The State Bank of Vietnam (SBV) is gathering comments from legal experts and bankers on a draft decree which it compiles to replace Decree No. 64/2001/ND-CP of September 20, 2001, on non-cash payment.
Under the 27-article draft, which is now available on the SBV’s website, www.sbv.gov.vn non-cash payment activities cover opening and using payment accounts; providing and using non-cash payment services and intermediary payment services; and organizing, managing and supervising payment systems.
According to Duong Hong Phuong, deputy head of the SBV’s Payment Department, although intermediary payment services have vigorously developed, this is the first time that parties involved in intermediary payment activities are officially mentioned in a legal document.
“Intermediary payment services associated with high technology need to be strictly supervised to minimize risks. This is the reason why new regulations set up a legal corridor to support non-bank institutions in payment activities,” Phuong noted.
Intermediary payment services are classified into three categories, including electronic-payment infrastructure provision, payment service support and other services.