Consolidated Document number 47/VBHN-NHNN guiding payment intermediary services

STATE BANK OF VIETNAM VIETNAM --------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------------
Number: 47/VBHN-NHNN	Hanoi, December 9, 2019

CIRCULAR

GUIDELINES ON PAYMENT INTERMEDIARY SERVICES

Circular No. 39/2014/TT-NHNN dated December 11, 2014, issued by the Governor of the State Bank of Vietnam guiding payment intermediary services, which took effect from March 1, 2015, has been amended and supplemented by:

Circular No. 20/2016/TT-NHNN dated June 30, 2016, issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 36/2012/TT-NHNN dated December 28, 2012 on the provision, management, operation, and security assurance of automatic teller machines and Circular No. 39/2014/TT-NHNN dated December 11, 2014 guiding payment intermediary services, which took effect from July 1, 2016.

Circular No. 30/2016/TT-NHNN dated October 14, 2016, issued by the Governor of the State Bank of Vietnam amending and supplementing certain circulars on the operation of providing payment services and payment intermediary services, which took effect from November 28, 2016.

Circular No. 23/2019/TT-NHNN dated November 22, 2019, issued by the Governor of the State Bank of Vietnam amending and supplementing certain provisions 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, which took effect from January 7, 2020.

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Credit Organizations No. 47/2010/QH12 dated June 16, 2010;

Pursuant to Decree No. 156/2013/NĐ-CP dated November 11, 2013, of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

BASED ON DECREE NO. 16/2017/NĐ-CP DATED FEBRUARY 17, 2017 OF THE GOVERNMENT ON THE FUNCTIONS, TASKS, POWERS, AND ORGANIZATIONAL STRUCTURE OF THE STATE BANK OF VIETNAM;

At the proposal of the Payment Department Director;

The Governor of the State Bank of Vietnam issues this Circular to guide payment intermediary services.[1]^,[2]^,[3]

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation and Applicability

This Circular guides payment intermediary services for organizations and individuals related to the provision and use of payment intermediary services.

Article 2. Types of Payment Intermediary Services

1. Electronic payment infrastructure services, including:

a) Financial switching service;

b) Electronic settlement service;

c) Electronic payment gateway service.

2. Payment support services, including:

a) Collection and disbursement support service;

b) Electronic money transfer support service;

c) E-wallet service.

Article 3. Explanation of Terms

In this Circular, the following terms shall be understood as follows:

1. Financial switching service is a service providing technical infrastructure to connect, transmit, and process electronic data to execute payment transactions through ATMs, POS, Internet, mobile phones, and other electronic transaction channels between payment service providers and/or between payment intermediary service providers.

2.[4] Electronic settlement service is a service providing technical infrastructure to receive, reconcile payment data, and calculate the net amount due after settlement among participating members to finalize settlements for relevant parties.

3. Electronic payment gateway service is a service providing technical infrastructure to connect payment acceptance units and banks to facilitate customers' execution of payments in e-commerce transactions, electronic bill payments, and other electronic payment services.

4. Collection and disbursement support service is a service supporting banks in executing collection and disbursement services for customers with bank accounts or bank cards at the bank through receiving, processing, sending electronic data messages, calculating collection and disbursement results, canceling collections and disbursements to finalize settlements for relevant parties.

5. Electronic money transfer support service is a service supporting the receipt, transmission, and processing of data in electronic money transfer transactions of banks or entrusted by banks.

6.[5] (Repealed)

7.[6] Payment guarantee account is a Vietnamese dong-denominated payment account opened by a payment support service provider at a cooperating bank to ensure the provision of payment support services.

8. Payment acceptance unit is an organization or individual providing goods or services and accepting payments through one or more payment intermediary services.

9.[7] The main organization of the electronic settlement system (hereinafter referred to as the Main Organization of ES) is an organization providing payment intermediary services that has been licensed by the State Bank of Vietnam (hereinafter referred to as the State Bank) to provide financial switching services and electronic settlement services and participates directly in the National Interbank Electronic Payment System (NIEPS) to perform electronic settlement reconciliation.

10.[8] The electronic settlement system (hereinafter referred to as the ES) is a payment system built, owned, and operated by the Main Organization of ES to provide financial switching and electronic settlement services.

11.[9] Member of the ES (hereinafter referred to as member) is an organization providing payment services, an organization providing payment intermediary services, and another organization meeting the membership requirements and standards stipulated by the Main Organization of ES and connected to the ES to send, receive, and process payment transactions. Members include settlement members and non-settlement members.

12.[10] Settlement member is a member establishing a Net Debit Cap in electronic settlement transactions as stipulated in Clause 14 of this Article to conduct transactions through the ES and open a payment account at the State Bank (Trading Center) for electronic settlement reconciliation.

13.[11] Non-settlement member is a member performing payment obligations and settlement in financial switching and electronic settlement transactions through a settlement member.

14.[12] Net debit cap in electronic settlement (hereinafter referred to as ESC) is the maximum value limit of the settlement difference payable by a settlement member during an electronic settlement session.

15.[13] Net settlement result of electronic settlement (hereinafter referred to as ES Result) is a statement of figures prepared by the Main Organization of ES after each electronic settlement session, reflecting the final credit and debit differences of each settlement member in that session.

16.[14] Electronic netting settlement (hereinafter referred to as electronic netting settlement) is the process of settling the differences receivable and payable based on the results of net settlement through the settlement accounts of settlement members at the State Bank (Trading Center). The organization responsible for electronic netting settlement sends the results of electronic netting settlement to the State Bank (through the inter-bank payment system) to implement the processing of electronic netting settlement.

17.[15] Settlement member's liquidity (hereinafter referred to as liquidity) is the credit balance on the settlement account of the settlement member at the State Bank (Trading Center) at the time of processing electronic netting settlement.

18.[16] Cooperative bank is a bank or foreign bank branch that has signed a contract or agreement with the service provider of payment intermediary services regarding cooperation in providing payment intermediary services to customers.

19.[17] Linked bank is a bank or foreign bank branch where customers use e-wallets to open settlement accounts and/or debit cards, wherein these settlement accounts and/or debit cards are used by customers to link with their e-wallets.

The linked bank implements the linking of e-wallets with customer settlement accounts (or debit cards) through direct connection with the e-wallet service provider (in case the linked bank is also a cooperative bank) or through connection between the e-wallet service provider and the financial switching service provider and electronic netting service provider (in case the financial switching service provider and electronic netting service provider have agreed with the linked bank on linking e-wallets with settlement accounts (or debit cards) opened at the linked bank).

Chapter II

LICENSE FOR PROVIDING PAYMENT INTERMEDIARY SERVICES

Article 4. Issuance, Revocation, and Reissuance of License

1. The State Bank of Vietnam (hereinafter referred to as the State Bank) shall issue, revoke, and reissue the license for providing payment intermediary services (hereinafter referred to as the License) in accordance with the provisions of Article 15 and Article 16 of Decree No. 101/2012/ND-CP dated November 22, 2012 of the Government on non-cash payments (hereinafter referred to as Decree No. 101/2012/ND-CP).

2.[18] An organization that is not a bank requesting issuance of the License must meet the conditions stipulated in Clause 2 of Article 15 of Decree No. 101/2012/ND-CP and any amendments, supplements, or replacements made by the Government to these conditions (if any).

Article 5. Procedures, Formalities, and Documents for Issuance, Revocation, and Reissuance of License

1. The procedures and formalities for issuing, revoking, and reissuing the License shall be carried out in accordance with the provisions of Article 16 of Decree No. 101/2012/ND-CP.

2.[19] The application documents for the issuance of the License for providing payment intermediary services shall comply with the provisions of Clause 2 of Article 16 of Decree No. 101/2012/ND-CP and any amendments, supplements, or replacements made by the Government (if any)..

3. The application form for the issuance of the License shall follow the model set forth in Appendix No. 01 issued together with this Circular.

4. Organizations granted the License for providing payment intermediary services must pay the licensing fee in accordance with the provisions of the law.

Article 6. Use of the License

1. The organization granted the License must use the correct name and operate in accordance with the contents specified in the License.

2. It is strictly prohibited to forge, erase, transfer, lease, lend the License; entrust or delegate another organization or individual to perform the permitted activities according to the License.

Chapter III

INTERMEDIATE PAYMENT SERVICE PROVIDING ACTIVITIES

Article 7. Risk Management, Safety, and Security Assurance

1. An organization providing intermediate payment services must establish and implement internal regulations and comply with the State Bank's provisions on risk management principles for electronic banking operations, comply with current laws on anti-money laundering and other relevant Vietnamese laws.

2. An organization providing intermediate payment services must fulfill requirements to ensure safety and security of information technology systems in banking operations; safety and security for the provision of electronic banking services as stipulated by the State Bank.

3. An organization providing intermediate payment services must comply with legal provisions regarding the establishment, use, preservation, and storage of electronic documents during banking operations.

Article 8. Ensuring Payment Capacity

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1. An organization providing collection and disbursement services must agree with cooperating banks on measures to ensure the ability to pay for these services, including opening a guarantee account for collection and disbursement services or maintaining a deposit or other guarantee measures.

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

An organization providing e-wallet services has the obligation to maintain the total balance across all 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 guarantee account for e-wallet services may only be used for:

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

b) Refunding money into the settlement account or debit card of the customer (e-wallet holder) in cases where:

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

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

(iii) The e-wallet service provider ceases to provide e-wallet services to the customer;

(iv) The e-wallet service provider ceases operations, has its license revoked, dissolved, or declared bankrupt in accordance with the law;

c) Settlement into the settlement account of service providers for public services when the customer uses the e-wallet to pay fees or charges for lawful public services as prescribed by law;

d) Transfer to other guarantee accounts for e-wallet services opened by the same e-wallet service provider.

Article 9. Electronic Wallet Services

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1. Documents for Opening an Electronic Wallet:

a) For individual electronic wallets:

(i) Personal information of the individual opening the electronic wallet as required by the service provider and in accordance with Clause 2 of this Article;

(ii) Citizen identification card or identity card or passport still valid, birth certificate (for individuals under 14 years old who are Vietnamese citizens); entry visa or document proving exemption from entry visa for the individual opening the electronic wallet (for foreign individuals);

b) For organizational electronic wallets:

(i) Information of the organization opening the electronic wallet as required by the service provider and in accordance with Clause 2 of this Article;

(ii) One of the documents proving that the organization opening the electronic wallet has been 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's (referred to as the legal representative) qualification of the organization opening the electronic wallet accompanied by the citizen identification card or identity card or passport still valid of that person;

c) Customers registering to open an electronic wallet may present the documents specified in points a(ii), b(ii) and b(iii) of this clause in original form or copy or scanned from the original or other forms as prescribed by the service provider;

d) Customers can register and submit the documents for opening an electronic wallet directly at the headquarters, branch, transaction office of the service provider or through online transaction channels of the service provider or other methods as prescribed by the service provider and in accordance with the provisions of law;

2. Customer information for opening an electronic wallet includes:

a) For individual electronic wallets:

(i) For Vietnamese individuals: Full name; date of birth; nationality; phone number; citizen identification number or identity 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 electronic wallets:

(i) Full trading name and abbreviation; business code and tax code (if the organization has a tax code different from the business code); main address; transaction address; phone number;

(ii) Information about the legal representative of the organization opening the electronic wallet as provided in point a of this clause;

c) The service provider must have regulations and terms regarding the registration to open and use electronic wallets and must disclose them to customers before they register to open an electronic wallet. In addition to the contents stipulated in points a and b of this clause, the service provider may supplement additional information suitable for each customer category and in compliance with the provisions of law, but must clearly notify and provide specific guidance to customers;

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

a) In case the guardian or legal representative of the electronic wallet owner is an individual, the application for opening an electronic wallet must include the citizen identification card or identity card or passport still valid of the guardian or legal representative and documents proving the guardianship or legal representation qualifications of that person for the electronic wallet owner. Information about the guardian or legal representative as provided in point a of Clause 2 of this Article;

b) In case the guardian or legal representative of the electronic wallet owner is a legal entity, the application for opening an electronic wallet must include one of the documents proving that the organization has been established and operates legally, and documents proving the guardianship or legal representation qualifications of that organization for the electronic wallet owner. Information about the guardian or legal representative as provided in point b of Clause 2 of this Article, and information about the legal representative of that organization as provided in point a of Clause 2 of this Article;

4. Verification of customer information for opening an electronic wallet:

a) The electronic wallet owner must provide and update all necessary and accurate information in the application for opening an electronic wallet to the service provider and bear responsibility for the authenticity of the information provided;

b) The service provider is responsible for checking, verifying, ensuring that the customer's application for opening an electronic wallet is complete and valid as prescribed in Articles 1, 2, and 3 of this Law;

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

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

b) The electronic wallet must be linked with a Vietnamese dong-denominated bank account or debit card (linked to a Vietnamese dong-denominated bank account) of the customer at a linked bank;

c) The service provider 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 can link their electronic wallet with one or more bank accounts or debit cards of the customer (electronic wallet owner) opened at linked banks;

6. Using an Electronic Wallet:

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

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

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

b) Customers can use use the electronic wallet to:

(i) Pay for lawful goods and services;

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

(iii) Withdraw funds from the Electronic Wallet to the customer's (Electronic Wallet owner's) payment account or debit card at the bank.

c) The total transaction limit through individual Electronic Wallets of one customer at one service provider organization for Electronic Wallets (including transactions for legitimate goods and services and money transfers from one Electronic Wallet to another Electronic Wallet provided by the same service provider organization) shall not exceed one hundred (100) million Vietnamese dong in one month;

d) The provisions set forth in point c of this clause shall not apply to individual Electronic Wallets of persons who have entered into contracts/agreements with the service provider organization for Electronic Wallets to become payment acceptance units;

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 information about Electronic Wallets;

e) Service provider organizations for Electronic Wallets are not permitted to extend credit to customers using Electronic Wallets, pay interest on the balance of Electronic Wallets, or engage in any action that may increase the monetary value on Electronic Wallets above the value of money deposited into the Electronic Wallets.

7. Service provider organizations for Electronic Wallets must provide tools for the State Bank of Vietnam 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 all customers' Electronic Wallets at the time of accessing the monitoring tool;

b) Allow monitoring the total balance of the guarantee accounts 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) Enable data extraction 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 throughout the month;

(ii) The total number of Debit transactions, the total value of Debit transactions, the total number of Credit transactions, the total value of Credit transactions of the guarantee account for Electronic Wallet services recorded daily throughout the month;

(iii) Information on the ten Electronic Wallets with the highest number of transactions and the ten Electronic Wallets with the highest transaction value, categorized by customer type (payment acceptance unit; individual customer, organizational customer but excluding individuals and organizations that are payment acceptance units), including beginning balance, ending balance; the total number and total value of deposit transactions, withdrawal transactions by each linked bank; the total number and total value of payment transactions, transfer transactions; the total number and total value of other transactions if any (only transactions processed successfully by the system are counted). The number of Electronic Wallets required to be reported may vary based on the State Bank of Vietnam's requirements.

Article 9a. Electronic Settlement Activities

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1. The main organizing body for electronic settlement shall specify the procedures for admitting (or terminating) membership in the Electronic Settlement System, wherein settlement members must meet at least the following requirements:

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

b) Having established the Electronic Settlement Limit in accordance with Clause 2 of this Article and committing to monitor and manage the Electronic Settlement Limit to ensure that transactions processed through the Electronic Settlement System comply with the provisions set out in point c, Clause 4 of this Article;

c) Providing an irrevocable and perpetual power of attorney to the State Bank (Trading Department) to proactively debit their settlement account and handle pledged assets (when establishing the Electronic Settlement Limit) to settle electronic settlements or share risks in cases where the settlement member issues a bank acceptance note lacking sufficient funds to repay loans as stipulated in point c, Clause 6 of this Article;

d) Submitting a commitment letter to the main organizing body for electronic settlement ensuring their ability to make timely and full payments for obligations arising from the settlement of electronic settlements as prescribed in Clauses 5 and 6 of this Article.

2. Electronic Settlement Limit:

a) Settlement members must establish, maintain, and manage the Electronic Settlement Limit to conduct transactions through the Electronic Settlement System. The Electronic Settlement Limit is established by the main organizing body for electronic settlement based on the proposal of the settlement member and in compliance with internal regulations regarding the mechanism for setting, adjusting, and managing the Electronic Settlement Limit, but it must ensure the pledge required to establish the Electronic Settlement Limit as stipulated in Clause 3 of this Article. The establishment or adjustment of the Electronic Settlement Limit is carried out via paper documentation or electronically through electronic information exchange channels between the main organizing body for electronic settlement and the settlement member;

b) Establishing the Electronic Settlement Limit:

To establish the Electronic Settlement Limit for the first time, the settlement member submits a request to the main organizing body for electronic settlement to establish the Electronic Settlement Limit and implements a pledge at the State Bank (Trading Department) to establish the Electronic Settlement Limit as prescribed in Clause 3 of this Article. Within one working day from receiving the request to establish the Electronic Settlement Limit from the settlement member, the main organizing body for electronic settlement will establish the Electronic Settlement Limit based on confirmation information from the State Bank (Trading Department) about the pledge of the settlement member and internal regulations regarding the mechanism for setting, adjusting, and managing the Electronic Settlement Limit, and notify the settlement member accordingly;

c) Adjusting the Electronic Settlement Limit:

(i) The settlement member may request the main organizing body for electronic settlement to consider adjusting the Electronic Settlement Limit based on their transaction settlement needs through the Electronic Settlement System, internal regulations of the Electronic Settlement System regarding the mechanism for setting, adjusting, and managing the Electronic Settlement Limit, and the value of pledged assets used to establish the Electronic Settlement Limit at the State Bank (Trading Department):

- In the case of increasing the Electronic Settlement Limit, the settlement member must supplement negotiable instruments and/or request an additional amount to be temporarily locked on their settlement account to ensure the pledge for establishing the Electronic Settlement Limit as stipulated in Clause 3 of this Article. Immediately after the settlement member completes the supplementary pledge for establishing the Electronic Settlement Limit at the State Bank (Trading Department), the main organizing body for electronic settlement will adjust and update the increase in the Electronic Settlement Limit for the settlement member;

- In the case of decreasing the Electronic Settlement Limit, within one working day from receiving the request from the settlement member, the main organizing body for electronic settlement will update the decrease in the Electronic Settlement Limit for the settlement member and notify both the settlement member and the State Bank (Trading Department). After reducing the Electronic Settlement Limit, upon the request of the settlement member and based on ensuring the pledge for establishing the Electronic Settlement Limit as stipulated in Clause 3 of this Article, the State Bank (Trading Department) will return negotiable instruments and/or pledged funds to the settlement member according to the State Bank's regulations on returning negotiable instruments and pledged funds in the Interbank Payment System;

(ii) The main organizing body for electronic settlement may proactively adjust the Electronic Settlement Limit of the settlement member in cases where there is a change in the pledge ratio for establishing the Electronic Settlement Limit as stipulated in point c, Clause 3 of this Article or if the settlement member experiences a reduction in pledged value during the processing of electronic settlements as stipulated in Clause 6 of this Article. In the case of decreasing the Electronic Settlement Limit, the main organizing body for electronic settlement must complete the update of the Electronic Settlement Limit for the settlement member in the next electronic settlement trading session after receiving the Governor's Decision of the State Bank regarding changes in the pledge ratio for establishing the Electronic Settlement Limit or information from the State Bank (Trading Department) about the reduction in pledged value of the settlement member;

3. Pledge for Establishing the Electronic Settlement Limit:

a) The settlement member pledges money and/or negotiable instruments at the State Bank (Trading Department) to establish the Electronic Settlement Limit, wherein:

(i) Types of negotiable instruments and their values used to establish the Electronic Settlement Limit are implemented in accordance with the State Bank's regulations on overdrafts and overnight lending in electronic interbank payment systems;

(ii) The pledged funds are the temporarily locked amount on the settlement member's settlement account opened at the State Bank (Trading Department) for the purpose of establishing the Electronic Settlement Limit;

b) When the settlement member establishes the Electronic Settlement Limit for the first time as prescribed in point b, Clause 2 of this Article, the minimum pledge ratio is 10% of the value of the Electronic Settlement Limit. In the case of increasing the Electronic Settlement Limit as prescribed in point c (i), Clause 2 of this Article, the pledge ratio is 100% for the increased value of the Electronic Settlement Limit; c) The pledge ratio for establishing the Electronic Settlement Limit as prescribed in point b of this Clause may be changed periodically or for individual settlement members based on the Governor's decision of the State Bank, on the principle:

(i) Increasing the pledge ratio for all settlement members to ensure the safety of operations of the Electronic Settlement System when necessary or according to recommendations for supervising the Electronic Settlement System.

(i) Increase the margin requirement for all settlement members to ensure the safety of operations of the Interbank Payment System when necessary or according to recommendations for supervising the Interbank Payment System;

(ii) Increase the margin requirement for settlement members who do not strictly fulfill their commitments regarding the guarantee of the BTĐT Limit to handle transactions through the BTĐT System as prescribed in point c, Clause 4, Article this;

(iii) Increase the margin requirement for settlement members that have occurred situations where they cannot ensure the ability to pay off settlement BTĐT or lack funds in their settlement account at the State Bank (Trading Center) to settle low-value transactions through the TTĐTLNH System;

(iv) Settlement members who fail to comply with the regulations and operating rules of the BTĐT System, as well as the provisions on members of the TTĐTLNH System, must apply a higher margin requirement compared to other settlement members;

d) Valuable papers and margins of settlement members used to establish the BTĐT Limit shall not be used concurrently for other margin purposes of settlement members at the State Bank;

4. Processing transactions through the BTĐT System:

The main organization of BTĐT establishes the operational procedures of the BTĐT System: specifying the number of trading sessions, reconciliation time, payment time, review and data verification processes, ensuring timely, complete, and accurate settlement for settlement members based on the results of BTĐT, ensuring the following principles:

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

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

c) The main organization of BTĐT and settlement members must closely monitor and manage the BTĐT Limit to ensure that the total difference payable by settlement members in one trading session does not exceed the BTĐT Limit of such settlement member;

5. Settlement of BTĐT:

a) To implement the settlement of BTĐT, the main organization of BTĐT registers to use net settlement services for other systems within the TTĐTLNH System according to the State Bank's regulations on managing, operating, and using the TTĐTLNH System;

b) The main organization of BTĐT specifies the exact settlement time at the end of each trading session corresponding to each method of processing payment orders or services of the BTĐT System, ensuring compatibility with the operating hours of the TTĐTLNH System and the settlement of BTĐT as stipulated in Clause 5 and Clause 6 of this Article;

c) The main organization of BTĐT sends the BTĐT results to the TTĐTLNH System for accounting entries into the settlement accounts of relevant settlement members according to the regulations on managing, operating, and using the TTĐTLNH System. The BTĐT results sent to the TTĐTLNH System must ensure that the obligations payable by settlement members during the settlement session do not exceed their BTĐT Limit. Handling in cases where settlement members lack the ability to pay is carried out according to the provisions of Clause 6 of this Article;

6. Handling in cases where settlement members lack the ability to pay for BTĐT settlement:

a) In cases where at least one settlement member lacks the ability to pay when settling BTĐT, the handling process is as follows:

(i) Settlement members utilize overdraft within the limit prescribed by the State Bank on overdraft and overnight lending in inter-bank electronic payments to handle the BTĐT settlement results;

(ii) When settlement members have exhausted their overdraft limit but still lack sufficient balance to handle BTĐT settlement, the BTĐT results are placed in the settlement queue. Once there is sufficient balance, the BTĐT results will be processed;

(iii) The main organization of BTĐT conducts inquiries on the TTĐTLNH System to check the status of BTĐT settlement results in the queue; simultaneously, it notifies and requests settlement members lacking the ability to pay to promptly increase their balance (Debit) in their settlement account from their own capital sources or through transactions in the money market or inter-bank borrowing according to the State Bank's regulations to carry out BTĐT settlement;

(iv) At the time of ceasing to accept high-value payment orders in the TTĐTLNH System, if settlement members still lack the ability to pay, the State Bank (Trading Center) will deduct (record Debit) the margin established for the BTĐT Limit of the settlement member (if any) to carry out BTĐT settlement. Immediately after deducting (recording Debit) the margin established for the BTĐT Limit of the settlement member, the State Bank (Trading Center) will notify the main organization of BTĐT to adjust and reduce the BTĐT Limit based on the remaining margin value of that settlement member;

(v) At the time of ceasing to accept high-value payment orders in the TTĐTLNH System, settlement members lacking the ability to pay must issue a Bank Acknowledgment of Debt for Insufficient Settlement Capital (according to Appendix No. 06 issued together with this Circular) to the State Bank (Trading Center) to apply the loan settlement solution to execute BTĐT settlement at an interest rate equal to the overnight lending rate determined by the Governor of the State Bank for each period. Simultaneously, the State Bank (Trading Center) will notify the main organization of BTĐT to temporarily suspend the use of BTĐT System payment services by that settlement member and prepare risk management solutions according to points b and c of this clause;

b) In cases where at least one settlement member must issue a Bank Acknowledgment of Debt for Insufficient Settlement Capital:

(i) On the first working day immediately following the day the loan for BTĐT settlement was generated and before the main organization of BTĐT sends the BTĐT settlement results, settlement members who have issued a Bank Acknowledgment of Debt for Insufficient Settlement Capital must repay both the principal and interest of the loan to the State Bank. If such settlement members fail to complete the repayment, the State Bank (Trading Center) will take measures to recover the loan for BTĐT settlement (including both the principal and interest) according to the principle of recovering the principal first and then the interest, specifically:

- Proactively record (debit) the settlement account in Vietnamese currency of the settlement member at the State Bank (Trading Center);

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

(ii) By the end of the next working day following the occurrence of the loan transaction for BTĐT settlement, in cases where, after applying debt recovery measures as stipulated in point b(i) of this clause, it still fails to recover the debt, the State Bank (Trading Center) will transfer the remaining outstanding balance to overdue debt; the interest rate on overdue principal debt, the interest rate on overdue interest arrears shall be the interest rate applicable to overnight overdue principal debt, and the interest rate on overdue overnight interest arrears shall be in accordance with the State Bank's regulations on overdraft and overnight lending in inter-bank electronic payment transactions. The State Bank (Trading Center) will notify the Organizing Body of BTĐT of the amount of debt still required to be recovered (including principal and interest), and the Organizing Body of BTĐT will allocate the risk-sharing obligations among the remaining settlement members to repay the loan to the State Bank (Trading Center) as stipulated in point c of this clause; c) Handling the allocation of risk-sharing obligations in cases where a settlement member issues a bank receipt for insufficient settlement BTĐT funds and is unable to repay the loan (including both principal and interest):

(i) On the next working day following the date when the State Bank (Trading Center) notifies the Organizing Body of BTĐT about the failure to fully recover the loan debt for BTĐT settlement and the total loan debt (including both principal and interest) still owed to the State Bank by settlement members who have issued a bank receipt for insufficient settlement BTĐT funds as stipulated in point b(ii) of this clause, the Organizing Body of BTĐT will determine the risk-sharing obligation allocation of the remaining settlement members according to the following formula:

Ai =

x M	Di	D – D(x)
	Ai: is the amount that settlement member i must pay to the State Bank to cover the loan debt (including both principal and interest) to share the risk due to the settlement member issuing a bank receipt for insufficient settlement BTĐT funds being unable to repay the loan (including both principal and interest);

Where:

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

D: is the total transaction volume of debit transactions generated during the settlement session involving a settlement member issuing a bank receipt for insufficient settlement BTĐT funds;

D(x): is the transaction volume of debit transactions generated during the settlement session by settlement members issuing a bank receipt for insufficient settlement BTĐT funds;

M: is the total loan debt (including both principal and interest) still owed to the State Bank by settlement members issuing a bank receipt for insufficient settlement BTĐT funds;

(ii) After calculating and determining the amount each settlement member is obligated to share in the risk, the Organizing Body of BTĐT will send the State Bank (Trading Center) to debit the settlement account of the settlement member at the State Bank (Trading Center) and recover the full loan debt (including both principal and interest) of settlement members issuing a bank receipt for insufficient settlement BTĐT funds; simultaneously, 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 Center) will notify the Organizing Body of BTĐT to consider temporarily suspending the use of payment services through the BTĐT System by that settlement member. At the same time, the State Bank (Trading Center) will monitor the balance in the settlement accounts opened at the State Bank (Trading Center) of these settlement members to continue 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, any settlement member that does not have sufficient funds (credit balance) in their settlement account to complete their risk-sharing obligation will have the State Bank (Trading Center) process the collateral established for the BTĐT Limit of that settlement member to recover the outstanding amount by debiting the collateral established for the BTĐT Limit (if any) of that settlement member or requesting the organization custodian of securities to transfer ownership of securities from that settlement member to the State Bank. Simultaneously, the State Bank (Trading Center) will notify the Organizing Body of BTĐT and the settlement member to recalculate and reduce the BTĐT Limit of the settlement member;

d) Reimbursement of amounts 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 receipt for insufficient settlement BTĐT funds and unable to repay the loan (both principal and interest) is obligated to take all necessary measures to fully repay the loan (including both principal and interest) to the State Bank (Trading Center). If, after this period, the full loan debt for BTĐT settlement (including both principal and interest) is not received, the State Bank (Trading Center) will proactively debit the settlement account of that settlement member at the State Bank (Trading Center) to recover the outstanding amount and notify the Organizing Body of BTĐT of the amount recovered.

(i) Within five working days from the date the Interbank Payment System Host Organization notifies settlement members of their obligation to share risks, the settlement member who has a bank loan deficiency for interbank payment system settlement that is unable to repay the loan (both principal and interest) shall take all measures to fully repay the borrowed amount (including both principal and interest) to the State Bank (Trading Department). After this period, if the full loan balance for interbank payment system settlement (including both principal and interest) is not received, the State Bank (Trading Department) will proactively deduct (record Debit) from the settlement member's settlement account opened at the State Bank (Trading Department) to recover the outstanding amount and notify the Interbank Payment System Host Organization about the recovered amount;

(ii) The organizing entity in charge of the BTĐT system shall base on the amount recovered as notified by the State Bank (Trading Center) and the percentage ratio between the amount to be shared by each remaining settlement member with the total amount payable (including principal and interest) to calculate the portion to be refunded to each settlement member who has fulfilled their risk-sharing obligation and send the State Bank (Trading Center) for refund (credit) to the settlement member's settlement account; at the same time, notify the remaining settlement members.

(iii) In case a settlement member issues a bank debt acknowledgment due to insufficient settlement funds when the BTĐT system is declared bankrupt, the State Bank shall receive debts according to the provisions of the law on corporate bankruptcy and transfer payments to the settlement members who have shared risks within the scope of the recovered debts.

Chapter IV

RIGHTS AND RESPONSIBILITIES OF THE PARTIES INVOLVED

Article 10. Rights of organizations providing service infrastructure for electronic payment transactions

1. To stipulate usage conditions; require customers to provide complete and accurate information related to the use of services and during the service usage process; refuse to provide services when customers do not fully meet the conditions for using services, do not comply with the organization's service provision regulations, or violate other agreements.

2. To stipulate measures to ensure safety for the use of the service;

3. To stipulate types and levels of fees for service usage in accordance with current laws.

4. To select banks and other organizations as partners to sign contracts for service supply and development based on ensuring safety, efficiency, and compliance with the content of the License and legal regulations.

5. Other rights in accordance with contracts with banks, customers, and partners in compliance with legal regulations.

Article 11. Obligations of organizations providing service infrastructure for electronic payment transactions

1. For customers:

a) Guide customers on how to use services;

b) Resolve or respond to customer complaints and requests for review;

c) Compensate customers for losses caused by technical system errors, exposure of customer information, and other errors of the service-providing organization;

d) Coordinate with customers to perform daily transaction data checks and reconciliations;

đ) Provide full periodic and ad hoc information about transactions through the organization's service system upon customer request;

e) Announce types and levels of fees to customers before they use the service.

1a.[23] For service provider partners:

a) An electronic payment gateway service provider must clearly agree in writing with the cooperating bank regarding the rights and obligations of both parties during the service provision process, including clearly defining the responsibility of each party in selecting and signing cooperation contracts with acceptance units and supervising and inspecting acceptance units during contract implementation;

b) In cases where an electronic payment gateway service provider directly signs a contract or agreement with an acceptance unit (without the participation of a cooperating bank), the electronic payment gateway service provider must:

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

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

(iii) Evaluate and classify acceptance units according to risk levels; regularly monitor and supervise and take strict management measures for the activities of acceptance units during contract implementation;

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

c) The content of the contract between the electronic payment gateway service provider and the acceptance unit as stipulated in this point must clearly specify the following contents:

(i) Rights and responsibilities of both parties;

(ii) Clearly define that the acceptance unit must bear responsibility for the legality of provided goods and services and commit not to carry out 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.

2. Coordinate with customers and partners to implement risk management measures to ensure safety and confidentiality when using and providing services.

3. Other obligations according to contracts with banks, customers, and partners.

4.[24] For the Organizing Entity in Charge of BTĐT:

a) The organizing entity in charge of BTĐT shall develop and issue internal regulations on the organization and operation of the BTĐT System in compliance with this Circular and current laws on payment activities, ensuring the following minimum contents:

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

(ii) Suspension and termination of membership 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 transactions;

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

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

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

(ix) Fee policy;

b) Build a system to receive and process netting of payment transactions of members, ensuring the BTĐT System operates safely and smoothly.

c) Monitor, manage, and promptly update the Credit Limit of settlement members; apply effective warning measures to ensure that settlement members timely adjust their Credit Limits upwards, ensuring compliance with the provisions set forth in point c, Clause 4, Article 9a of this Circular.

d) Prepare and send the results of the settlement transaction to the Settlement Transaction Management System to timely, fully, and accurately settle the settlement transactions for settlement members.

đ) Receive and notify settlement members of the settlement transaction results from the Settlement Transaction Management System.

e) Calculate and determine each settlement member's risk-sharing obligation and submit it to the State Bank (Trading Department) as the basis for recovering debts on loans used for settlement transactions according to the provisions set forth in point c, Clause 6, Article 9a of this Circular.

Article 12. Rights of service providers supporting payment services

1. Specify conditions for using services; require customers to provide complete and accurate information related to the use of services and during the use of services; refuse or terminate service provision when customers do not meet all conditions for using services, do not comply with the regulations of the service provider, or violate other agreements.

2. To stipulate measures to ensure safety for the use of the service;

3. To stipulate types and levels of fees for service usage in accordance with current laws.

4. Select banks and other organizations to enter into contracts for service supply and development based on ensuring safety, effectiveness, and compliance with the content of the License and laws.

5. Other rights in accordance with contracts with banks, customers, and partners in compliance with legal regulations.

Article 13. Obligations of service providers supporting payment services

1. For customers using services:

a) Specify and announce terms and conditions for using services through appropriate channels (the service provider's website, brochures, and service usage contract/application forms). The service provider and/or cooperate with banks must agree with customers on the following issues before using the service:

- Payment methods;

- Fees and charges;

- Detailed transaction statement models provided to customers during the use of services;

- Methods of receiving dispute resolution requests and complaints; deadlines for handling dispute resolution requests and complaints and the processing of dispute resolution results according to the provisions set forth in points d, d1, d2, d3, d4, đ, đ1, and đ2 of this clause.[25];

- Force majeure cases;[26];

- Refund policy including conditions, procedures, time, and costs;

- Customers' rights and responsibilities;

- Customers' obligations in case of incidents, losses, and fraudulent transactions;

- Address and contact number of the intermediary payment service provider organization;

b) Guide customers on how to use services;

c) Verify, update, and ensure the completeness and accuracy of customer registration information for service use;

d)[27] Apply at least two methods to receive dispute resolution and complaint information, including through a call center (with recording, operating 24/24 hours a day and 7/7 days a week) and through the headquarters/branch of the service provider; ensure verification of basic information provided by customers to the service provider;

d1)[28] Develop a dispute resolution and complaint request form for customers to use when making such requests. In the case of receiving information through a call center, the service provider must require customers to supplement the dispute resolution and complaint request form according to the model within the deadline specified by the service provider as the formal basis for handling dispute resolution and complaint requests. In the case of authorizing another person to make a dispute resolution or complaint request, customers shall follow the legal regulations on authorization;

d2)[29] Specifically stipulate the period during which customers have the right to make dispute resolution and complaint requests; this period shall not be less than 60 days from the date of occurrence of the transaction subject to dispute resolution or complaint;

d3)[30] Immediately implement measures to temporarily suspend service provision when customers request due to suspicion of fraud or loss and bear full financial loss responsibility towards customers arising from the use of services after the temporary suspension of service provision;

d4)[31] The deadline for handling dispute resolution and complaint requests shall not exceed 45 working days from the date of the first receipt of the customer's dispute resolution and complaint request according to one of the reception methods specified in point d of this clause; Handling dispute resolution and complaint results:

đ)[32] - Within a maximum of five working days from the date of notifying the dispute resolution and complaint results to customers, the service provider shall compensate for losses to customers according to the agreement and current legal regulations for losses not caused by the customer's fault and/or not falling under force majeure cases as agreed upon in the terms and conditions for using services;

- In the event that the dispute resolution and complaint handling deadline specified in point d4 of this clause has expired without determining the cause or fault party, within the next fifteen working days, the service provider shall negotiate with the customer on a resolution plan or temporarily compensate for losses to the customer until the final conclusion of the competent authority clarifies the fault and responsibility of the parties; đ1)[33] In the case where there are signs of criminal offenses, the service provider shall report to the competent state authorities according to the legal regulations on criminal proceedings and report to the State Bank (Payment Department, State Bank branch in the province/city area); simultaneously, notify customers in writing about the status of dispute resolution and complaint handling. The resolution of dispute resolution and complaint results falls under the responsibility of the competent state authorities. In the event that the competent state authority reports the resolution result without criminal elements, within fifteen working days from the date of the state authority's conclusion, the service provider shall negotiate with the customer on the resolution plan for dispute resolution and complaint results;

đ2)[34] In the case where the service provider, customer, and related parties cannot reach an agreement or disagree with the dispute resolution and complaint handling process, the resolution of disputes shall be carried out according to the legal regulations.

pt1)[33] In cases where there are signs of criminal offenses, the service provider shall report to the competent state agency in accordance with the provisions of the Criminal Procedure Law and report to the State Bank (Payment Department, State Bank branch in the province/city where the service provider operates), and simultaneously notify the customer in writing about the status of the dispute resolution request. The handling of the results of the dispute resolution request is the responsibility of the competent state agency. If the competent state agency reports that there are no elements of criminal offenses within fifteen working days from the date of the decision of the competent state agency, the service provider shall agree with the customer on a plan to handle the results of the dispute resolution request;

pt2)[34] In cases where the service provider, customer, and related parties cannot reach an agreement and/or disagree with the process of handling the dispute resolution request, the resolution of disputes shall be carried out in accordance with the provisions of the law;

e) For electronic wallet services, the service provider shall require customers to have a bank account opened at a bank before using the service; provide complete information periodically and upon request about payment transactions, balances, and related limits when requested by the customer.

2.[35] For banks:

a) For cooperating banks:

(i) Fulfill all obligations arising from agreements between the intermediary payment service provider and the cooperating bank in a timely manner and in accordance with applicable laws;

(ii) Agree in writing on the rights and obligations of the parties during the provision of services, clearly defining each party's responsibility for selecting and signing cooperation contracts with acceptance units and the responsibility for monitoring payment transactions occurring at acceptance units, and the implementation of signed agreements by acceptance units;

(iii) Coordinate with the cooperating bank and partners to check and reconcile transaction data daily that occur on the intermediary payment service provider's account opened at the cooperating bank according to the agreement among the parties;

b) For linked banks:

The electronic wallet service provider shall coordinate with the electronic switching and settlement service provider and the linked bank to verify, update fully and accurately customer information registered to open an electronic wallet.

3.[36] In cases where the service provider directly signs a contract or agreement with an acceptance unit (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 acceptance units; regularly update information on acceptance units; establish criteria and procedures for developing acceptance units; assess and classify acceptance units based on risk levels; closely monitor and manage activities of acceptance units during the implementation of signed contracts; guide acceptance units on technical procedures and security measures in payment through intermediary payment services;

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

(i) Rights and responsibilities of both parties;

(ii) Clearly define that the acceptance unit must bear responsibility for the legality of provided goods and services and commit not to carry out 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. Implement risk management measures to ensure safety and security in providing services.

5. Other obligations under contracts with banks, customers, and partners.

Article 14. Rights of Banks

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1. Rights of banks:

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

b) Sign contracts to use electronic payment infrastructure services and/or cooperate in providing support services for payment services with intermediary payment service providers who have been granted licenses by the State Bank;

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

2. Rights of cooperating banks:

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

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) If 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 the electronic wallet service provider to provide customer information to facilitate linking the electronic wallet with the customer's payment account and/or debit card opened at the linked bank.

Article 15. Responsibilities of banks

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1. Responsibilities of banks:

a) Cooperate only with non-bank organizations that have been granted a License by the State Bank to provide payment intermediary services.

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

2. Responsibilities of cooperating banks:

a) Coordinate with payment intermediary service providers and partners to conduct daily transaction data verification on accounts opened at the cooperating bank for payment intermediary service providers according to agreements between the parties; b) Carry out payments for transactions involving related parties in accordance with regulations of the State Bank and cooperation service provision contracts with payment intermediary service providers;

c) Open a payment guarantee account for electronic wallet service providers and ensure this account is not shared with the payment guarantee account for supporting collection and disbursement services (if any), separate from other regular payment accounts of the electronic wallet service provider; manage measures to ensure the payment capacity of supporting collection and disbursement service providers, purposes of using the payment guarantee account for electronic wallet services in accordance with the cooperation agreement signed with the electronic wallet service provider and provisions of this Circular;

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

In case the cooperating bank directly enters into a contract or agreement with an accepting unit (with participation of a payment intermediary service provider),

3. the cooperating bank must: b) The contract between the cooperating bank and the accepting unit must clearly specify the following contents:

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

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

(i) Rights and responsibilities of both parties;

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

c) If the direct accepting unit is a payment intermediary service provider (an organization providing goods and services and accepting payments through one or several payment intermediary services it provides itself), the cooperating bank shall be responsible for managing and supervising the activities of the accepting unit in accordance with points a and b of this clause.

4. In case the cooperating bank is also a linked bank, the cooperating bank shall have responsibilities as stipulated in Clause 5 of this Article.

5. Linked banks shall have the responsibility to coordinate with switching service providers and electronic settlement service providers and electronic wallet service providers to verify, authenticate, and update customer information registered for opening electronic wallets fully and accurately.

Article 15a. Responsibilities of Settlement Members

1. Proactively monitor, manage, and promptly replenish the Credit balance on their own settlement accounts opened at the State Bank (Trading Center) to ensure the ability to pay for settlement transactions and fulfill all arising obligations in a timely manner when participating in the Settlement System.

[39]

2. Establish, maintain, and manage the Settlement Limit in accordance with regulations. Proactively monitor, supervise, and promptly adjust to increase the Settlement Limit to ensure smooth customer transactions through the Settlement System without interruption.

3. Comply with organizational and operational regulations of the Settlement System's Host Organization.

3. Comply with the regulations on the organization and operation of the Interbank Payment System by the Interbank Payment System Host Organization.

Chapter V

REPORTING, INFORMATION DISCLOSURE AND VIOLATION HANDLING

Article 16. Reporting and Providing Information

[40]

1. Organizations providing payment intermediary services shall be responsible for reporting and providing information to the State Bank of Vietnam as follows:

a) Regularly report on the situation of providing payment intermediary services quarterly and annually according to Appendix No. 02 issued together with this Circular;

b) Provide information about the guarantee account for electronic wallet service within five working days from the date of signing the contract/agreement on cooperation in providing payment intermediary services with the cooperating bank, opening and using the guarantee account for the electronic wallet service, including:

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

(ii) A copy of the contract/agreement on cooperation in providing payment intermediary services with the cooperating bank, opening and using the guarantee account for the electronic wallet service;

c) Report on fraud and forgery risks via the email address [email protected] within 24 hours from the time of discovering incidents related to fraud and forgery causing financial losses to customers using payment intermediary services, and submit a written report (paper) or electronically according to Appendix No. 04 issued together with this Circular within three working days from the time of sending the email report to the State Bank of Vietnam;

d) Report incidents when discovering incidents causing interruptions in the provision of payment intermediary services exceeding two hours via the email address [email protected] within 24 hours from the time of occurrence of the incident, and submit a written report (paper) or electronically 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 according to the provisions of Circular No. 20/2018/TT-NHNN dated August 30, 2018 of the Governor of the State Bank of Vietnam on supervising payment systems and any subsequent amendments, supplements, or replacements (if any);

e) Methods of reporting:

(i) Electronic reports in the form of electronic data files transmitted through computer networks or sent via portable storage devices, signed with the electronic signature of the authorized representative of the reporting organization according to the designated transmission code, 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 performed, signed by the authorized representative of the reporting organization;

f) 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 (organizations providing payment intermediary services 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. Organizations providing payment intermediary services and banks shall be responsible for keeping confidential information related to transactions conducted through payment intermediary services, personal information of customers, payment accounts, and customer debit cards, and may only provide such information in the following cases:

a) At the request of the customer;

b) As prescribed by law.

3. Organizations providing payment intermediary services shall be responsible for appointing a focal officer to report and provide information to the State Bank of Vietnam (Payment Department) and handle any risks and incidents that arise.

4. Cooperating banks of organizations providing payment intermediary services shall be responsible for providing information about the guarantee account for the electronic wallet service through the Online Information Collection System of the State Bank of Vietnam.

Article 17. Handling Violations

Any organization or individual violating the provisions of this Circular shall be subject to administrative penalties depending on the nature and severity of the violation; in serious cases, criminal responsibility may be pursued; if damage is caused, compensation must be provided according to the provisions of the law.

Chapter VI

IMPLEMENTATION

Article 18. Payment Department

1. Serve as the focal point to receive and coordinate with relevant units to examine the application file for the issuance of the License.

2. Within fifteen working days from the date of receiving the complete file in accordance with Clause 2 of Article 16 of Decree No. 101/2012/ND-CP, the Payment Department shall be responsible for reviewing the file and sending it to the relevant Departments, Bureaus, and units under the State Bank of Vietnam for their comments.

3. Compile opinions from related units, examine the file, and submit to the Governor of the State Bank of Vietnam for a decision on issuing or refusing to issue the License.

4. Serve as the focal point to present to the Governor of the State Bank of Vietnam matters related to the issuance, revocation, and reissuance of the License.

5. Serve as the focal point to receive reports on the provision of payment intermediary services from payment service providers and banks.

6.[41] Implement the responsibility of supervising the provision of payment intermediary services.

7.[42] Coordinate with the Information Technology Bureau to build an electronic reporting system to receive, compile, exploit, and store data in accordance with Article 16 of this Circular.

8.[43] Provide information to the Banking Inspection and Supervision Authority, the State Bank of Vietnam branch in provinces and centrally-administered cities when signs of violations or acts violating laws on the provision of payment intermediary services are detected.

9.[44] Serve as the focal point and coordinate with the Banking Inspection and Supervision Authority, the State Bank of Vietnam branch in provinces and centrally-administered cities in the work of inspecting compliance with regulations on the provision of payment intermediary services.

10.[45] Coordinate with the Banking Inspection and Supervision Authority, the State Bank of Vietnam branch in provinces and centrally-administered cities in the work of inspecting payment service providers in accordance with the law.

11.[46] 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 Payment Limit.

Article 19. Information Technology Bureau

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1. Within the maximum period of fifteen working days from the date of receipt of the request document from the Payment Department, the Information Technology Bureau shall be responsible for examining, evaluating, and sending a document to the Payment Department confirming technical conditions, technological solutions, security capabilities, and the technical staff team ensuring the provision of payment intermediary services by the organization applying for the License.

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

3. Coordinate with the Banking Inspection and Supervision Authority, the State Bank of Vietnam branch in provinces and centrally-administered cities in the work of inspecting payment service providers in accordance with the law.

4. Coordinate with e-wallet service providers and the Payment Department to equip tools to monitor e-wallet service provision activities in accordance with Clause 7 of Article 9 of this Circular.

5. Serve as the focal point and coordinate with the Payment Department to build and maintain the operation of an electronic reporting system to receive, compile, exploit, and store 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 Payment System, allowing the acceptance and processing of settlement results from the system of the Lead Payment Organization.

7. Study and develop applications to enable the exchange and feedback of information about the Payment Limit between the State Bank of Vietnam (Trading Center) and the Lead Payment Organization, and process the results of the Payment.

Article 20. Banking Inspection and Supervision Authority

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1. Receive information provided by the Payment Department in accordance with Clause 8, Article 18 and examine and handle 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 activities related to 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 main body to conduct inspections of the National Payment Corporation's payment intermediary service operations in accordance with the provisions of the law.

Article 20a. Trading Department

[49]

1. Serve as the main body to receive and manage negotiable instruments of settlement members; exchange information related to the Settlement Limit of settlement members through applications on the Interbank Payment System.

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

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

Article 20b. Branches of the State Bank of Vietnam in provinces and centrally-administered cities

[50]

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

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

Chapter VII

IMPLEMENTING PROVISIONS

[51]^,[52]^,[53]

Article 21. Effective Date

This Circular shall take effect from March 1, 2015.

Article 22. Transitional provisions

From the date this Circular takes effect, non-bank organizations that have been permitted by the State Bank of Vietnam to pilot the provision of one or more payment intermediary services as specified in Article 2 of this Circular shall be responsible for completing the necessary procedures and submitting application files for licenses in accordance with Article 5 of this Circular to the State Bank of Vietnam for consideration and issuance of licenses.

Nine months from the date this Circular takes effect, all documents of the State Bank of Vietnam regarding the permission for non-bank organizations to pilot the provision of payment services and payment intermediary services will become invalid.

Article 23. Responsibility for Implementation

The Director of the Office, Heads of the Payment Department and other units under the State Bank of Vietnam; Governors of the State Bank of Vietnam Branches in provinces and centrally-administered cities, Chairmen of the Board of Directors (Board of Members), General Managers (Directors) of organizations providing payment services and payment intermediary services are responsible for organizing the implementation of this Circular./.

Appendix No. 01

[54]

(Attached to Circular No. 23/2019/TT-NHNN dated November 22, 2019 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 39/2014/TT-NHNN dated December 11, 2014 guiding payment intermediary services)

NAME OF ORGANIZATION APPLYING FOR LICENSE LICENSE ISSUANCE --------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------------
No.:...	..., date..., month..., year...

APPLICATION FOR FILM FESTIVAL ORGANIZATION PERMIT

INTERMEDIATE PAYMENT SERVICE PROVIDING ACTIVITIES

Respectfully submitted to: Governor of the State Bank of Vietnam

Pursuant to Decree No. 101/2012/NĐ-CP dated November 22, 2012 of the Government on cashless payments and subsequent amendments and supplements (if any);

Pursuant to Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the State Bank of Vietnam guiding payment intermediary services and subsequent amendments and supplements (if any);

Pursuant to the Minutes or Resolution of the Meeting of the Board of Members/Board of Directors/General Assembly or other documents authorized by the Law on Enterprises of the organization applying for a license number... dated... month... year... concerning the application for a license to provide payment intermediary services;

We request the State Bank of Vietnam to consider issuing a license for the provision of payment intermediary services with the following specific contents:

1. Name of the Organization Applying for a License to Provide Payment Intermediary Services:

- Full name in Vietnamese:

- Abbreviation in Vietnamese (if any):

- Full name in English (if applicable);

- Abbreviation in English (if applicable);

- Name for Transactions (if any):

2. Establishment Permit/Business Registration Certificate/Business Registration Number... issued by... dated... month... year...

3. Business Registration Number/Tax Code:

4. Main office address, telephone number, fax number, email:

5. Name(s) and content(s) of payment intermediary services applying for a license:

- Financial Switching Service;

- Electronic Settlement Service;

- ...

We commit to comply strictly with the conditions stipulated in Decree No. 101/2012/NĐ-CP dated November 22, 2012 of the Government on cashless payments and subsequent amendments and supplements (if any); Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the Governor of the State Bank of Vietnam guiding payment intermediary services and subsequent amendments and supplements (if any); and other relevant laws. If violated, we will bear full responsibility under the law./.

Attached Documents: 1. 2.

LEGAL REPRESENTATIVE (Signature, full name, stamp)

1. Accounting regulations for tourism administrative and public service units issued together with Decision No. 1899/1998/QĐ-BTC dated December 19, 1998 of the Minister of Finance;

[55]

(Attached to Circular No. 23/2019/TT-NHNN dated November 22, 2019 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 39/2014/TT-NHNN dated December 11, 2014 guiding payment intermediary services)

REPORTING UNIT --------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------------
No.:...	..., date..., month..., year...

REPORT ON THE STATUS OF PAYMENT INTERMEDIARY SERVICE PROVIDING ACTIVITIES

Reporting period (quarter.../year...)

RESPECTFULLY SUBMITTED TO: The State Bank of Vietnam (Payment Department)

1. Data on payment intermediary service providing activities (according to Model No. 01 attached).

2. Evaluation of the implementation of payment intermediary service providing activities (evaluate separately for each licensed payment intermediary service):

- Evaluation of the results of payment intermediary service providing activities during the reporting period.

- Evaluation of service quality, risk and incident situations identified.

- Significant changes in regulations, procedures, formalities (if applicable).

3. Difficulties, obstacles and recommendations.

Place of Receipt: - As above; - To be filed:…

LEGAL REPRESENTATIVE (Signature, full name, stamp)

Form No. 01

(Attached to Appendix No. 02 of Circular No. 23/2019/TT-NHNN dated November 22, 2019 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 39/2014/TT-NHNN dated December 11, 2014 guiding payment intermediary services)

DATA ON PAYMENT INTERMEDIARY SERVICE PROVIDING ACTIVITIES

1. Electronic Payment Gateway Service

1.1. Service Provision Status

Index	- Methods using measuring devices: The minimum number of sampled calls required for each of the above indicators is 1,500 calls. Determination can be made using one or both of the following methods, or a combination thereof:	Periodic report
1.1.1. Partner Information
G-1 Cooperating Banks	List of cooperating banks currently providing services up to the end of the reporting period.	Quy
G-2 Accepting Payment Units	The number of payment acceptance units participating in the service implementation as of the end of the reporting period.	Quy
1.1.2. Transaction situation
G-3 Number of successfully processed transactions	Total number of transactions successfully processed by the system on a monthly basis during the reporting period.	Quy
G-4 Value of successfully processed transactions	Total value of transactions successfully processed by the system on a monthly basis during the reporting period.	Quy
G-5 Number of unsuccessfully processed transactions1	Total number of transactions unsuccessfully processed by the system on a monthly basis during the reporting period.	Quy
G-6 Value of unsuccessfully processed transactions	Total value of transactions unsuccessfully processed by the system on a monthly basis during the reporting period.	Quy
G-7 Payment acceptance unit with the highest transaction volume in the reporting period	List of the top five payment acceptance units with the highest number of successfully processed transactions in the reporting period (specify the main industry and business type generating transactions, the number and value of transactions for each payment acceptance unit). The number of payment acceptance units to be reported may vary according to the State Bank's requirements.	Quy
G-8 Payment acceptance unit with the highest transaction value in the reporting period	List of the top five payment acceptance units with the highest value of successfully processed transactions in the reporting period (specify the main industry and business type generating transactions, the number and value of transactions for each payment acceptance unit). The number of payment acceptance units to be reported may vary according to the State Bank's requirements.	Quy

____________________

¹ Unsuccessful transactions at Form No. 01: Refers to transactions requested by customers but not executed due to transmission errors, technical issues, power outages, software errors, etc.

1.2. Risk situation

Index	- Methods using measuring devices: The minimum number of sampled calls required for each of the above indicators is 1,500 calls. Determination can be made using one or both of the following methods, or a combination thereof:	Periodic report
1.2.1. Operational risk
R-1 Duration of incidents	Total duration (in hours) of incidents causing interruptions in the provision of electronic payment gateway services exceeding two hours during the reporting period.	Quy
R-2 Number of transactions related to incidents	Number of transactions related to incidents during the reporting period.	Quy
R-3 Value of transactions related to incidents	Value of transactions related to incidents during the reporting period.	Quy
1.2.2. Fraud and forgery risk
R-4 Number of transactions related to risk events	Number of transactions related to fraud and forgery risks detected during the reporting period.	Quy
R-5 Value of transactions related to risk events	Value of transactions related to fraud and forgery risks detected during the reporting period.	Quy

2. E-wallet service

2.1. Service supply situation

Index	- Methods using measuring devices: The minimum number of sampled calls required for each of the above indicators is 1,500 calls. Determination can be made using one or both of the following methods, or a combination thereof:	Periodic report
2.1.1. Partner information
G-1 E-wallet information	Name of e-wallet, name of application, and website address used to provide e-wallet services.	Quy
G-2 Cooperating banks	List of cooperating banks opening guarantee accounts for payments as of the end of the reporting period.	Quy
G-3 Payment acceptance units	Statistics on the number of payment acceptance units participating in the service as of the end of the reporting period.	Quy
G-4 Individual customers	Number of individual customers using the service (excluding individuals who are payment acceptance units).	Quy
G-5 Corporate customers	Number of corporate customers using the service (excluding organizations that are payment acceptance units).	Quy
2.1.2. Transaction situation
2.1.2.1 System-wide transactions
G-6 Number of successfully processed transactions	Total number of transactions successfully processed by the system on a monthly basis during the reporting period.	Quy
G-7 Value of successfully processed transactions	Total value of transactions successfully processed by the system on a monthly basis during the reporting period.	Quy
G-8 Number of unsuccessfully processed transactions	Total number of transactions unsuccessfully processed by the system on a monthly basis during the reporting period.	Quy
G-9 Value of unsuccessfully processed transactions	Total value of transactions unsuccessfully processed by the system on a monthly basis during the reporting period.	Quy
G-10 Number of transactions for payments and transfers via e-wallets	Total number of transactions for payments and transfers via e-wallets successfully processed by the system on a monthly basis during the reporting period.	Quy
G-11 Value of transactions for payments and transfers via e-wallets	Total value of transactions for payments and transfers via e-wallets successfully processed by the system on a monthly basis during the reporting period.	Quy
G-12 Number of transactions for topping up e-wallets	Total number of transactions for topping up e-wallets successfully processed by the system on a monthly basis during the reporting period.	Quy
G-13 Value of transactions for topping up e-wallets	Total value of transactions for topping up e-wallets successfully processed by the system on a monthly basis during the reporting period.	Quy
G-14 Number of transactions for withdrawing from e-wallets	Total number of transactions for withdrawing from e-wallets successfully processed by the system on a monthly basis during the reporting period.	Quy
G-15 Value of transactions for withdrawing from e-wallets	Total value of transactions for withdrawing from e-wallets successfully processed by the system on a monthly basis during the reporting period.	Quy
G-16 Number of transactions on peak day	Total number of transactions successfully processed by the system on the day with the highest number of transactions during the reporting period. This day may differ from the day specified at G-17.	Quy
G-17 Value of transactions on peak day	Total value of transactions successfully processed by the system on the day with the highest transaction value during the reporting period. This day may differ from the day specified at G-16.	Quy
2.1.2.2 Transactions of corporate customers (excluding organizations that are payment acceptance units)
G-18 Number of transactions of corporate customers	Total number of transactions of corporate customers successfully processed by the system on a monthly basis during the reporting period.	Quy
G-19 Value of transactions of corporate customers	Total value of transactions of corporate customers successfully processed by the system on a monthly basis during the reporting period.	Quy
G-20 Number of transactions for payments and transfers via e-wallets of organizations	Total number of transactions for payments and transfers via e-wallets of organizations successfully processed by the system on a monthly basis during the reporting period.	Quy
G-21 Value of transactions for payments and transfers via e-wallets of organizations	Total value of transactions for payments and transfers via e-wallets of organizations successfully processed by the system on a monthly basis during the reporting period.	Quy
G-22 Number of transactions for topping up e-wallets of organizations	Total number of transactions for topping up e-wallets of organizations successfully processed by the system on a monthly basis during the reporting period.	Quy
G-23 Value of transactions for topping up e-wallets of organizations	Total value of transactions for topping up e-wallets of organizations successfully processed by the system on a monthly basis during the reporting period.	Quy
G-24 Number of transactions for withdrawing from e-wallets of organizations	The total number of cash withdrawal transactions from the organization's e-wallets processed successfully by the system each month during the reporting period.	Quy
G-25 Value of cash withdrawal transactions from the organization's e-wallets	The total value of cash withdrawal transactions from the organization's e-wallets processed successfully by the system each month during the reporting period.	Quy
G-26 Number of transactions of organizational customers with the highest transaction volume	The number of transactions of the top 10 e-wallets of organizational customers with the highest transaction volume processed successfully by the system during the reporting period. Statistics are made on a per-organization basis. The number of e-wallets to be reported may vary according to the State Bank's requirements.	Quy
G-27 Value of transactions of organizational customers with the highest transaction value	The value of transactions of the top 10 e-wallets of organizational customers with the highest transaction volume processed successfully by the system during the reporting period. Statistics are made on a per-organization basis. The number of e-wallets to be reported may vary according to the State Bank's requirements.	Quy
2.1.2.3 Transactions of individual customers (excluding individuals who are payment acceptance units)
G-28 Number of individual transactions	The total number of individual transactions processed successfully by the system each month during the reporting period.	Quy
G-29 Value of individual transactions	The total value of individual transactions processed successfully by the system each month during the reporting period.	Quy
G-30 Number of payment and money transfer transactions using individual e-wallets	The total number of payment and money transfer transactions using individual e-wallets processed successfully by the system each month during the reporting period.	Quy
G-31 Value of payment and money transfer transactions using individual e-wallets	The total value of payment and money transfer transactions using individual e-wallets processed successfully by the system each month during the reporting period.	Quy
G-32 Number of transactions to recharge individual e-wallets	The total number of transactions to recharge individual e-wallets processed successfully by the system each month during the reporting period.	Quy
G-33 Value of transactions to recharge individual e-wallets	The total value of transactions to recharge individual e-wallets processed successfully by the system each month during the reporting period.	Quy
G-34 Number of cash withdrawal transactions from individual e-wallets	The total number of cash withdrawal transactions from individual e-wallets processed successfully by the system each month during the reporting period.	Quy
G-35 Value of cash withdrawal transactions from individual e-wallets	The total value of cash withdrawal transactions from individual e-wallets processed successfully by the system each month during the reporting period.	Quy
G-36 Number of transactions of individual customers with the highest transaction volume	The number of transactions of the top 10 e-wallets of individual customers with the highest transaction volume processed successfully by the system during the reporting period. Statistics are made on a per-individual basis. The number of e-wallets to be reported may vary according to the State Bank's requirements.	Quy
G-37 Value of transactions of individual customers with the highest transaction value	The value of transactions of the top 10 e-wallets of individual customers with the highest transaction value processed successfully by the system during the reporting period. Statistics are made on a per-individual basis. The number of e-wallets to be reported may vary according to the State Bank's requirements.	Quy
2.1.2.4 Transactions of payment acceptance units
G-38 Number of transactions of payment acceptance units	The total number of transactions of payment acceptance units processed successfully by the system during the reporting period.	Quy
G-39 Value of transactions of payment acceptance units	The total value of transactions of payment acceptance units processed successfully by the system during the reporting period.	Quy
G-40 Number of payment and money transfer transactions using e-wallets of payment acceptance units	The total number of payment and money transfer transactions using e-wallets of payment acceptance units processed successfully by the system each month during the reporting period.	Quy
G-41 Value of payment and money transfer transactions using e-wallets of payment acceptance units	The total value of payment and money transfer transactions using e-wallets of payment acceptance units processed successfully by the system each month during the reporting period.	Quy
G-42 Number of transactions to recharge e-wallets of payment acceptance units	The total number of transactions to recharge e-wallets of payment acceptance units processed successfully by the system each month during the reporting period.	Quy
G-43 Value of transactions to recharge e-wallets of payment acceptance units	The total value of transactions to recharge e-wallets of payment acceptance units processed successfully by the system each month during the reporting period.	Quy
G-44 Number of cash withdrawal transactions from e-wallets of payment acceptance units	The total number of cash withdrawal transactions from e-wallets of payment acceptance units processed successfully by the system each month during the reporting period.	Quy
G-45 Value of cash withdrawal transactions from e-wallets of payment acceptance units	The total value of cash withdrawal transactions from e-wallets of payment acceptance units processed successfully by the system each month during the reporting period.	Quy
G-46 Number of transactions of payment acceptance units with the highest transaction volume	The number of transactions of the top 10 e-wallets of payment acceptance units with the highest transaction volume processed successfully by the system during the reporting period. Statistics are made on a per-payment acceptance unit basis. The number of e-wallets to be reported may vary according to the State Bank's requirements.	Quy
G-47 Value of transactions of payment acceptance units with the highest transaction value	The value of transactions of the top 10 e-wallets of payment acceptance units with the highest transaction value processed successfully by the system during the reporting period. Statistics are made on a per-payment acceptance unit basis. The number of e-wallets to be reported may vary according to the State Bank's requirements.	Quy

2.2. Risk situation

Index	- Methods using measuring devices: The minimum number of sampled calls required for each of the above indicators is 1,500 calls. Determination can be made using one or both of the following methods, or a combination thereof:	Periodic report
2.2.1 Operational risk
R-1 Duration of incidents	Total downtime (in hours) due to incidents causing service interruptions for e-wallet services exceeding two hours during the reporting period.	Quy
R-2 Number of transactions related to incidents	Total number of transactions related to incidents during the reporting period.	Quy
R-3 Value of transactions related to incidents	Total value of transactions related to incidents during the reporting period.	Quy
2.2.2 Fraud and forgery risk
R-4 Number of transactions related to risk events	Total number of transactions related to fraud and forgery risks detected during the reporting period.	Quy
R-5 Value of transactions related to risk events	Total value of transactions related to fraud and forgery risks detected during the reporting period.	Quy
2.2.3 Liquidity Risk
R-6 Balance of Payment Guarantee Accounts	Total balance of payment guarantee accounts at the end of the reporting period.	Quy
R-7 Total Balance of E-Wallets	Total balance of E-Wallets at the end of the reporting period.	Quy

2.3 Other Indicators

Index	- Methods using measuring devices: The minimum number of sampled calls required for each of the above indicators is 1,500 calls. Determination can be made using one or both of the following methods, or a combination thereof:	Periodic report
O-1 Number of Issued E-Wallets	Total number of issued E-Wallets at the end of the last trading day of the reporting period.	Quy
O-2 Number of Activated E-Wallets	Total number of activated E-Wallets (complying with customer identification regulations and ready for all types of transactions) at the end of the last trading day of the reporting period.	Quy
O-3 Number of Active E-Wallets	Total number of active E-Wallets at the end of the last trading day of the reporting period. An active E-Wallet is one that has generated at least one transaction with monetary value within the 12 months prior to the reporting date.	Quy

3 Collection and Disbursement Services

3.1 Service Provision Situation

Index	- Methods using measuring devices: The minimum number of sampled calls required for each of the above indicators is 1,500 calls. Determination can be made using one or both of the following methods, or a combination thereof:	Periodic report
2.3.1.1 Partner Information
G-1 Cooperating Banks	List of cooperating banks currently providing services up to the end of the reporting period.	Quy
G-2 Accepting Payment Units	The number of payment acceptance units participating in the service implementation as of the end of the reporting period.	Quy
2.3.1.2 Transaction Status
G-3 Number of Successfully Processed Transactions	Total number of transactions successfully processed by the system on a monthly basis during the reporting period.	Quy
G-4 Value of Successfully Processed Transactions	Total value of transactions successfully processed by the system on a monthly basis during the reporting period.	Quy
G-5 Number of unsuccessfully processed transactions	Total number of transactions unsuccessfully processed by the system on a monthly basis during the reporting period.	Quy
G-6 Value of unsuccessfully processed transactions	Total value of transactions unsuccessfully processed by the system on a monthly basis during the reporting period.	Quy

3.2 Risk Situation

Index	- Methods using measuring devices: The minimum number of sampled calls required for each of the above indicators is 1,500 calls. Determination can be made using one or both of the following methods, or a combination thereof:	Periodic report
3.2.1 Operational Risk
R-1 Duration of incidents	Total time (in hours) during which service interruptions occurred, affecting collection and disbursement services for more than two hours during the reporting period.	Quy
R-2 Number of transactions related to incidents	Total number of transactions related to incidents during the reporting period.	Quy
R-3 Value of transactions related to incidents	Total value of transactions related to incidents during the reporting period.	Quy
3.2.2 Fraud and Forgery Risk
R-4 Number of transactions related to risk events	Total number of transactions related to fraud and forgery risks detected during the reporting period.	Quy
R-5 Value of transactions related to risk events	Total value of transactions related to fraud and forgery risks detected during the reporting period.	Quy
3.2.3 Liquidity Risk
R-6 Measures Ensuring Payment Capability	Applied measures and their implementation status (including information on payment guarantee accounts for collection and disbursement services or maintaining a deposit at a bank or other measures applied).	Quy

4 Electronic Fund Transfer Support Services

4.1 Service Provision Situation

Index	- Methods using measuring devices: The minimum number of sampled calls required for each of the above indicators is 1,500 calls. Determination can be made using one or both of the following methods, or a combination thereof:	Periodic report
4.1.1 Partner Information
G-1 Cooperating Banks	List of cooperating banks currently providing services up to the end of the reporting period.	Quy
G-2 Customer Using the Service	Statistics on the number of customers using the service as of the end of the reporting period.	Quy
4.1.2 Transaction Status
G-3 Number of Successfully Processed Transactions	Total number of transactions successfully processed by the system on a monthly basis during the reporting period.	Quy
G-4 Value of Successfully Processed Transactions	Total value of transactions successfully processed by the system on a monthly basis during the reporting period.	Quy
G-5 Number of unsuccessfully processed transactions	Total number of transactions unsuccessfully processed by the system on a monthly basis during the reporting period.	Quy
G-6 Value of unsuccessfully processed transactions	Total value of transactions unsuccessfully processed by the system on a monthly basis during the reporting period.	Quy

4.2 Risk Situation

Index	- Methods using measuring devices: The minimum number of sampled calls required for each of the above indicators is 1,500 calls. Determination can be made using one or both of the following methods, or a combination thereof:	Periodic report
4.2.1 Operational Risk
R-1 Duration of incidents	Total time (in hours) during which service interruptions occurred, affecting electronic fund transfer support services for more than two hours during the reporting period.	Quy
R-2 Number of transactions related to incidents	Total number of transactions related to incidents.	Quy
R-3 Value of transactions related to incidents	Total value of transactions related to incidents.	Quy
4.2.2 Fraud and Forgery Risk
R-4 Number of transactions related to risk events	Total number of transactions related to fraud and forgery risks detected during the reporting period.	Quy
R-5 Value of transactions related to risk events	Total value of transactions related to fraud and forgery risks detected during the reporting period.	Quy

Annex No. 03

[56]

(Attached to Circular No. 23/2019/TT-NHNN dated November 22, 2019 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 39/2014/TT-NHNN dated December 11, 2014 guiding payment intermediary services)

STATE BANK OF VIETNAM VIETNAM --------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------------
No.:.../GP-NHNN	..., date..., month..., year...

LICENSE

INTERMEDIATE PAYMENT SERVICE PROVIDING ACTIVITIES

GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to Decree No. 101/2012/NĐ-CP dated November 22, 2012 of the Government on cashless payments and subsequent amendments and supplements (if any);

Pursuant to Circular No. 39/2014/TT-NHNN dated December 11, 2014, issued by the Governor of the State Bank of Vietnam guiding intermediary payment services and any subsequent amendments, supplements, or replacements;

Considering the application for issuance of a license for intermediary payment service provision and attached documents;

At the proposal of the Head of the Payment Department,

DECISION:

Article 1. Grant a license for intermediary payment service provision to:

- Full name:

- Full name in Vietnamese and English (if applicable):

- Abbreviation in Vietnamese and English, trade name (if applicable):

2. Business Registration Number/Tax Code:

3. Main Office Location:

Article 2. Intermediary payment services granted permission:

Article 3. Additional Terms:

Article 4. During operation, the company must comply with the provisions of Decree No. 101/2012/NĐ-CP dated November 22, 2012, of the Government on non-cash payments and any subsequent amendments, supplements, or replacements; Circular No. 39/2014/TT-NHNN dated December 11, 2014, issued by the Governor of the State Bank of Vietnam guiding intermediary payment services and any subsequent amendments, supplements, or replacements; and other relevant legal documents.

Article 5. This license is valid for ten years and becomes effective from the date of issuance./.

Place of Receipt: - General Department of Customs - Ministry of Finance; - SBV Leadership; - ICT Division (for coordination); - Trading Department - Inspection Center - Branch... - File.

GOVERNOR

Annex No. 04

[57]

(Attached to Circular No. 23/2019/TT-NHNN dated November 22, 2019 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 39/2014/TT-NHNN dated December 11, 2014 guiding payment intermediary services)

REPORTING UNIT --------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------------
No.:...	..., date..., month..., year...

REPORT ON FRAUD AND FORGERY RISKS

RESPECTFULLY SUBMITTED TO: The State Bank of Vietnam (Payment Department)

1. General Information

Time of occurrence (date and time of incident):...

Description of incident:...

Cause of incident:...

2. Measures taken (including completion or expected completion time).

Place of Receipt: - As above; - File.

LEGAL REPRESENTATIVE (Signature, full name, stamp)

Appendix No. 05

[58]

(Attached to Circular No. 23/2019/TT-NHNN dated November 22, 2019 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 39/2014/TT-NHNN dated December 11, 2014 guiding payment intermediary services)

REPORTING UNIT --------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------------
No.:...	..., date..., month..., year...

INCIDENT REPORT

RESPECTFULLY SUBMITTED TO: The State Bank of Vietnam (Payment Department)

1. General Information

Time of occurrence (date and time of incident):...

Description of incident:...

Cause of incident:...

Duration of incident:...

2. Measures taken and corrective actions (including completion time).

Place of Receipt: - As above; - File.

LEGAL REPRESENTATIVE (Signature, full name, stamp)

Appendix No. 06

[59]

(Attached to Circular No. 23/2019/TT-NHNN dated November 22, 2019 of the Governor of the State Bank of Vietnam amending and supplementing certain articles of Circular No. 39/2014/TT-NHNN dated December 11, 2014 guiding payment intermediary services)

BANK NAME --------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------------
No.:... RE: RECEIPT OF LOAN PAYABLE FOR ELECTRONIC SET-OFF	Hanoi, on...day...month...year...

RECEIPT OF DEBT

SHORTAGE BANK FOR ELECTRONIC SET-OFF LOAN

Dear: State Bank of Vietnam (Trading Department)

Based on the notice of shortage of funds for electronic set-off settlement issued by the Trading Department of the State Bank of Vietnam and the lead organization for electronic set-off, Bank...acknowledges the loan payable for the shortage of funds for electronic set-off settlement as follows:

Loan amount:...VND

(In words:…)

Interest rate...% per annum.

Bank...pledges to fully repay the principal and interest of the loan according to the regulations of the State Bank of Vietnam.

Place of Receipt: - As above; - File.

LEGAL REPRESENTATIVE (Sign, write full name and stamp)

CERTIFIED CONSOLIDATED DOCUMENT DIRECTOR DEPUTY DIRECTOR Dao Minh Tu