Decree No. 101/2012/ND-CP dated November 22, 2012 of the Government on non-cash payment

REQUIREMENTS FOR PROVIDING PAYMENT INTERMEDIARY SERVICES

On November 22, 2012, the Government issued the Decree No. 101/2012/ND-CP on non-cash payments. Of which, one of the contents is regulation on requirements for providing for providing payment intermediary services.

Specifically, the organizations not being banks that wish to provide payment intermediary services must satisfy the following requirements: Having a License for establishment or Certificate of business registration issued by competent State agencies, in which the provision of payment intermediary services is one of their primary businesses; Having an approved plan for payment intermediary service provisions in accordance with the regulations on investment authority prescribed in their charter; Having at least 50 billion VND of charter capital…

Besides, the following acts such as forging, falsifying, replacing payment facilities, payment documents; storing, circulating, transferring, and using fake payment facilities; Intruding or attempting to intrude, sabotage, or illegally changing the software and electronic database used in payment; taking advantage of the computer network errors to make profit; Provide inaccurate information during the provision and use of payment services and payment intermediary services; Opening or holding anonymous or impersonation payment accounts are prohibited since March 26, 2012.

For further details of the Decree 101/2012/ND-CP, Click here