On October 1, 2019, the State Bank of Vietnam (SBV) issued Document No. 93/GP-NHNN on the issuance of the License for the provision of payment intermediary services to Mobile Entertainment Corporation (abbreviated as ME CORP).
Accordingly, these licensed services consist of: providing an electronic payment portal, cash collections and payment services, and e-wallet services.
The contents of the License clearly state: ME CORP is permitted to provide the above-licensed services. In the process of implementing these intermediary payment services, ME CORP is required to comply with the scope, subjects, functions, nature of services as prescribed in the License and in accordance with the law.
ME CORP shall connect with an organization providing financial switching services and electronic clearing services (licensed by the SBV) when providing the payment support services to their customers who have accounts at more than one banks. When there is a need and it can meet all conditions and standards of the technical standards set by the above organization, which has been granted the License for providing financial switching services and electronic clearing services by the SBV, ME CORP may be connected with this organization in accordance with the law. Along with that, ME CORP is responsible for submitting as addendum a copy of the dossier (document) of cooperation between ME CORP and this organization to the SBV for the purpose of management, monitoring and supervision.
In the process of providing the licensed intermediary payment services, ME CORP must comply with the provisions in the Government’s Decree No. 101/2012/ND-CP dated November 22, 2012 on non-cash payments and the relevant amendments and supplementations; Circular No. 39/2014/TT-NHNN dated December 11, 2014 of the SBV providing guidance on payment intermediary services and the relevant amendments and supplementations; Circular No. 47/2014/TT-NHNN dated December 31, 2014 of the SBV stipulating the technical requirements on safety and security of equipment for bank card payments; Circular No. 18/2018/TT-NHNN dated August 21, 2018 of the SBV providing for the safety of information technology systems in banking operations; Circular No. 35/2016/TT-NHNN dated December 29, 2016 of the SBV stipulating the safety and security for providing Internet banking services and the relevant amendments and supplementations; and other relevant laws.
This license is valid for 10 years and took effect from the date of signing.
VA