capital requirement of VND300 billion, which is much higher than the previous VND50 billion.
For international payments, Decree No. 52/2024 imposes further conditions on banks and foreign bank branches that participate in international payment systems. These include meeting certain qualitative criteria (e.g. concerning risk management) and obtaining approval from the State Bank of Vietnam.
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