Circular No. 23/2019/TT-NHNN amending and supplementing certain articles of Circular No. 39/2014/TT-NHNN dated December 11, 2014, issued by the Governor of the State Bank of Vietnam guiding payment intermediary services.

CIRCULAR

Amending and supplementing certain Articles of Circular No. 39/2014/TT-NHNN

dated December 11, 2014 of the Governor of the State Bank of Vietnam

guiding payment intermediary services

Pursuant to Decree No. 50/2014/NĐ-CP dated May 20, 2014 of the Government on state foreign exchange reserve management;

Pursuant to the Law on Credit Organizations dated June 16, 2010 and the Law Amending and Supplementing Certain Provisions of the Law on Credit OrganizationsNo. dated November 20, 2017;ngày 20 tháng 11 năm 2017;June 2024;nghị định của Chính phủ về thanh toán không dùng tiền mặt;

Pursuant to Decree No. 101/2012/ND-CP dated November 22, 2012 of the Government on non-cash payments;0||| Chapter 12 của Nghị định;"b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation."nghị định số 101/2012/NĐ-CP;urinary catheternghị định số 80/2015/NĐ-CP, bổ sung một số điều của Nghị định số 101/2012/NĐ-CP;16/NĐ-CPDecree No. 80/2016/ND-CP dated July 1, 2016 of the Government supplementing certain provisions of Decree No. 101/2012/ND-CP;"b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation."952/QĐ-TTg, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CPnghị định số 02/2019/NĐ-CP của Chính phủ sửa đổi, bổ sung một số điều của các Nghị định quy định về điều kiện hoạt động của doanh nghiệp thuộc phạm vi quản lý nhà nước của Ngân hàng Nhà nước Việt Nam;No.Ngân hàng liên kết thực hiện liên kết Ví điện tử với tài khoản thanh toán (hoặc thẻ ghi nợ) của khách hàng thông qua kết nối trực tiếp với tổ chức cung ứng dịch vụ Ví điện tử (trường hợp ngân hàng liên kết đồng thời là ngân hàng hợp tác) hoặc thông qua kết nối giữa tổ chức cung ứng dịch vụ Ví điện tử và tổ chức cung ứng dịch vụ chuyển mạch tài chính và dịch vụ bù trừ điện tử (trong trường hợp tổ chức cung ứng dịch vụ chuyển mạch tài chính và dịch vụ bù trừ điện tử đã có thỏa thuận với ngân hàng liên kết về việc liên kết Ví điện tử với tài khoản thanh toán (hoặc thẻ ghi nợ) mở tại ngân hàng liên kết).”No.Decree No. 16/2019/ND-CP dated February 1, 2019 of the Government amending and supplementing certain provisions of decrees stipulating conditions for business activities under the jurisdiction of the State Bank of Vietnam;June 2024;Điều 8. Đảm bảo khả năng thanh toán"b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation."1. Tổ chức cung ứng dịch vụ hỗ trợ thu hộ, chi hộ phải thỏa thuận với ngân hàng hợp tác về các biện pháp đảm bảo khả năng thanh toán cho việc cung ứng dịch vụ này, bao gồm việc mở tài khoản đảm bảo thanh toán cho dịch vụ hỗ trợ thu hộ, chi hộ hoặc duy trì khoản tiền ký quỹ hoặc các biện pháp đảm bảo khác.No. - Lưu: VT, Vụ PC, Vụ TT (5 bản).technicalbusiness falls within the scope of management by the State Bank of Vietnam;

Pursuant to DecreeNo.Decree No. 16/2017/ND-CP dated February 17, 2017 of the Government stipulating functions, tasks, powers, and organizational structure of the State Bank of Vietnam;of the Government stipulating functions, tasks, powers, and organizational structure of the Ministry of Home AffairsThis Circular takes effect from February 16, 2021, except for the provisions of Clause 2 of this Article.

At the proposal of the Payment Department Director;

The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain articles of Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the Governor of the State Bank of Vietnam guiding payment intermediary services.No.Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the Governor of the State Bank of Vietnam guiding payment intermediary servicesto1. Amend and supplement Clause 2, Clause 7, and add Clauses 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, and 19 to Article 3 as follows:

Article 1. Amending and supplementing certain Articles of Circular No.“2. Electronic settlement service is a service providing technical infrastructure to receive, reconcile payment data and calculate the net amount due for settlement among participating members after offsetting to facilitate final settlement among relevant parties.”

“7. Payment guarantee account is a Vietnamese dong-denominated payment account opened by a service provider supporting payment services at a cooperating bank to ensure the provision of such supporting payment services.”

“9. The main organization of the electronic settlement system (hereinafter referred to as the Main Organization) is a payment intermediary service provider licensed by the State Bank of Vietnam (hereinafter referred to as the State Bank) to provide financial switching services, electronic settlement services, and directly connect to the National Interbank Electronic Payment System (NIEPS) to conduct electronic settlement reconciliation.”

“10. The electronic settlement system (hereinafter referred to as the ESS) is a payment system established, owned, and operated by the Main Organization to provide financial switching and electronic settlement services.”

“11. Member of the ESS (hereinafter referred to as the member) is a payment service provider, a payment intermediary service provider, or another entity meeting the membership requirements and standards set forth by the Main Organization and connected to the ESS to send, receive, and process payment transactions. Members include settlement members and non-settlement members.”

“12. Settlement member is a member that establishes a Net Debit Limit in electronic settlement transactions as stipulated in Clause 14 of this Article to conduct transactions through the ESS and open a payment account at the State Bank (Trading Center) for electronic settlement reconciliation.”

“13. Non-settlement member is a member that fulfills payment obligations and settlements in financial switching and electronic settlement transactions through a settlement member.”

“14. Net Debit Limit in electronic settlement (hereinafter referred to as the NDL) is the maximum value limit of the net debit balance that a settlement member can have during an electronic settlement transaction session.”

“15. Net Settlement Result of electronic settlement (hereinafter referred to as the NSR) is a statement of accounts prepared by the Main Organization after each electronic settlement transaction session, reflecting the final net debit or credit balance of each settlement member in that session.”

“16. Electronic settlement settlement (hereinafter referred to as the ESS) is the process of settling net debit or credit balances according to the NSR through the payment accounts of settlement members at the State Bank (Trading Center). The Main Organization sends the NSR to the State Bank (through the NIEPS) to process the ESS.”

“17. Settlement member’s liquidity (hereinafter referred to as liquidity) is the credit balance in the settlement member’s payment account at the State Bank (Trading Center) at the time of processing the ESS.”

“18. Cooperating bank is a bank or foreign bank branch that has entered into a contract or agreement with a payment intermediary service provider to cooperate in providing payment intermediary services to customers.”

“19. Linked bank is a bank or foreign bank branch where a customer opens a payment account and/or a debit card, which the customer uses to link their e-wallet. The linked bank performs the linking of the e-wallet to the customer's payment account (or debit card) through direct connection with the e-wallet service provider (if the linked bank is also a cooperating bank) or through connection between the e-wallet service provider and the financial switching and electronic settlement service provider (if the financial switching and electronic settlement service provider has an agreement with the linked bank regarding the linking of the e-wallet to the payment account (or debit card) opened at the linked bank).”

Article 8. Ensuring Payment Capacity

1. A service provider supporting collection and disbursement must agree with the cooperating bank on measures to ensure payment capacity for these services, including opening a payment guarantee account for collection and disbursement services, maintaining a deposit guarantee, or other security measures.

The associated bank shall implement the linkage between e-wallets and customer payment accounts (or debit cards) through direct connection with the service provider of e-wallets (in cases where the associated bank is also a cooperating bank) or through connection between the e-wallet service provider and the financial switching and electronic settlement service provider (in cases where the financial switching and electronic settlement service provider has agreed with the associated bank on linking e-wallets to payment accounts (or debit cards) opened at the associated bank).

4. Having been awarded the title "Outstanding Artist" and subsequently meeting one of the following criteria:

Article 8. Ensuring Payment Capability

1. Service providers supporting collection and disbursement services must agree with the cooperating bank on measures to ensure the capability for payments in providing these services, including opening a guarantee account for the collection and disbursement support services or maintaining a deposit guarantee or other forms of guarantees.

2. The organization providing e-wallet services must open a payment guarantee account to ensure the provision of these services. The payment guarantee account for e-wallet services shall not be shared with the payment guarantee account for collection and disbursement services (if any) and must be separated from other payment accounts at cooperating banks.

The organization providing e-wallet services is obligated to maintain the total balance on all payment guarantee accounts for e-wallet services opened at cooperating banks not lower than the total balance of all e-wallets of customers at the same time.

3. The payment guarantee account for e-wallet services may only be used for:

a) Payment into the payment account or debit card account of the payment acceptance unit at the bank;

b) Refund to the payment account or debit card account of the customer (the e-wallet holder) in the following cases:

(i) The customer withdraws money from the e-wallet to their payment account or debit card account;

(ii) The customer no longer needs to use the e-wallet;

(iii) The organization providing e-wallet services ceases to provide e-wallet services to the customer;

(iv) The organization providing e-wallet services ceases operations, has its license revoked, dissolved, or declared bankrupt according to the provisions of the law;

c) Payment into the payment account of service providers in the case where the customer uses the e-wallet to pay fees or charges for legitimate public services according to the provisions of the law;

d) Transfer to other payment guarantee accounts for e-wallet services opened by the same organization providing e-wallet services.”

4. Meeting one of the following criteria:

“Article 9. E-wallet Provision Activities

1. Documents for opening an e-wallet:

a) For individual e-wallets:

(i) Information of the individual opening the e-wallet as required by the organization providing e-wallet services and in accordance with the provisions of Clause 2 of this Article;

(ii) Identity card or citizen identification card or passport still valid, birth certificate (for individuals under 14 years old who are Vietnamese citizens); entry visa or documents proving exemption from entry visa for the individual opening the e-wallet (for foreign individuals);

b) For organizational e-wallets:

(i) Information of the organization opening the e-wallet as required by the organization providing e-wallet services and in accordance with the provisions of Clause 2 of this Article;

(ii) One of the documents proving that the organization opening the e-wallet was established and operates legally such as: Decision on establishment, business registration certificate, investment certificate or other documents as prescribed by law;

(iii) Documents proving the legal representative or authorized representative (referred to as the legal representative) of the organization opening the e-wallet along with the identity card or citizen identification card or passport still valid of that person;

c) Customers applying to open an e-wallet may present the documents specified in points a(ii), b(ii) and b(iii) of this clause in original form, copy or scanned copy from the original or other forms as prescribed by the organization providing e-wallet services;

d) Customers can apply and submit the e-wallet opening documents directly at the headquarters, branch, transaction office of the organization providing e-wallet services or through online transaction channels of the organization providing e-wallet services or other methods as prescribed by the organization providing e-wallet services and in accordance with the provisions of the law.

2. Customer information for opening an e-wallet includes:

a) For individual e-wallets:

(i) For Vietnamese individuals: Full name; date of birth; nationality; phone number; identity card number or citizen identification card number or passport number still valid, date of issue, place of issuance;

(ii) For foreign individuals: Full name; date of birth; nationality; phone number; passport number still valid, date of issue, place of issuance, entry visa (if applicable);

b) For organizational e-wallets:

(i) Full trading name and abbreviation; business code and tax code (if the organization's tax code is different from the business code); main office address; transaction address; phone number;

(ii) Information about the legal representative of the organization opening the e-wallet as stipulated in point a of this clause;

c) The organization providing e-wallet services must have regulations and terms regarding the registration and use of e-wallets and must disclose them to customers before registering to open an e-wallet. In addition to the contents stipulated in points a and b of this clause, the organization providing e-wallet services may supplement additional information suitable for each type of customer and in compliance with the law, but must clearly notify and provide specific guidance to customers.

3. In the case of an individual applying to open an e-wallet with a payment account opened through a guardian or legal representative, in addition to the documents and information specified in Article 1 and Article 2 of this Law, the e-wallet opening documents must include the following additional documents and information:

a) If the guardian or legal representative of the e-wallet holder is an individual, the e-wallet opening documents must include the identity card or citizen identification card or passport still valid of the guardian or legal representative and documents proving the guardianship or legal representation status of that person towards the e-wallet holder. Information about the guardian or legal representative as stipulated in point a of Article 2 of this Law;

b) If the guardian or legal representative of the e-wallet holder is a legal entity, the e-wallet opening documents must include one of the documents proving that the organization was established and operates legally, documents proving the guardianship or legal representation status of that organization towards the e-wallet holder. Information about the guardian or legal representative as stipulated in point b of Article 2 of this Law, and information about the legal representative of that organization as stipulated in point a of Article 2 of this Law.

4. Verification of customer information for opening an e-wallet:

a) The electronic wallet owner must provide and update all complete and accurate information in the electronic wallet opening file for the service provider of electronic wallets and bear responsibility for the authenticity of the information provided.

b) The service provider of electronic wallets has the responsibility to check, verify, and ensure that the customer's electronic wallet opening file is complete and valid as stipulated in Clause 1, Clause 2, and Clause 3 of this Article.

5. Linking the electronic wallet with the customer's (electronic wallet owner) bank account or debit card at the linked bank:

a) The service provider of electronic wallets must require customers to complete the linking of their electronic wallet with their bank account or debit card before using the electronic wallet.

b) The electronic wallet must be linked with the customer's bank account denominated in Vietnamese Dong or debit card (linked to a bank account denominated in Vietnamese Dong) opened at the linked bank.

c) The service provider of electronic wallets must agree with the linked bank or financial switching service provider and electronic settlement service provider on the procedures and methods for linking the electronic wallet with the customer's bank account or debit card.

d) Customers may link their electronic wallet with one or more bank accounts or debit cards opened at the linked banks.

6. Using the electronic wallet:

a) Depositing money into the electronic wallet must be done from:

(i) The customer's (electronic wallet owner) bank account or debit card;

(ii) Receiving money from another electronic wallet opened by the same service provider of electronic wallets;

b) Customers can use the electronic wallet to:

(i) Pay for legitimate goods and services;

(ii) Transfer money to another electronic wallet opened by the same service provider of electronic wallets;

(iii) Withdraw money from the electronic wallet back to the customer's (electronic wallet owner) bank account or debit card.

c) The total transaction limit through individual electronic wallets of one customer at one service provider of electronic wallets (including transactions for legitimate goods and services and money transfers from one electronic wallet to another electronic wallet opened by the same service provider of electronic wallets) shall not exceed 100 million Vietnamese Dong in one month.

d) The provisions in point c of this clause shall not apply to individual electronic wallets of persons who have signed contracts/agreements to become payment acceptance units with the service provider of electronic wallets.

đ) Strictly prohibit the use of electronic wallets to conduct transactions for money laundering, terrorist financing, fraud, deception, and other illegal activities; strictly prohibit renting, leasing, lending, borrowing electronic wallets or buying, selling electronic wallet information.

e) The service provider of electronic wallets is not permitted to extend credit to customers using electronic wallets, pay interest on the balance of electronic wallets, or any action that could increase the monetary value on electronic wallets beyond the amount deposited by the customer.

7. The service provider of electronic wallets must provide tools for the State Bank to monitor the provision of electronic wallet services. The monitoring tools must ensure:

a) Allow monitoring the total number of electronic wallets (issued, activated, and operational), the total balance of electronic wallets of all customers at the time of accessing the monitoring tool;

b) Allow monitoring the total balance of the guarantee account for electronic wallet services, information of each guarantee account for electronic wallet services opened at cooperating banks, including account name, account number, balance at the time of accessing the monitoring tool;

c) Allow extracting data according to monthly reports (from the first day of the month to the last day of the month) no later than the fifth day of the following month, including:

(i) The total number and total balance of electronic wallets (issued, activated, and operational) at the end of the last day of the reporting period; the total number and total value of deposit transactions, withdrawal transactions, payment transactions, and other transactions of electronic wallets recorded daily in the month;

(ii) The total number of Debit side transactions, total value of Debit side transactions, total number of Credit side transactions, total value of Credit side transactions of the guarantee account for electronic wallet services recorded daily in the month;

(iii) Information about the top 10 electronic wallets with the highest number of transactions and the top 10 electronic wallets with the highest transaction value by each customer category (payment acceptance unit; individual customer, organizational customer but excluding individuals and organizations that are payment acceptance units) including beginning-of-period balance, end-of-period balance; total number and total value of deposit transactions, withdrawal transactions by each linked bank; total number and total value of payment transactions, transfer transactions; total number and total value of other transactions if any (only transactions processed successfully by the system are counted). The number of electronic wallets to be reported may change based on the requirements of the State Bank."

"Article 9a. Electronic Clearing Activities

1. The organization managing electronic clearing is responsible for admitting (or ceasing) membership in the electronic clearing system, where settlement members must meet the minimum requirements as follows:

a) Being a direct member of the Interbank Payment System;

b) Having established the Electronic Clearing Limit in accordance with Clause 2 of this Article and committing to monitor and manage the Electronic Clearing Limit to ensure that the processing of payment transactions through the electronic clearing system complies with the provisions in point c of Clause 4 of this Article;

c) Having an irrevocable and perpetual authorization letter allowing the State Bank (Trading Center) to proactively deduct (debit) funds from its own bank account and process pledged assets (when establishing the Electronic Clearing Limit) to settle electronic clearing or share risk obligations in cases where the settlement member issues a bank debt acknowledgment note with insufficient funds to settle electronic clearing and is unable to repay the loan as stipulated in point c of Clause 6 of this Article;

d) Have a commitment document with the Organizing Body of the BTĐT regarding the assurance of payment capacity to timely and fully settle all obligations arising from the final settlement of BTĐT as stipulated in Clauses 5 and 6 of this Article.

2. Limit on BTĐT:

a) Settlement members must establish, maintain, and manage the Limit on BTĐT to conduct transactions through the BTĐT System. The Limit on BTĐT is established by the Organizing Body of BTĐT based on the proposal of the settlement member and in compliance with internal regulations on the mechanism for establishing, adjusting, and managing the Limit on BTĐT but must ensure the provision of collateral to establish the Limit on BTĐT as prescribed in Clause 3 of this Article. The establishment or adjustment of the Limit on BTĐT is carried out by paper documentation or electronically through electronic information exchange channels between the Organizing Body of BTĐT and the settlement member;

b) Establishing the Limit on BTĐT:

To establish the Limit on BTĐT for the first time, the settlement member sends a request to the Organizing Body of BTĐT to establish the Limit on BTĐT and implements the provision of collateral at the State Bank (Trading Center) to establish the Limit on BTĐT as prescribed in Clause 3 of this Article. Within one working day from receiving the request to establish the Limit on BTĐT from the settlement member, the Organizing Body of BTĐT bases on the confirmation information from the State Bank (Trading Center) about the provision of collateral by the settlement member and internal regulations on the mechanism for establishing, adjusting, and managing the Limit on BTĐT to establish the Limit on BTĐT and notify the settlement member;

c) Adjusting the Limit on BTĐT:

(i) The settlement member may request the Organizing Body of BTĐT to consider adjusting the Limit on BTĐT based on the transaction settlement needs through the BTĐT System, internal regulations of the BTĐT System on the mechanism for establishing, adjusting, and managing the Limit on BTĐT, and the value of collateral provided to establish the Limit on BTĐT at the State Bank (Trading Center):

- In case of increasing the Limit on BTĐT, the settlement member must supplement negotiable instruments and/or request an additional amount to be temporarily locked on the settlement account to ensure the provision of collateral to establish the Limit on BTĐT as prescribed in Clause 3 of this Article. Immediately after the settlement member completes the supplementary provision of collateral to establish the Limit on BTĐT at the State Bank (Trading Center), the Organizing Body of BTĐT will adjust and update the increase in the Limit on BTĐT for the settlement member;

- In case of decreasing the Limit on BTĐT, within one working day from receiving the request from the settlement member, the Organizing Body of BTĐT will update the decrease in the Limit on BTĐT for the settlement member and notify both the settlement member and the State Bank (Trading Center). After decreasing the Limit on BTĐT, upon the request of the settlement member and ensuring the provision of collateral to establish the Limit on BTĐT as prescribed in Clause 3 of this Article, the State Bank (Trading Center) will return negotiable instruments and/or the collateral amount of the settlement member according to the State Bank's regulations on returning negotiable instruments and collateral in the Interbank Electronic Payment System;

(ii) The Organizing Body of BTĐT may proactively adjust the Limit on BTĐT of the settlement member in cases where there is a change in the collateral ratio to establish the Limit on BTĐT as prescribed in Point c, Clause 3 of this Article or the settlement member experiences a reduction in collateral value during the processing of BTĐT settlement as prescribed in Clause 6 of this Article. In case of decreasing the Limit on BTĐT, the Organizing Body of BTĐT must complete the update of the Limit on BTĐT of the settlement member in the next electronic settlement trading session after receiving the Decision of the Governor of the State Bank regarding the change in the collateral ratio to establish the Limit on BTĐT or information from the State Bank (Trading Center) about the reduction in collateral value of the settlement member;

3. Provision of collateral to establish the Limit on BTĐT:

a) The settlement member provides collateral in the form of money and/or negotiable instruments at the State Bank (Trading Center) to establish the Limit on BTĐT, including:

(i) Types of negotiable instruments and their values used to establish the Limit on BTĐT shall comply with the State Bank's regulations on overdraft and overnight lending in interbank electronic payments;

(ii) Collateral funds are the temporarily locked amounts on the settlement account of the settlement member opened at the State Bank (Trading Center) for the purpose of establishing the Limit on BTĐT;

b) When the settlement member establishes the Limit on BTĐT for the first time as prescribed in Point b, Clause 2 of this Article, the minimum collateral ratio is 10% of the value of the Limit on BTĐT. In case of increasing the Limit on BTĐT as prescribed in Point c (i), Clause 2 of this Article, the collateral ratio is 100% for the increased value of the Limit on BTĐT;

c) The collateral ratio to establish the Limit on BTĐT as prescribed in Point b of this Clause may be changed in each period or for each settlement member by the decision of the Governor of the State Bank on the principle:

(i) Increasing the collateral ratio for all settlement members to ensure the safety of operations of the BTĐT System when necessary or according to recommendations for monitoring the BTĐT System;

(ii) Increasing the collateral ratio for settlement members who do not strictly adhere to commitments regarding the assurance of the Limit on BTĐT to process transactions through the BTĐT System as prescribed in Point c, Clause 4 of this Article;

(iii) Increasing the collateral ratio for settlement members experiencing situations where they cannot ensure the payment capacity for BTĐT settlement or lack funds on the settlement account at the State Bank (Trading Center) to settle low-value transactions in the Interbank Electronic Payment System;

(iv) Settlement members who do not comply with the regulations and operational rules of the BTĐT System, and membership regulations of the Interbank Electronic Payment System, must apply a higher collateral ratio compared to other settlement members;

d) Negotiable instruments and collateral funds of the settlement member used for providing collateral to establish the Limit on BTĐT shall not be used for other collateral purposes of the settlement member at the State Bank;

4. Processing transactions through the BTĐT System:

The organizing body of the DVP System shall establish the operational procedures of the DVP System: provisions on the number of trading sessions, settlement time, payment, review, data reconciliation, ensuring timely, complete, and accurate final settlement for settlement members based on the results of the DVP System, ensuring the following principles:

a) The maximum transaction value in Vietnamese dong of payment orders processed through the DVP System shall not exceed the maximum value of low-value payment orders processed through the RTGS System;

b) Processing of debt payment transactions through the DVP System must be preceded by a written agreement or authorization;

c) The organizing body of the DVP System and settlement members must closely monitor the DVP Limit to ensure that the total difference payable by a settlement member in a trading session does not exceed their DVP Limit.

5. Final Settlement of the DVP System:

a) To implement the final settlement of the DVP System, the organizing body of the DVP System shall register to use net settlement services for other systems within the RTGS System in accordance with the State Bank of Vietnam's regulations on managing, operating, and using the RTGS System;

b) The organizing body of the DVP System shall specify the final settlement time at the end of each trading session corresponding to each method of processing payment orders or services of the DVP System, ensuring compatibility with the RTGS System's operating hours and the final settlement process of the DVP System as stipulated in Clause 5 and Clause 6 of this Article;

c) The organizing body of the DVP System shall send the DVP results to the RTGS System for accounting entries to the settlement accounts of relevant settlement members in accordance with the regulations on managing, operating, and using the RTGS System. The DVP results sent to the RTGS System must ensure that the obligations payable by settlement members in the final settlement session do not exceed their DVP Limits. Handling in cases where settlement members lack the ability to pay shall be carried out in accordance with the provisions of Clause 6 of this Article.

6. Handling in cases where settlement members lack the ability to pay for final settlement of the DVP System:

a) In cases where at least one settlement member lacks the ability to pay during final settlement of the DVP System, the handling procedure shall be as follows:

(i) Settlement members shall overdraft within the limit prescribed by the State Bank of Vietnam on overdrafts and overnight loans in interbank electronic payments to handle the final settlement results of the DVP System;

(ii) If a settlement member has exhausted their overdraft limit but still lacks sufficient balance to handle the final settlement results of the DVP System, the DVP results will be placed in a queue for final settlement. When there is sufficient balance, the DVP results will be processed;

(iii) The organizing body of the DVP System shall inquire on the RTGS System to check the status of handling the DVP results in the queue; simultaneously, it shall notify and request settlement members lacking the ability to pay to promptly increase their balance (D) in their settlement account from their own capital or through transactions in the money market or interbank lending in accordance with the State Bank of Vietnam's regulations to carry out the final settlement of the DVP System;

(iv) At the time when the RTGS System stops accepting low-value payment orders, if a settlement member still lacks the ability to pay, the State Bank of Vietnam (Trading Center) shall deduct (record Debt) the deposit established for the DVP Limit of the settlement member (if any) to carry out the final settlement of the DVP System. Immediately after deducting (recording Debt) the deposit established for the DVP Limit of the settlement member, the State Bank of Vietnam (Trading Center) shall notify the organizing body of the DVP System to adjust the DVP Limit based on the remaining deposit value of that settlement member;

(v) At the time when the RTGS System stops accepting high-value payment orders, settlement members lacking the ability to pay shall prepare a Bank Loan Acknowledgment Form for Insufficient Settlement Funds (according to Appendix No. 06 issued together with this Circular) to be submitted to the State Bank of Vietnam (Trading Center) to apply for a loan settlement solution to carry out the final settlement of the DVP System at an interest rate equal to the overnight loan rate decided by the Governor of the State Bank of Vietnam for each period. Simultaneously, the State Bank of Vietnam (Trading Center) shall notify the organizing body of the DVP System to temporarily suspend the use of payment services through the DVP System by that settlement member and prepare risk management solutions as stipulated in Point b and c of this Clause;

b) In cases where at least one settlement member must prepare a Bank Loan Acknowledgment Form for Insufficient Settlement Funds:

(i) On the first working day following the occurrence of the loan for final settlement of the DVP System and before the organizing body of the DVP System sends the final settlement results, the settlement member who prepared the Bank Loan Acknowledgment Form for Insufficient Settlement Funds must repay both the principal and interest of the loan to the State Bank of Vietnam. If that settlement member fails to complete the repayment, the State Bank of Vietnam (Trading Center) shall take measures to recover the loan (including both the principal and interest) according to the principle of recovering the principal first and then the interest, specifically:

- Actively deduct (record Debt) the Vietnamese dong settlement account of the settlement member at the State Bank of Vietnam (Trading Center);

- Request the custodian organization to transfer ownership of securities from the settlement member to the State Bank of Vietnam for those securities that the settlement member has pledged at the State Bank of Vietnam (Trading Center) to establish the DVP Limit;

(ii) By the end of the next working day following the occurrence date of the loan to settle the Interbank Payment System (BTĐT), in cases where, after applying debt recovery measures as stipulated at point b(i) of this clause, the remaining amount is still insufficient for debt recovery, the State Bank (Trading Department) shall transfer the entire outstanding balance to overdue debt; the interest rate on overdue principal debt shall be the interest rate applicable to overnight overdue principal debt, the interest rate on overdue interest arrears shall be the interest rate applied to overdraft and overnight lending in interbank electronic payment transactions as prescribed by the State Bank, and notify the Organizing Body of BTĐT of the amount of debt still required to be recovered (including principal and interest). The Organizing Body of BTĐT shall handle the allocation of risk-sharing obligations among the remaining settlement members to repay the loan debt to the State Bank (Trading Department) as prescribed at point c of this clause;

c) Handling the allocation of risk-sharing obligations in cases where a settlement member issues a bank acceptance note with insufficient settlement funds for BTĐT and is unable to repay the loan (including both principal and interest):

(i) On the working day following the day when the State Bank (Trading Department) notifies the Organizing Body of BTĐT about the failure to fully recover the loan debt for settlement BTĐT and the total loan debt (including both principal and interest) that settlement members issuing bank acceptance notes with insufficient settlement funds for BTĐT must repay according to point b(ii) of this clause, the Organizing Body of BTĐT shall determine the risk-sharing obligation allocation of the remaining settlement members using the following formula:

Where:

Ai: is the amount that settlement member i must pay to the State Bank for the loan debt (including both principal and interest) to share the risk due to a settlement member issuing a bank acceptance note with insufficient settlement funds for BTĐT being unable to repay the loan (including both principal and interest);

Di: is the transaction volume of the payable transactions generated by settlement member i during the settlement session involving a settlement member issuing a bank acceptance note with insufficient settlement funds for BTĐT;

D: is the total transaction volume of payable transactions generated during the settlement session involving a settlement member issuing a bank acceptance note with insufficient settlement funds for BTĐT;

D(x): is the transaction volume of payable transactions generated during the settlement session of settlement members issuing bank acceptance notes with insufficient settlement funds for BTĐT;

M: is the total loan debt (including both principal and interest) that settlement members issuing bank acceptance notes with insufficient settlement funds for BTĐT must repay to the State Bank;

(ii) After calculating and determining the amount each settlement member is obligated to share in the risk, the Organizing Body of BTĐT shall send the State Bank (Trading Department) to execute the deduction (debiting) from the settlement account of the settlement member at the State Bank (Trading Department) and recover the full loan debt (including both principal and interest) of settlement members issuing bank acceptance notes with insufficient settlement funds for BTĐT; simultaneously, it shall notify the settlement members;

(iii) In cases where at least one settlement member does not have sufficient funds (credit balance) in their settlement account to fulfill their risk-sharing obligation, the State Bank (Trading Department) shall notify the Organizing Body of BTĐT to consider temporarily suspending the use of payment services through the BTĐT system by that settlement member. Simultaneously, the State Bank (Trading Department) shall monitor the balance in the settlement accounts of those settlement members opened at the State Bank (Trading Department) to continue deducting (debiting) until the allocated amount is fully recovered;

(iv) By the end of the working day when the Organizing Body of BTĐT determines and notifies the settlement members of their risk-sharing obligations, if a settlement member does not have sufficient funds (credit balance) in their settlement account to complete their risk-sharing obligation, the State Bank (Trading Department) shall proceed to process the collateral deposited to establish the BTĐT Limit of that settlement member to recover the outstanding amount by debiting the collateral deposit to establish the BTĐT Limit (if any) of that settlement member or request the securities depository organization to transfer ownership of securities from that settlement member to the State Bank. Simultaneously, the State Bank (Trading Department) shall notify the Organizing Body of BTĐT and the settlement member to calculate and adjust the reduction of the BTĐT Limit of the settlement member;

d) Repayment of the portion shared by settlement members:

(i) Within five working days from the date the Organizing Body of BTĐT notifies the settlement members of their risk-sharing obligations, the settlement member issuing a bank acceptance note with insufficient settlement funds for BTĐT who is unable to repay the loan (including both principal and interest) shall be obligated to take all measures to fully repay the loan amount (including both principal and interest) to the State Bank (Trading Department). If, after this period, the full loan debt for settlement BTĐT (including both principal and interest) is not received, the State Bank (Trading Department) shall proactively debit the settlement account of that settlement member opened at the State Bank (Trading Department) to recover the outstanding amount and notify the Organizing Body of BTĐT of the amount recovered;

(ii) Based on the amount recovered as reported by the State Bank (Trading Department) and the percentage ratio between the amount each remaining settlement member must share and the total amount to be paid (including both principal and interest), the Organizing Body of BTĐT shall calculate the repayment portion for each settlement member who has fulfilled their risk-sharing obligation and submit it to the State Bank (Trading Department) for repayment (crediting) to the settlement account of the settlement member; simultaneously, it shall notify the settlement members.

(iii) In the case where a settlement member issues a bank debt acknowledgment with insufficient funds for the settlement of the BTĐT of a bankrupt entity, the State Bank shall be entitled to receive debts according to the laws on enterprise bankruptcy and transfer repayments to the settlement members who have shared according to their allocated proportion within the scope of the recovered debt.”

5. Supplement Clause 1a and Clause 4 to Article 11 as follows:

“1a. For service providers:

a) The organization providing electronic payment gateway services must enter into a specific written agreement with the cooperating bank regarding the rights and obligations of each party during the provision of services, clearly defining the responsibility of each party in selecting and signing cooperation contracts with acceptance units and the responsibility for supervising and inspecting acceptance units during the contract implementation process;

b) In the case where the organization providing electronic payment gateway services signs a contract or directly agrees with an acceptance unit (an agreement without the participation of a cooperating bank), the organization providing electronic payment gateway services must:

(i) Require the acceptance unit to open a settlement account at a bank to receive payments from the provision of goods and services;

(ii) Develop and implement internal regulations on procedures and processes for identifying and verifying acceptance units; regularly update information about acceptance units; establish criteria and procedures for developing acceptance units;

(iii) Evaluate and classify acceptance units based on risk levels; closely monitor and supervise the activities of acceptance units during the contract implementation process and take measures to manage them strictly;

(iv) Guide acceptance units on technical procedures and security measures in payment through intermediary payment services;

c) The contents of the contract between the organization providing electronic payment gateway services and the acceptance unit as stipulated in point b of this clause must specifically define the following:

(i) Rights and responsibilities of each party;

(ii) Clearly specify that the acceptance unit must bear responsibility for the legality of the provided goods and services and commit not to conduct transactions prohibited by law;

(iii) Require the acceptance unit to commit not to charge additional fees to customers when making payments through intermediary payment services under any form.”

“4. For the Organizing Body of BTĐT:

a) The Organizing Body of BTĐT shall develop and promulgate internal regulations on the organization and operation of the BTĐT System in accordance with this Circular and current laws on payment activities, ensuring the following minimum contents:

(i) Standards and requirements for participants in the BTĐT System;

(ii) Suspension and termination of membership status in the BTĐT System;

(iii) Payment business processes and risk management mechanisms of the BTĐT System;

(iv) Mechanism for establishing, adjusting, managing, and monitoring the BTĐT Limit;

(v) Operating hours of the BTĐT System including time for receiving orders, processing netting, settlement, number of netting sessions;

(vi) Information verification, reconciliation, and error handling procedures, dispute resolution;

(vii) Handling in cases where the BTĐT System is interrupted due to maintenance, repair, or technical failures, emergency situations;

(viii) Rights and obligations of participants in the BTĐT System, including the obligation to share risks in BTĐT settlement;

(ix) Fee policy;

b) Establish a system to receive and process netting transactions of participants, ensuring the BTĐT System operates safely and smoothly;

c) Monitor and update promptly the BTĐT Limits of settlement members; apply effective warning measures to enable settlement members to timely adjust and increase their BTĐT Limits, ensuring compliance with point c of Clause 4, Article 9a of this Circular;

d) Prepare and send the netting results to the Real Time Gross Settlement System to timely, fully, and accurately settle BTĐT for settlement members;

đ) Receive and notify settlement members of the BTĐT settlement results from the Real Time Gross Settlement System;

e) Calculate and determine the risk-sharing obligations of each settlement member and submit to the State Bank (Trading Center) as the basis for recovering debts for loans used for BTĐT settlement as stipulated in point c of Clause 6, Article 9a of this Circular.”

6. Amend Clause 2 and Clause 3 of Article 13 as follows:

“2. For banks:

a) For cooperating banks:

(i) Fully and promptly fulfill all obligations arising from transactions agreed upon between the intermediary payment service provider and the cooperating bank, in accordance with applicable laws;

(ii) Enter into a specific written agreement regarding the rights and obligations of each party during the service provision process, clearly defining the responsibility of each party in selecting and signing cooperation contracts with acceptance units and the responsibility for monitoring transactions occurring at acceptance units, and the implementation of agreements signed by acceptance units;

(iii) Coordinate with the cooperating bank and partners to verify and reconcile transaction data daily generated on the accounts of intermediary payment service providers opened at the cooperating bank according to the agreements among the parties;

b) For linked banks:

The electronic wallet service provider has the responsibility to coordinate with the electronic switching and netting service provider and the linked bank to verify, authenticate, and fully and accurately update customer information registered to open electronic wallets.

3. In the case where the service provider signs a contract or directly agrees with an acceptance unit (an agreement without the participation of a cooperating bank), the service provider must:

a) Establish and implement internal regulations on procedures and processes for identifying and verifying payment acceptance units; regularly update information about payment acceptance units; establish criteria for selecting and developing payment acceptance units; assess and classify payment acceptance units according to risk levels; closely monitor and supervise their activities during the implementation of signed contracts; guide payment acceptance units on measures, technical procedures, and security practices in payments through payment intermediary services;

b) The contract between the service provider organization and the payment acceptance unit must clearly specify the following contents:

(i) Rights and responsibilities of each party;

(ii) Clearly specify that the acceptance unit must bear responsibility for the legality of the provided goods and services and commit not to conduct transactions prohibited by law;

(iii) Require the acceptance unit to commit not to charge additional fees to customers when making payments through intermediary payment services under any form.”

7. Article 14 shall be amended and supplemented as follows:

Article 14. Rights of banks

1. Rights of banks:

a) Select non-bank organizations to cooperate with and test one or more payment intermediary services;

b) Sign contracts to use payment infrastructure services and/or cooperate in providing support services for payment transactions with payment intermediary service providers licensed by the State Bank;

c) Exercise rights under contracts and agreements with payment intermediary service providers and related parties.

2. Rights of cooperating banks:

a) Require payment intermediary service providers to provide necessary information related to payment transactions through payment intermediary services in accordance with the law;

b) Refuse transactions if the electronic wallet service provider does not use a payment guarantee account as stipulated in Article 8 of this Circular;

c) In cases where the cooperating bank is also a linked bank, the cooperating bank has the rights specified in Clause 3 of this Article.

3. Linked banks have the right to request electronic wallet service providers to provide customer information to facilitate the linking of electronic wallets with customers' payment accounts and/or debit cards opened at the linked bank.

8. Article 15 shall be amended and supplemented as follows:

Article 15. Responsibilities of banks

1. Responsibilities of banks:

a) Only cooperate with non-bank organizations that have been licensed by the State Bank to provide payment intermediary services;

b) Fulfill obligations under contracts with payment intermediary service providers, payment acceptance units, customers, and related parties.

2. Responsibilities of cooperating banks:

a) Coordinate with payment intermediary service providers and partners to conduct daily reconciliation of transaction data generated on the accounts of payment intermediary service providers opened at the cooperating bank as agreed among the parties;

b) Execute payment transactions for related parties in accordance with the regulations of the State Bank and the cooperation contract for providing services to payment intermediary service providers;

c) Open a payment guarantee account for electronic wallet service providers and ensure that this account is not shared with the payment guarantee account for providing support collection and disbursement services (if any); manage measures to ensure the payment capacity of support collection and disbursement service providers; manage the purpose of using the payment guarantee account for electronic wallet services in accordance with the cooperation contract signed with the electronic wallet service provider and the provisions of this Circular;

d) Coordinate with payment intermediary service providers to develop procedures and processes for handling customer complaints related to payment transactions through payment intermediary services.

3. In cases where the cooperating bank directly signs contracts or agreements with payment acceptance units (agreements involving participation of payment intermediary service providers), the cooperating bank must:

a) Establish and implement internal regulations on procedures and processes for identifying and verifying payment acceptance units; regularly update information about payment acceptance units; establish criteria for selecting and developing payment acceptance units; assess and classify payment acceptance units according to risk levels; closely monitor and supervise their activities during the implementation of signed contracts; guide payment acceptance units on measures, technical procedures, and security practices in payments through payment intermediary services;

b) The contract between the cooperating bank and the payment acceptance unit must clearly specify the following contents:

(i) Rights and responsibilities of each party;

(ii) Clearly specify that the acceptance unit must bear responsibility for the legality of the provided goods and services and commit not to conduct transactions prohibited by law;

(iii) Require payment acceptance units to commit not to charge additional fees to customers when making payments through payment intermediary services in any form;

c) In cases where the direct payment acceptance unit is a payment intermediary service provider (an organization that provides goods and services and accepts payments through one or more payment intermediary services provided by itself), the cooperating bank is responsible for managing and supervising the activities of the payment acceptance unit in accordance with point a, point b, and this clause.

4. In cases where the cooperating bank is also a linked bank, the cooperating bank has the responsibilities specified in Clause 5 of this Article.

5. Linked banks have the responsibility to coordinate with switching and settlement service providers and electronic wallet service providers to verify, update, and ensure the completeness and accuracy of customer information registered for opening electronic wallets.

9. Supplement Article 15a after Article 15 as follows:

Article 15a. Responsibilities of Clearing Members

1. Proactively monitor and manage, and promptly replenish the credit balance on their own accounts opened at the State Bank (Branch) to ensure the ability to pay for clearing BTĐT and fulfill all arising obligations in a timely manner when participating in the BTĐT System.

2. Establish, maintain, and manage the BTĐT Limit in accordance with the prescribed regulations. Proactively monitor, supervise, and promptly adjust to increase the BTĐT Limit to ensure that customer payment transactions through the BTĐT System are carried out smoothly without interruption.

3. Comply with the provisions on the organization and operation of the BTĐT Host Organization's system.”

10. Article 16 is amended and supplemented as follows:

“Article 16. Reporting and Providing Information

1. Payment Intermediary Service Providers shall be responsible for reporting and providing information to the State Bank of Vietnam as follows:

a) Periodic quarterly and annual reports on the provision of payment intermediary services according to Appendix No. 02 issued together with this Circular;

b) Information about the guarantee account for e-wallet services within five working days from the date of signing the contract/agreement for the provision of payment intermediary services with the cooperating bank, opening and using the guarantee account for e-wallet services, including:

(i) Account number, date of account opening, bank opening and managing the account;

(ii) A copy of the contract/agreement for the provision of payment intermediary services with the cooperating bank, opening and using the guarantee account for e-wallet services;

c) Report on fraud and forgery risks within twenty-four hours from the time of discovering incidents related to fraud and forgery causing financial losses to customers using payment intermediary services via email at [email protected], and submit a written report (paper) or electronic report according to Appendix No. 04 issued together with this Circular within three working days from the time of reporting via email to the State Bank of Vietnam;

d) Report on incidents when discovering incidents causing interruptions in the provision of payment intermediary services for more than two hours via email at [email protected] within twenty-four hours from the time of occurrence of the incident, and submit a written report (paper) or electronic report according to Appendix No. 05 issued together with this Circular within three days after completing the resolution of the incident. This provision does not apply to cases where incident notifications must be made in accordance with Circular No. 20/2018/TT-NHNN dated August 30, 2018 of the Governor of the State Bank of Vietnam on supervision of payment systems and any subsequent amendments, supplements, or replacements thereof;

đ) Methods of reporting:

(i) Electronic reports in the form of electronic data files transmitted over computer networks or sent via physical media, signed electronically by the authorized representative of the reporting entity in accordance with the designated transmission symbols, codes, and file structure specified by the State Bank of Vietnam;

(ii) Written reports (paper) directly or through postal services to the State Bank of Vietnam (Payment Department) in cases where electronic reporting cannot be implemented, signed by the authorized representative of the reporting entity;

e) The periodicity and deadlines for reports stipulated in point a of this clause are as follows:

(i) Quarterly reporting periods run from the first day of the quarter to the last day of the last month of the quarter (payment intermediary service providers only need to report for the first, second, and third quarters); the deadline for submitting the report is the fifth day of the first month of the following quarter;

(ii) Annual reporting periods run from January 1 to December 31; the latest submission date for the report is the fifteenth day of the first month of the following year immediately after the reporting period.

2. Payment intermediary service providers and banks shall be responsible for keeping confidential information related to payment transactions through payment intermediary services, personal information of customers, payment accounts, and debit cards of customers, and may only provide such information in the following cases:

a) At the request of the customer;

b) As prescribed by law.

3. Payment intermediary service providers shall be responsible for appointing a liaison officer to handle reporting and providing information to the State Bank of Vietnam (Payment Department) and to address any risks or incidents that arise.

4. Cooperating banks of payment intermediary service providers shall be responsible for providing information about the guarantee account for e-wallet services through the State Bank of Vietnam's online information collection system.”

11. Amend Clause 6 and supplement Clauses 7, 8, 9, and 10 to Article 18 as follows:

“6. Fulfill the responsibility of supervising the provision of payment intermediary services.

7. Coordinate with the Information Technology Department to build an electronic reporting system to receive, aggregate, exploit, and store data reports as prescribed in Article 16 of this Circular.

8. Provide information to Banking Inspection and Supervision Agencies, Provincial Branches of the State Bank of Vietnam when signs of violations or acts violating laws on the provision of payment intermediary services are discovered.

9. Serve as the focal point and coordinate with Banking Inspection and Supervision Agencies, Provincial Branches of the State Bank of Vietnam in inspecting compliance with regulations on the provision of payment intermediary services.

10. Coordinate with Banking Inspection and Supervision Agencies, Provincial Branches of the State Bank of Vietnam in conducting inspections of payment intermediary service providers in accordance with the law.

11. Serve as the focal point and coordinate with relevant units to advise the Governor of the State Bank of Vietnam on the deposit ratio for establishing the BTĐT Limit.”

12. Article 19 is amended and supplemented as follows:

“Article 19. Information Technology Department

1. Within a maximum of fifteen working days from the date of receipt of the request letter from the Payment Department, the Information Technology Department shall be responsible for reviewing, evaluating, and sending a confirmation letter to the Payment Department regarding the technical conditions, technological solutions, security and confidentiality capabilities, and the technical staff team ensuring the provision of payment intermediary services by the entity requesting the license.

2. Serve as the focal point and coordinate with Banking Inspection and Supervision Agencies to inspect compliance with regulations on security and confidentiality in electronic transactions by payment intermediary service providers as prescribed by law.”

3. Coordinate with the Banking Inspection and Supervision Agency, the State Bank of Vietnam branch in provinces and centrally governed cities in the inspection work of organizations providing payment intermediary services in accordance with the provisions of the law.

4. Coordinate with organizations providing e-wallet services and the Payment Department in equipping tools to monitor the provision of e-wallet services in accordance with Clause 7, Article 9 of this Circular.

5. Serve as the focal point and coordinate with the Payment Department to build and maintain the operation of the electronic reporting system to receive, aggregate, exploit, and store reporting data in accordance with Article 16 of this Circular.

6. Study and develop technical solutions to meet the needs for development and expansion of the Interbank Payment System, allowing the receipt and processing of final settlement results from the system of the main organizing body.

7. Study and develop technical applications to enable the exchange and feedback of information on the Limit of Organized Transactions between the State Bank of Vietnam (Trading Center) and the main organizing body, and process the results of organized transactions.”

13. Article 20 shall be amended and supplemented as follows:

“Article 20. Banking Inspection and Supervision Agency

1. Receive information provided by the Payment Department in accordance with Clause 8, Article 18, and examine and handle it in accordance with the provisions of the law.

2. Perform advisory functions to assist the Governor of the State Bank of Vietnam in state management of anti-money laundering efforts concerning the provision of payment intermediary services.

3. Coordinate with the Payment Department and the Information Technology Department in inspecting compliance with regulations on the provision of payment intermediary services.

4. Serve as the focal point to conduct inspections of the provision of payment intermediary services by the National Payment Corporation Joint Stock Company in accordance with the provisions of the law.”

14. Supplement Article 20a following Article 20 as follows:

“Article 20a. Trading Center

1. Serve as the focal point to receive and manage negotiable instruments of clearing members; exchange information related to the Limit of Organized Transactions of clearing members through applications on the Interbank Payment System.

2. Record the results of organized transactions into the accounts of relevant parties.

3. Handle situations where clearing members of the Interbank Payment System are unable to make payments as stipulated in Clause 6, Article 9a of this Circular.”

15. Supplement Article 20b following Article 20a as follows:

“Article 20b. State Bank of Vietnam Branches in Provinces and Centrally Governed Cities

1. Serve as the focal point to conduct inspections of the provision of payment intermediary services by non-bank organizations providing payment intermediary services located within their jurisdiction in accordance with the provisions of the law, except for entities specified in Clause 4, Article 20 of this Circular.

2. Receive information provided by the Payment Department in accordance with Clause 8, Article 18, and examine and handle it in accordance with the provisions of the law.

3. Coordinate with the Payment Department in inspecting compliance with regulations on the provision of payment intermediary services.”

16. Replace Appendix No. 01, 02, and 03 issued together with Circular No. 39/2014/TT-NHNN dated December 11, 2014, guiding payment intermediary services with Appendix No. 01, 02, and 03 issued together with this Circular.

17. Supplement Appendices No. 04, 05, and 06 to Circular No. 39/2014/TT-NHNN dated December 11, 2014, guiding payment intermediary services.

Article 2. Transitional Provisions

1. Organizations providing e-wallet services shall review customer files opened before the effective date of this Circular and collect additional information and documents from customers, verify customer information in accordance with this Circular within six months from the effective date of this Circular. After six months from the effective date of this Circular, organizations providing e-wallet services must terminate service provision to customers who have not provided complete e-wallet opening files in accordance with this Circular.

2. Organizations providing e-wallet services shall cooperate with partner banks to review guarantee accounts opened at partner banks before the effective date of this Circular to ensure that guarantee accounts for e-wallet services are not shared with guarantee accounts for collection and disbursement services (if any) and must be segregated from other transaction accounts at partner banks in accordance with this Circular within six months from the effective date of this Circular.

3. Organizations providing e-wallet services which have been granted supplementary licenses by the State Bank of Vietnam shall perfect tools for the State Bank of Vietnam to monitor the provision of e-wallet services in accordance with Clause 7, Article 9 of Circular No. 39/2014/TT-NHNN (amended and supplemented in Clause 3, Article 1 of this Circular) within three months from the effective date of this Circular.

This Circular takes effect from December 25, 2025/.

The Director of the Office, Heads of Departments, Heads of Units under the State Bank of Vietnam, Governors of State Bank of Vietnam branches in provinces and centrally governed cities, Chairmen of Management Boards, Chairmen of Member Councils, General Managers (Directors) of organizations providing payment services, and organizations providing payment intermediary services are responsible for implementing this Circular.

Article 4. Implementation provisions

1. This Circular takes effect from January 7, 2020.

2. Repeal Clause 3, Article 25 of Circular No. 37/2016/TT-NHNN dated December 30, 2016, regarding the management, operation, and use of the Interbank Payment System.

3. Amend and supplement Point d, Clause 1, Article 5 of Circular No. 04/2016/TT-NHNN dated April 15, 2016, regarding the custody and use of negotiable instruments at the State Bank of Vietnam as follows:

“d) Deposit negotiable instruments to establish a net debt limit in interbank electronic payments and participate in the Interbank Payment System”./.