On November 18, 2021, the State Bank of Vietnam (SBV) issued Decision No. 1814/QD-NHNN supplementing an operation in the License for the Establishment and Operations of the Finance Company Limited for Community (FCCOM).
Accordingly, the SBV Governor has approved of the supplementation of an additional operation to Paragraph 2 of Article 4 of the License for the Establishment and Operations of FCCOM, to read as follows:
“2. Providing credit in the following forms:
a) Lending, including installment loans, consumer loans; lending to the credit institutions and the foreign bank branches according to the provisions of law;
b) Issuing credit cards;
c) Discounting and rediscounting negotiable instruments and other valuable papers.
FCCOM shall be responsible for 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 supplementation; fully complying with the conditions as prescribed in Article 5 of Decree No. 39/2014/ND-CP dated May 7, 2014 of the Government of Vietnam stipulating the operations of finance companies and finance leasing companies in Vietnam (as amended and supplemented); implementing the above supplemented operation in accordance with the applicable regulations and the guidance of the SBV, as well as other relevant provisions of law.
This Decision took effect from the date of signing and is an integral part of the License for the Establishment and Operations No. 20/GP-NHNN dated April 16, 2021 issued by the SBV Governor to FCCOM.
LK