On April 27, 2023, the Governor of the State Bank of Vietnam (SBV) signed License No. 23/GP-NHNN allowing VETC Electronic Toll Collection Company Limited (VETC) to provide intermediary payment services.
Accordingly, VETC has been licensed to provide the following intermediary payment services: E-wallet; Online payment gateway; Cash collection and payment.
VETC may only provide the services specified in this License. When providing these intermediary payment services, VETC must comply with the scope, subjects and nature of the services licensed in compliance with the laws.
VETC shall arrange its connection with an institution providing financial switching and electronic clearing services (licensed by the SBV) when providing the payment services to its customers who have accounts in more than one banks. Depending on the needs and after having met the requirements and standards as determined by the set of technical standards established by the institution providing the financial switching and electronic clearing services (licensed by the SBV), VETC may start the connection to this institution in accordance with the laws. Moreover, VETC is also responsible for submitting a copy of the connection arrangement/agreement between VETC and this institution to the SBV for the purpose of monitoring and supervision.
In the process of providing the licensed intermediary payment services, VETC has to comply with the provisions of Decree No. 101/2012/ND-CP dated November 22, 2012 of the Government on non-cash payments, and the relevant amendments and/or supplementations (if any); Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the SBV providing guidance on the intermediary payment services, and the relevant amendments and supplementations; Circular No. 47/2014/TT-NHNN dated December 31, 2014 of the SBV defining the technical requirements for security and safety of the equipment used for bank card payments; Circular No. 35/2016/TT-NHNN dated December 29, 2016 of the SBV on the safety and security over the provision of banking services on the Internet; Circular No. 09/2020/TT-NHNN dated October 21, 2020 of the SBV providing for the safety and security of the information systems in banking operations, and the relevant amendments and supplementations (if any); as well as other relevant legal provisions.
VETC Electronic Toll Collection Company Limited is a registered with the business code of: 0107500414; the head office is located on the 11th and 14th Floors, Tasco Building, Lot. HH2-2, Me Tri ward, Nam Tu Liem district, Hanoi.
This License is valid for a duration of 10 years and took effect on the date of signing.
Le Hang