On April 26, 2021, the State Bank of Vietnam (SBV) issued License No. 20/GP-NHNN on the establishment and operations of the Finance Company Limited for Community (FCCOM).
Accordingly, the SBV has accepted to renew License No. 255/GP-NHNN dated November 16, 2010 issued for FCCOM with the specifics as follows:
This finance company whose License is renewed has the full name in Vietnamese as: Công ty Tài chính trách nhiệm hữu hạn một thành viên Cộng đồng; the full name in English as: Finance Company Limited for Community; Abbreviated name in English: FCCOM.
The address of its headq office: Technical floor, Thang Long Tower, No. 98 Nguy Nhu Kon Tum street, Nhan Chinh ward, Thanh Xuan district, Hanoi city. The charter capital of FCCOM is: 500,000,000,000 VND (Five hundred billion Vietnamese Dongs), and the operational duration of FCCOM is 50 years, starting from November 16, 2010.
FCCOM is permitted to perform the operations of a consumer finance and credit company in accordance with Vietnam’s laws and the regulations of the SBV, including the following:
(i) Mobilizing capital in the following forms: Receiving deposits from organizations; Issuing deposit certificates, promissory notes, treasury bills and bonds to raise capital from organizations; Borrowing capital from domestic and foreign credit institutions and financial institutions in accordance with the provisions of the applicable laws; Borrowing from the SBV in the form of refinancing in accordance with the Law on the SBV;
(ii) Providing credit in the following forms: Consumer lending including installment loans, consumer loans, credit card issuance; Discounting, rediscounting of negotiable instruments, and other valuable papers;
(iii) Other operations: Opening deposit accounts at the SBV and maintaining on this deposit account an average balance no less than the required reserve limit; Opening payment accounts at commercial banks, foreign bank branches; Opening accounts at foreign banks in accordance with the law on foreign exchange; Opening deposit accounts, loan management accounts for customers; Contributing capital, purchasing shares in accordance with the SBV regulations; Trading and providing foreign exchange services on the domestic and international markets within the scope prescribed by the SBV; Acting as an insurance business agency; Providing advisory services in the fields of banking, finance and investment; Bidding for the Treasury bills, purchasing and selling of negotiable instruments, the Government bonds, the Treasury bills, the SBV bills and other valuable papers as prescribed by laws; Receiving entrusted capital of the Government, organizations and individuals for granting credit as permitted by the SBV; Purchasing and selling the Government bonds; Depositing, receiving deposits of credit institutions, foreign bank branches, domestic and foreign financial institutions in accordance with the provisions of the applicable laws.
During its operations, FCCOM shall have to comply with Vietnamese laws.
This License took effect from the date of signing and replaces the License for the Establishment and Operations of Finance Company Limited for Community (FCCOM) No. 255/GP-NHNN dated November 16, 2010 and other previous documents approving the revisions and amendments to this License.
VA