WHAT ARE THE RESPONSIBILITIES OF INTERMEDIARY PAYMENT SERVICE PROVIDERS AT THE REQUEST OF THE STATE BANK OF VIETNAM?

Is it necessary to monitor information reflected in mass media when overseeing the provision of intermediary payment services? What are the responsibilities of intermediary payment service providers at the request of the State Bank of Vietnam? In today’s article, let’s explore this issue with Pham Consult!

Is monitoring mass media required when supervising intermediary payment services?

According to point e, clause 1, Article 11 of Circular 41/2024/TT-NHNN, regulations on supervising intermediary payment service activities are as follows:

Supervision of intermediary payment service provision
The supervisory unit monitors intermediary payment service activities through:

1. Collecting documents, information, and data related to the provision of intermediary payment services from the following sources:
   …
   c) Reports and information provided by partner banks in accordance with Article 18 of this Circular;
   d) Documents, information, and data collected through inspection and examination activities as prescribed by law;
   đ) Documents, information, and data collected via the online monitoring information system established by the State Bank (hereinafter referred to as the online monitoring information system), as prescribed in clause 3, Article 20 of this Circular;
   e) Feedback from customers using intermediary payment services; information reflected in mass media;
   g) Information related to the provision of intermediary payment services provided or reported by competent authorities;
   …

Therefore, supervising intermediary payment service activities requires the monitoring of public feedback and information reflected in the mass media to gather relevant documents, information, and data.

What are the responsibilities of intermediary payment service providers at the request of the State Bank of Vietnam?

According to clause 4, Article 35 of Decree 52/2024/NĐ-CP, regarding the supervision of intermediary payment service provision:

Supervision of intermediary payment service provision

1. The State Bank shall issue regulations and conduct supervision of intermediary payment service providers licensed by the State Bank.

2. The State Bank supervises such activities via remote supervision, on-site inspections, and other necessary measures, ensuring that the regular operations of the service providers are not hindered.

3. The State Bank has the right to request intermediary payment service providers to supply information related to their activities.

4. Intermediary payment service providers must provide the required information and comply with the supervision regulations and requests from the State Bank.

5. These providers must also build and provide an online monitoring tool for the State Bank to supervise their operations before officially offering services to the market.
   …

Accordingly, intermediary payment service providers must comply with the regulations and fulfill the supervisory requests of the State Bank in the course of providing their services.

What documents must e-wallet service providers submit to the supervisory unit when cooperating with a bank?

Based on clause 3, Article 17 of Circular 41/2024/TT-NHNN on reporting by intermediary payment service providers:

Reporting and information provision by intermediary payment service providers
…

2. Intermediary payment service providers must promptly notify the supervisory unit in the event of a service disruption lasting more than 30 minutes. The notification must include the time the incident was detected and a brief description, sent to the email address gshttt_vtt@sbv.gov.vn for timely monitoring and handling. Within 3 working days after resolving the incident, the provider must submit an incident report using Form No. 03 in Appendix I of this Circular via the reporting information system.

3. E-wallet service providers must submit a copy of the contract or agreement with the partner bank on the provision of e-wallet services, along with any amendments or supplements (if any), to the supervisory unit within 3 working days from the effective date of the contract or agreement.

In summary, when cooperating with a bank to provide e-wallet services, the provider must submit the following documents to the supervisory unit:

• A copy of the contract or agreement with the partner bank on e-wallet service provision;

• Any amended or supplementary contracts or agreements (if applicable).