On October 20, 2021, the State Bank of Vietnam (SBV) issued Decision No. 1656/QD-NHNN supplementing a number of substances to the License for the Establishment and Operations of the Post and Telecommunication Finance Company Limited (PTF).
Accordingly, Point m and Point n are supplemented to Paragraph 3 of Article 4 of the License for the Establishment and Operations No. 96/GP-NHNN dated September 28, 2018 issued by the SBV Governor to PTF, to read as follow:
“m) Trading and providing foreign exchange services in the domestic market and in the international market within the scope prescribed by the SBV, specifically as follows:
(i) The scope of basic foreign exchange operations in the domestic market:
- Receiving deposits in foreign currencies from organizations not including credit institutions;
- Sending money, receiving deposits in foreign currencies from other credit institutions when permitted;
- Borrowing in foreign currencies from other credit institutions and domestic financial organizations when permitted;
- Discounting and rediscounting negotiable instruments and valuable papers in foreign currencies;
- Issuing international credit cards;
- Providing services related to the management and assets preservation through foreign exchange operations;
- Providing consultancy services to its customers on foreign exchange operations;
- Opening payment accounts in foreign currencies in the commercial banks, and foreign bank branches that are licenses for conducting foreign exchange operations.
(ii) The scope of basic foreign exchange operations in the international market: Opening payment accounts at foreign banks for the issuance of its credit cards.
(n) Opening accounts at foreign banks in line with the legal provisions on foreign exchange operations.”
The PTF is responsible for implementing the above additional operations in line with the SBV regulations on foreign exchange operations and other relevant provisions of law; Implementing the applicable procedures in line with Paragraph 4 of Article 29 of the 2010 Law on Credit Institutions (as amended and supplemented in 2017) regarding the above amendment.
This Decision took effect from the date of signing and is an integral part of the License for the Establishment and Operations No. 96/GP-NHNN dated September 28, 2018 issued by the SBV Governor to the PTF.
LK