In recent years, digital wallet have been a trend in fintech
because of the competitive development from the foreign investors to banks in
Vietnam or of large technology companies and corporations which are also
gradually entering the financial technology market to challenge the
conventional banking in Vietnam.
Banking and Finance Dispute Law Firm
in Vietnam
In a nutshell, digital wallet, also known as online wallet, is an
account of payment for the most popular online transactions such as: payment
for electricity, water, tuition, phone recharge, buying movie tickets, etc. The
function of the digital wallet is operated by linking a bank account, adding
money to the wallet and paying for any associated services in a simple and
convenient way.
Besides the benefits, digital wallet could also bring possible
negative impacts and obstacles in reality. The State realizes the matter and
has recently issued policies and regulations on the management of intermediary
payment services in Vietnam in order to achieve economic efficiency. On 22th Nov
in 2019, the State bank of Viet Nam promulgates the Circular No.
23/2019/TT-NHNN amending, supplementing some articles of Circular No.
39/2014/TT-NHNN on 11th Dec in 2014 guiding the intermediary
payment services.
One of the new points of the Circular is the regulation on
amending and supplementing of the provision of digital wallet. Firstly, when
opening a digital wallet, customer must provide, update fully and accurately
the information in the digital wallet opening file to providers of digital
wallet services and take responsibility for the truthfulness of the provided
information; providers of digital wallet services are responsible for checking,
comparing and ensuring that the customer’s application for opening Digital
wallet is complete, valid and must request customer to complete the linking of
Digital wallet to their payment accounts or debit cards which was opened at
associated bank before they use Digital wallet. Customer are allowed to
associate Digital wallet with one or many of their payment accounts or debit
cards (Digital wallet owner) which was opened at associated banks. It can be
seen that this new regulation is reasonable, because Digital wallet are a
non-cash payment method. Therefore, banks need to have specific information of
users to avoid situation of one person opening multiple Wallet accounts for
illegal purposes.
Secondly, money to Digital wallet must deposited from: (i)
Customer’s payment account or debit card (Digital wallet owner) at the bank;
(ii) Receiving money from other Digital wallet opened by the same Providers of
Digital wallet services. Customers can use Digital wallet in order to: (i)
Payment for legal goods and services; (ii) Transfer money to other Digital
wallet opened by the same Providers of Digital wallet services; (iii) Withdraw
money from Digital wallet back to customer’s payment account or debit card
(Digital wallet owner) at the bank. One of the most remarkable thing is the new
regulation on the total limit of transactions via personal Digital wallet of 01
customer at 01 Providers of Digital wallet services (including transactions of
payment for legal goods and services and money transfer from Digital wallet to
other Digital wallet opened by the same Providers of Digital wallet services)
with maximum of VND 100 (one hundred) million in a month, except for personal
Digital wallet of persons having contracts / agreements acting as payment
acceptance units with Providers of Digital wallet. For organizations, the State
Bank does not set the limit for Digital wallet transactions. The regulation of
transaction limits for Digital wallet aims to minimize the risk of taking
advantage of money laundering, gambling, and performing illegal activities that
have been already difficult to manage.
Finally, The Circular stipulates the prohibition of using Digital
wallet to conduct transactions for money laundering, terrorist financing,
fraud, cheating and other violations of law; Prohibition of rent, lease,
borrow, lend Digital wallet or buy and sell Digital wallet information;
Supplementation conditions on tools of supervision on activities of providing
Digital wallet services to the State Bank by Providers of Digital wallet
services.
Lawyers in banking and financial
service advisory desk of ANT Lawyers always follow the
development of law, especially in fintech where changes are fast to cope with
the development of technology and market demand, to provide update to its
clients.
ANT Lawyers is a law
firm in Vietnam located
in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide
convenient access to our clients. Please contact our lawyers in Vietnam for
advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529.
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