Circular 44/2025/TT-NHNN amending Circular 07/2024/TT-NHNN on payment agency activities

CIRCULAR

Amending and supplementing a number of articles of Circular No. 07/2024/TT-NHNN on payment agency activities

Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12;

Pursuant to the Law on Credit Institutions No. 32/2024/QH15, amended and supplemented under Law No. 96/2025/QH15;

Pursuant to the Government’s Decree No. 52/2024/ND-CP on non-cash payment;

Pursuant to the Government’s Decree No. 26/2025/ND-CP defining the functions, tasks, powers and organizational structure of State Bank of Vietnam;

At the proposal of the Director of the Payment Department;

The Governor of the State Bank of Vietnam hereby promulgates the Circular amending and supplementing a number of articles of Circular No. 07/2024/TT-NHNN on payment agency activities.

Article 1. Amending and supplementing Article 4

“Article 4. Payment agency activities

The Principal may authorize the Agent to perform one or more of the following tasks:

1. Receiving payment account opening applications; conducting legality and validity checks; comparing and ensuring the consistency and accuracy of documents, information, and data provided by clients; conducting verification of client identification information in accordance with the Principal’s instructions to send to the Principal, and guiding clients in using their payment accounts.

2. Receiving bank card issuance applications; conducting legality and validity checks; comparing and ensuring the consistency and accuracy of documents, information, and data provided by clients; conducting verification of client identification information in accordance with the Principal’s instructions to send to the Principal, and guiding clients in using the bank cards.

3. Receiving clients' requests for payment services, preparing, signing or applying electronic means of confirmation, controlling, processing clients’ payment documents, forwarding client transaction information to the Principal, receiving cash from or disbursing cash to clients to execute the following transactions:

a) Depositing/withdrawing cash to/from the client's payment account opened at the Principal;

b) Depositing/withdrawing cash to/from the client's debit cards, prepaid cards with identification issued by the Principal;

c) Depositing cash to pay the outstanding balance of the client's credit card issued by the Principal;

d) Performing payment services such as payment order, payment authorization, collection, collection authorization, money transfer, collection and payment on behalf.

4.  Within 1 working day from the time of receiving the client's request for payment services, the Agent shall process the client's payment documents and transfer the client’s transaction information to the Principal, except for the cases of system information incidents and/or other force majeure conditions preventing the execution of client transactions.”.

Article 2. Amending and supplementing Clause 1, Article 6

“1. Commercial banks, cooperative banks, and foreign bank branches may conduct payment agency activities if the establishment and operation license or establishment license and amendments or supplements to the license contain payment agency activities.

Commercial banks, cooperative banks, and foreign bank branches may act as payment agents if the establishment and operation licenses or establishment license and amendments or supplements to the license contain agency activities in banking operations. Commercial banks, cooperative banks, and foreign bank branches may act as payment agents without having to add such activities to the license if the establishment and operation licenses or establishment license and amendments or supplements to the license issued before the effective date of the Law on Credit Institutions No. 32/2024/QH15 already contain agency activities related to banking operations or acting as an agent in fields related to banking operations.

People’s credit funds and microfinance institutions may act as payment agents if the establishment and operation license and amendments or supplements to the license contain payment service agency activities.”.

Article 3. Amending Point l, Clause 2, Article 9

“l) Collecting, cross-checking, and storing all payment data, documents arising at the Agent according to relevant laws;”.

Article 4. Adding Point a1 after Point a, Clause 2, Article 10

“a1) The preparation, signing or application of electronic means of confirmation, the control, circulation, management, use and preservation of payment documents must comply with accounting laws, laws on electronic transactions, and other relevant legal regulations;”.

Article 5. Amending Clauses 1 and 3, Article 11

Replacing the phrase “the State Bank branch of the province or centrally-run city” with “Regional State Bank branches” in Clauses 1 and 3, Article 11.

Article 6. Amending and supplementing a number of points and clauses of Article 12

1. To amend Point d and Point dd, Clause 1, Article 12:

“d) Acting as a focal point to coordinate with Regional State Bank branches in checking the Principal’s and the Agent’s compliance with the provisions of this Circular.

dd) Coordinating with the State Bank Inspectorate to inspect the compliance with the provisions of this Circular.”.

2. To amend and supplement Clause 2, Article 12:

“2. The Credit Institution Supervision Department

a) Acting as a focal point for advising and processing the application dossiers for the renewal, amendment, and supplementation of licenses with respect to payment agency activities and agency activities in banking operations of commercial banks, cooperative banks, and foreign bank branches; acting as a focal point for advising and processing the application dossiers for the renewal, amendment, and supplementation of licenses with respect to payment service agency activities of microfinance institutions subject to microprudential supervision by the Credit Institution Supervision Department, in accordance with the law and the assignment and decentralization of the Governor of the State Bank of Vietnam.

b) Supervising according to its competence regarding the Principal's compliance with the provisions of this Circular.”.

3. To add Clause 3, Article 12:

“3. State Bank Inspectorate

Conducting inspections according to its competence regarding the Principal’s and the Agent’s compliance with the provisions of this Circular, handling violations according to its competence, and notifying the Payment Department and relevant units of the results.”.

4. To add Clause 4 of Article 12:

“4. Regional State Bank branches

a) Acting as a focal point for receiving, appraising, and processing the application dossiers for the renewal, amendment, and supplementation of licenses with respect to payment agency activities and agency activities in banking operations of foreign bank branches subject to inspection and microprudential supervision by the Credit Institution Supervision Department, in accordance with the law and the assignment and decentralization of the Governor of the State Bank of Vietnam.

b) Acting as a focal point for receiving, appraising, and processing the application dossiers for the renewal, amendment, and supplementation of licenses with respect to payment service agency activities in the license of people’s credit funds headquartered in the area under the jurisdiction of the Regional State Bank Branch, in accordance with the law and the assignment and decentralization of the Governor of the State Bank of Vietnam.

c) Conducting inspections and examinations of the Principal’s and the Agent’s, and supervising the Principal’s compliance with the provisions of this Circular according to their competence, handling violations according to their competence, and notifying the Payment Department and relevant units of the results.”.

Article 7. Amending and supplementing Article 14

“Article 14. Responsibilities for organizing implementation

The heads of units under the State Bank of Vietnam, credit institutions, foreign bank branches and other relevant institutions are responsible for the implementation of this Circular.”.

Article 8.  Replacing the Appendix to Circular No. 07/2024/TT-NHNN

To replace the Appendix to Circular No. 07/2024/TT-NHNN with the Appendix promulgated together with this Circular.

Article 9.  Responsibilities for organizing implementation

The heads of units under the State Bank of Vietnam, credit institutions, foreign bank branches and other relevant institutions are responsible for the implementation of this Circular.

Article 10. Implementation provision

This Circular takes effect from January 03, 2026./.

For the Governor
Deputy Governor

PHAM TIEN DUNG