|
THE GOVERNMENT OF VIETNAM |
SOCIALIST REPUBLIC OF VIETNAM |
|
No. 368/2025/ND-CP |
Hanoi, December 31, 2025 |
ON PROVISION OF MOBILE MONEY SERVICE
Pursuant to the Law on Government Organization No. 63/2025/QH15;
Pursuant to the Law on Credit Institutions No. 32/2024/QH15 amended by the Law on No. 96/2025/QH15;
Pursuant to the Law on Telecommunication No. 24/2023/QH15;
Pursuant to the Law on State Bank of Vietnam No. 46/2019/QH12;
Pursuant to the Law on Investment No. 143/2025/QH15;
Pursuant to the Law on Anti-money Laundering No. 14/2022/QH15;
At request of Governor of State Bank of Vietnam;
The Government promulgates Decree on provision of mobile money service.
This Decree prescribes provision of mobile money service.
1. Mobile money service providers.
2. Individuals using mobile money service (hereinafter referred to as “customers”).
3. Agencies, organizations, and individuals related to provision of mobile money service.
In this Decree, terms below are construed as follows:
1. Mobile money service provider means a non-bank organization or a foreign bank branch (hereinafter referred to as “FBB”) that provides mobile money service.
2. Mobile money account means a discrete account associated with a telecommunication subscription that is used by terrestrial mobile telecommunication services to conduct human-to-human communication protocol and provided to customer by mobile money service provider to use mobile money service.
3. Mobile money service means a service provided by a mobile money service provider for customer via a mobile money account where customer can deposit, withdraw from the account, conduct transactions, including those for foreign goods and services.
4. Provision of mobile money service means where a mobile money service provider opens mobile money account for customer and provides deposit, withdrawal, goods and service payment services via the mobile money account.
5. Service establishment means a telecommunication service establishment owned or established by a mobile money service provider with defined address or a telecommunication service establishment established by another enterprise with defined address which mobile money service provider has entered into authorization contract with.
6. Cooperative bank means a bank or an FBB entering into contract or agreement with a mobile money service provider for cooperation in service provision.
7. Payment security account means a VND checking account opened by a mobile money service provider at a cooperative bank to facilitate provision of mobile money service.
8. Transaction under this Decree refers to the use of mobile money to make payments or money transfer of customers.
Article 4. Scope of service provision
1. Mobile money service providers are allowed to provide mobile money service in Vietnamese territory and proceed transactions for foreign goods and services.
2. Payment and settlement of transactions for foreign goods and services shall be conducted via commercial banks and FBBs approved by the State Bank of Vietnam (hereinafter referred to as “SBV”) to conduct foreign exchange on international market.
Article 5. Currency in transaction
1. Transactions conducted via mobile money account shall be in VND.
2. The conversion from foreign currency to VND (or vice versa) and conversion rate thereof shall be agreed upon by the parties in accordance with regulations of the law.
1. Providing or using mobile money account for operations other than those detailed under Article 14 hereof.
2. Granting credit extension via mobile money account, paying interest based on account balance of mobile money account, or conducting any other actions that may increase the monetary value of mobile money account relative to the original deposit.
3. Providing or using mobile money account to facilitate transactions that serve money-laundering, terrorism financing, weapons of mass destruction proliferation financing, or fraud.
4. Renting, leasing, borrowing, lending, swapping, gifting, purchasing, or selling mobile money account or information thereof.
5. Using balance of mobile money account of customers for other purposes of mobile money service providers.
6. Implementing, arranging, or enabling: use or exploitation of mobile money accounts for gambling, gambling arrangement, fraud, unlawful business operations, and other violations of the law.
PROVISION OF MOBILE MONEY SERVICE
Section 1. OPENING AND USING MOBILE MONEY ACCOUNT
Article 7. Customers of mobile money service
Customers of mobile money service are users of telecommunication subscription whom are being provided with terrestrial mobile telecommunication services by mobile money service providers as per the law. Each customer is eligible for at most one mobile money account at a mobile money service provider.
Article 8. Application for mobile money account opening
1. Application for mobile money account opening consists of:
a) Mobile money account opening and use agreement under Article 9 hereof;
b) Documents, information, and data for verifying know-your-customer (KYC) information in accordance with Clause 2, Clause 3 of this Article.
2. Documents, information, and data pertaining to personal documents of customers:
a) In case of customers who are Vietnamese nationals: ID Card, electronic ID, or birth certificate for people under 14 years of age to whom ID Card has not been issued;
b) In case of individuals of Vietnamese origin and unidentified nationality: Identification certificate;
c) In case of foreigners:
Passport or other identification documents issued by foreign competent authorities and, in case of foreigners residing in Vietnam, entry visa or visa-equivalent documents or documentation proof of eligibility for visa-free entry; or
Electronic identification (via level 2 e-IDs).
3. Where a customer opens his/her mobile money account via a legal representative or a guardian (hereinafter referred to as “representative”), in addition to documents, information, and data required under Clause 1 of this Article, application for mobile money account opening must also include documents, information, and data that serves recognition, verification of identification of the representative in accordance with Clause 2 of this Article and documents proving legitimate representative status of the representative.
4. Mobile money service providers may require additional documents, information, and data in the application for mobile money opening other than those under Clauses 1 through 3 of this Article as long as they must inform and provide guidelines for customers.
5. Collection and storage of application for mobile money account opening must satisfy requirements below:
a) Physical documents in the application for mobile money account opening must be original copies or certified true copies or copies issued from master registers or copies and original copies for comparison in accordance with regulation on issuance of copies from master registers, copies authentication from original copies, signature authentication. Where original copies are required for comparison, mobile money service providers must append verification on copies and assume responsibility for consistency between copies and original copies. Where documents are issued by foreign authority, consular legalization is implemented in accordance with consular legalization laws;
b) Electronic documents, information, and data in application for mobile money account opening must be examined, cross-checked, and verified by mobile money service providers in order to verify adequate, accurate contents and store in accordance with electronic transaction laws;
c) Where documents, information, and data in mobile money account opening application under Point a and Point b of this Clause are presented in foreign languages, mobile money service providers may enter into an agreement with customers regarding whether or not a Vietnamese translation is produced while adhering to principles below:
Mobile money service providers must inspect, control, and assume responsibilities for verifying contents of documents, information, and data in foreign languages compliant with information requirements under this Circular;
Documents, information, and data in foreign languages will be translated at request of competent authority; the translation must be verified by competent persons of mobile money service providers or notarized or certified;
d) documents, information, and data in application for mobile money account opening under Clause 1, Clause 2, and Clause 3 of this Article must be effective and not expired during opening and use of mobile money account.
Article 9. Mobile money account opening and use agreement
1. Mobile money account opening and use agreement between mobile money service provider and customer must at least include:
a) Document number (if any), date in which agreement is made;
b) Name of mobile money service provider;
c) Information on customer opening mobile money account in accordance with Article 10 hereof;
d) Specific rights and responsibilities of the parties;
dd) Regulations pertaining to fees, charges, payment methods thereof, adjustment thereof in opening and use of mobile money account;
e) The use of mobile money account, including: The use of mobile money account must comply with Article 14 hereof; transaction purposes and limits for mobile money account; cases where mobile money account is credited and other cases where mobile money account is credited in relation to fraud according to conclusion of competent authorities;
g) Termination of mobile money account and handling of remaining account balance after termination, including:
Where customer is found to use falsified or fabricated documents to open or use mobile money account and commit fraud or other violations of the law;
Where no transactions are made to or from mobile money account in a definite period of time according to regulations of mobile money service provider;
Where other cases occur as per the law;
h) Notification and means for notifying mobile money account holder about: account balance and transactions to and from their mobile money account; termination of mobile money account; expiry of personal documents in application for mobile money account opening, and other necessary information during use of mobile money account;
i) Methods for filing request for review, complaints; time limit for processing request for reconciliation, complaints; settlement of reconciliation and complaint results according to regulations of mobile money service providers;
k) Implementation of risk management, safety, security measures in use of mobile money account, including: cases where KYC information must be re-verified and denial of services or temporary suspension of transactions to and from mobile money account.
l) Processing of private data of customers or private data provided by customers, provision of information to third parties in order to provide payment services for customers, and settlement of cases of suspected fraud, impersonation, violation of the law;
m) Cases where disclosure is required: Providing information at request of competent authorities as per the law or under consent of customer; providing information pertaining to account balance to representative or heir (or heir’s representative) of account holder if account holder is deceased or declared dead or missing as per the law.
2. Where mobile money account opening and use agreement uses standard form contract, mobile money service providers must:
a) publicly post standard form contract at service establishment and upload on mobile money website, website application, and mobile application (if any) of mobile money service provider;
b) provide information pertaining to standard form contract to customers and implement measures to verify that customers have read and confirmed that they have been well-informed.
3. In addition to details under Clause 1 of this Article, mobile money service providers may enter into other agreements with customers as long as said agreements do not contradict the law.
Article 10. Information on customer opening mobile money account
Information on customer opening mobile money account includes:
1. Where customers are Vietnamese citizens or people of Vietnamese origin with unidentified nationality: full name; date of birth; nationality; telecommunication subscription number; personal identification number; date of issue, place of issue, and expiry date of personal identification documents; taxpayer identification number (if any); permanent residence address and current residence address (if any); whether or not the customers are residents.
2. Where customers are of foreigners: full name; date of birth; nationality; telecommunication subscription number; valid passport number or identification information issued by foreign authority, date of issue, place of issue, expiry date of passports; identification number of foreigners (if any); entry visa number or number of document replacing entry visa (for foreigners residing in Vietnam), except for cases where visa is exempt as per the law; residence address in foreign country and residence address in Vietnam (for foreigners residing in Vietnam); whether or not the customers are residents;
3. Where a customer has at least two nationalities: respective information under Point a and Point b of this Clause; passport number, date of issue, place of issue, expiry date of passport; nationalities, residence address in countries of other nationalities.
4. Where customers open mobile money account via representatives, information of representatives shall conform to Clause 1, Clause 2, and Clause 3 of this Article.
Article 11. Procedures for opening mobile money account
1. Customers that wish to open mobile money account shall provide mobile money service providers with documents, information, and data for verifying KYC information in accordance with Article 8 hereof.
2. Mobile money service providers shall examine legitimacy and adequacy, cross-examine to verify consistency, accuracy of documents, information, and data provided by the customers; verify KYC information in accordance with anti-money laundering laws and regulations below:
a) Where account holder or representative thereof uses ID card or electronic ID (incorporating encrypted information storage) or electronic identification, mobile money service provider must meet account holder or representative thereof in person to cross-examine personal identification and biometric information of account holder or representative thereof in accordance with Point b Clause 1 Article 12 hereof;
b) Where account holder or representative thereof uses physical ID Card (not incorporating encrypted information storage) or identification certificate or birth certificate for person under 14 years old to whom ID or passport has not been issued, mobile money service provider shall meet account holder or representative thereof in person to examine, cross-examine personal identification documents, KYC information of account holder or representative thereof relative to those on their personal identification documents;
c) Where account holder is a foreigner and not present in Vietnam, mobile money service provider shall verify KYC information via a third party or by hiring another organization.
3. After inspecting, cross-examining, and verifying KYC information, mobile money service providers shall:
a) Where documents, information, and data are adequate, accurate, and legitimate, mobile money service provider shall provide customers with mobile money account opening and use agreement in accordance with Article 9 hereof;
b) Where documents, information, and data are not adequate, accurate, or legitimate, mobile money service provider shall inform customers to examine, revise application, or refuse to open mobile money account and inform customers about the reasons;
c) Where customers are found to be using fabricated or unlawful documents, information, or data or fall under blacklist according to regulations on prevention and combat of money-laundering, terrorism financing, and weapons of mass destruction proliferation financing, mobile money service provider shall request competent authority to take actions as per the law.
4. Where customers are people with disabilities, mobile money service providers shall rely on their conditions and capabilities to provide guidelines pertaining to application and procedures for opening mobile money account accordingly while gathering adequate documents, information, and data to verify, authenticate customer information in accordance with this Decree.
5. Regulations under Clause 2 of this Article do not apply to cases where customers open mobile money account in accordance with Article 12 hereof.
Article 12. Opening mobile money account via electronic means
1. Mobile money service provider shall promulgate internal regulations pertaining to procedures for opening mobile money account via electronic means in accordance with this Decree, regulations on prevention and combat of money-laundering, electronic transaction, private data protection, safety, and security. The procedures must at least include:
a) Collecting documents, information, and data for verifying KYC information in accordance with Clause 2 Article 8 hereof and biometric information of account holder;
b) Examining legitimacy, adequacy of documents, information, and data for verifying KYC information and matching biometric of account holder:
Biometric information stored in encrypted data storage unit of citizen ID card or ID card confirmed to have been issued by police authority or e-identification via electronic identification and authentication system; or
Biometric information that has been collected and inspected (to ensure consistency between biometric information collected from customers with biometric data in encrypted information storage unit of ID card or ID card confirmed to have been issued by police authority or e-identification via electronic identification and authentication system);
c) Displaying warnings pertaining to prohibited actions when opening and using mobile money account via electronic means and ensuring that customers have adequately read the warnings via the use of technical means;
d) Providing customers with mobile money account opening and use agreement in accordance with Article 9 hereof and verifying customers’ approval for mobile money account opening and use agreement in accordance with Point b Clause 2 of this Article;
dd) Informing customers about code and name of mobile money account, transaction limit of mobile money account.
2. Mobile money service providers shall decide solutions, methods, and technology serving opening of mobile money account via electronic means, assume possible risks (if any), and satisfy requirements below:
a) Solutions, procedures, and technologies selected by mobile money service providers must meet security, safety, and confidentiality requirements according to regulations of SBV;
b) Verifying that customers approve mobile money account opening and use agreement: adopt technical solutions to verify via electronic means that account holder has approved mobile money account opening and use agreement;
c) Adequately and properly store, keep documents, information, and data pertaining to KYC during opening and use of mobile money account such as: KYC information; biometric information of account holder; sound, image, video recording, audio recording; telecommunication subscription register on application of mobile money application; unique identifier of transaction devices; transaction log; biometric information comparison results according to Point b Clause 1 of this Article. Information and data must be stored safely and securely, backed up in a manner that preserves data integrity to facilitate inspection, examination, and verification of account holders during use of mobile money accounts, settle review, complaints and disputes, and provide information at request of competent authority. Time limit shall conform to anti-money laundering and e-transaction laws;
d) Mobile money service providers must examine and evaluate safety, security rating of solutions, procedures, technologies on a regular basis and suspend services to upgrade, repair, and improve in case of sign of safety breach.
3. Opening of mobile money accounts via electronic means do not apply to customers under Clause 3 Article 8 hereof.
Article 13. Verifying information of customer opening mobile money account
1. Account holder must provide and update documents, information, and data in application for mobile money account opening for mobile money service providers and be responsible for accuracy of documents, information, and data that they provide.
2. Mobile money service providers must examine, cross-examine, and ensure that application for mobile money opening and information on customers opening mobile money account are adequate in accordance with Article 8 and Article 10 hereof.
3. Mobile money service providers shall adopt solutions for verifying information of customers opening mobile money account which must satisfy requirements below at the minimum:
a) Verifying and ensuring that information of customers opening mobile money account matches information of mobile money subscription and at least 3 types of information under personal identification documents under Clause 2 Article 8 hereof, including personal identification documents or passport number for customers with foreign nationality; first name, middle name, last name; date of birth;
b) Denying services if customers fail to: present adequate application for mobile money account opening; present application for mobile money account that is clear, able to be digitalized in a way that the information is clear, coherent, adequate; provide personal identification documents that contain unmatched information or unverifiable information.
Article 14. Use of mobile money account
1. Money can be deposited to or received mobile money account by:
a) Depositing cash to mobile money account of the account holder at service establishments;
b) Receiving money from VND checking accounts, debit cards linked to VND checking accounts opened at banks and FBBs;
c) Receiving from e-wallet;
dd) Receiving from other mobile money accounts.
2. Account holders can use their mobile money account to:
a) Withdraw cash from their mobile money account at service establishments;
b) Transfer money to other mobile money accounts;
c) Transfer money to VND checking accounts, debit cards linked to VND checking accounts opened at banks and FBBs;
d) Transfer money to e-wallet;
dd) Pay for goods, services; fees and charges for public services lawfully;
e) Pay for road traffic fees electronically as per the law by connecting to traffic account.
3. Mobile money service providers shall refund customers if:
a) they terminate mobile money service provided for customers;
b) they terminate, dissolve, or go bankrupt as per the law;
c) account holders are deceased or declared dead in which case mobile money service providers refund heirs of account holders;
d) they are requested by competent authority as per the law;
dd) mobile money accounts are terminated and account balance is handled upon termination according to mobile money account opening and use agreement between account holder and mobile money service providers.
Article 15. Transaction limit of mobile money account
1. Total limit of transactions, including transfer and payment, made via mobile money account of a customer at a mobile money service provider according to Clause 2 Article 14 hereof shall be 100 million VND per month. This Clause does not apply to mobile money account of customers who enter into contracts or agreements to act as payment accepting entities with mobile money service providers.
2. In addition to limit under Clause 1 of this Article, customers may extend their limit for: Online payment on National public service portal; electricity payment; water payment; telecommunication payment; payment of fees, prices, and service rates related to operation of road vehicles; tuition; hospital fees; social insurance, health insurance payment; insurance premiums according to the Law on Insurance Business; payment of due debts, overdue debts, interest, and relevant costs for credit institutions, FBBs as per the law; while ensuring that total limit of these payments does not exceed 100 million VND per month.
3. Mobile money service providers have the responsibility to examine, supervise, and ensure that the use of mobile money accounts is compliant with limit granted to the account holders by mobile money service providers. Mobile money service providers must be entirely responsible of customers exceed the limit granted by mobile money service providers according to this Decree.
Article 16. Use of payment security account for mobile money service
1. Mobile money service provider must maintain total balance on all payment security accounts opened at cooperative banks not lower than total balances of mobile money accounts that they have opened for customers at any given time.
2. Payment security accounts of mobile money service must be discrete and separate from other checking accounts, payment security accounts in VND of the mobile money service providers.
3. Payment security accounts of mobile money service shall only be used for opening of mobile money accounts under Article 14 hereof.
4. Mobile money service providers may withdraw fees deducted by the parties from payment security accounts of mobile money service if relevant parties deduct service fees directly from mobile money accounts. Mobile money service providers shall enter into agreement with cooperating parties regarding solutions for proving, ensuring that money withdrawn from payment security accounts are service fees deducted by the parties in mobile money transactions.
Article 17. Procedures for settling request for review, complaints, disputes
1. Mobile money service providers shall prescribe time limit in which customers have the right to file request for review, complaint to mobile money service providers. The aforementioned time limit shall be at least 60 days from the date on which transaction for which reconciliation request is made occur.
2. Mobile money service providers have the responsibility to process request for review, complaints of customers in a manner that satisfies regulations below:
a) Use at least 2 methods for receiving review and complaint request via 24/7 recorded telephone line and legitimate service establishments of mobile money service providers; authenticate basic information that customers have provided mobile money service providers;
b) Promulgate sample physical or electronic request for review and complaints for use by customers at service establishments of mobile money service providers or online. Where mobile money service providers receive information via telephone or online, mobile money service providers shall request customers to provide necessary information in order to authenticate customer information and store provided information for review and complaint settlement. Where customers authorize other individuals to request review and complaint, the authorization shall conform to authorization laws;
c) Mobile money service providers have the responsibility to promptly respond or settle customer complaints as per agreement within 30 working days from the date on which they receive complaints in accordance with Point a of this Clause;
Immediately adopt solutions to temporarily suspend services at request of customers due to suspicions of fraud or loss and be responsible for all financial losses incurred by the customers after the date on which the customers request temporary suspension of services.
3. Handling review and complaint settlement results:
a) Within 5 working days from the date on which results of review and complaint settlement are sent to customers, mobile money service providers shall reimburse customers for losses where the customers are not at fault and/or where force majeure do not apply according to service terms and conditions agreement as per agreement and applicable laws;
b) Where the cause cannot be identified or fault cannot be attributed to any party within the time limit under Clause 2 of this Article, within the next 15 working days, mobile money service providers shall negotiate with customers about possible solutions. Where a solution cannot be agreed upon by the parties, settlement of complaint shall be implemented in a manner compliant with regulations of the law.
4. Where the case is suspected of criminal elements, mobile money service providers shall report to competent authorities in accordance with criminal proceeding laws and report to the Ministry of Public Security, the Ministry of Science and Technology, and SBV in writing; inform customers about review and complaint settlement status in writing. Where competent authority concludes that the case does not contain criminal elements, within 15 working days from the date on which conclusion of competent authority is made, mobile money service providers shall negotiate with customers about methods for processing review and complaint settlement results.
5. Mobile money service providers must develop solutions to enable customers to look up information, progress, results of review and complaint settlement online.
6. Mobile money service providers have the responsibility to cooperate in promptly settling review and complaint request: within 4 working days from the date on which they receive reconciliation request, party receiving reconciliation request must return reconciliation results to requesting parties or revert payment orders containing information subject to reconciliation request.
Article 18. Safety measures in provision of mobile money service
1. Prior to provision of mobile money service for customers, mobile money service providers shall promulgate internal regulations and procedures relating to mobile money service which must include the following regulations and procedures:
a) Professional technical procedures of the service;
b) Internal examination and control procedures;
c) Risk management, safety and confidentiality assurance procedures:
d) Internal regulations on prevention and combat against money-laundering, terrorism financing, weapons of mass destruction proliferation financing;
dd) Procedures and regulations on settling review, complaint, and dispute request in a manner compliant with Article 17 hereof;
e) Procedures for managing payment accepting entities;
g) Procedures for selecting and managing service establishments.
2. Mobile money service providers must regularly review and update internal regulations and procedures under Clause 1 of this Article in order satisfy service provision situation and comply with applicable law provisions.
3. Mobile money service providers must satisfy safety and security requirements in provision of online service in banking sector; implement safety and security solution in online payment and banking card payment.
4. Mobile money service providers must develop solutions for examining, inspecting legitimacy, accuracy, adequacy of documents, information, and data in application for mobile money account opening; periodically examine, cross-check, verify KYC information during use of mobile money service.
Article 19. Management of payment for foreign goods and services
1. Mobile money service providers must enter into contracts or agreements with commercial banks and FBBs (approved by SBV for foreign exchange activities on international market) regarding payment and settlement of payment for foreign goods and services.
2. Mobile money service providers must develop surveillance solutions to ensure that payment for foreign goods and services via mobile money service is legitimate and compliant with Vietnam’s regulations and foreign exchange management laws.
Section 2. OPERATING PRINCIPLES AND VIOLATION HANDLING
Article 20. Operating principles
Non-bank organizations and FBBs shall only provide mobile money service after satisfying and maintaining operating principles below during service provision:
1. They must be in possession of intermediary payment service license if they still provide e-wallet service.
2. They must be in possession of telecommunication service license covering terrestrial mobile telecommunication network infrastructures and type utilizing radio frequency or must be subsidiaries of parent companies that are in possession of telecommunication service license covering terrestrial mobile telecommunication network infrastructures and type utilizing radio frequency and allow telecommunication infrastructures, network, telecommunication data for mobile money service as per the law.
3. They must have plans for providing mobile money service in accordance with Appendix II attached hereto.
4. They must have information technology system that:
a) Satisfies level 3 information system safety requirements as per the law. Information technology infrastructures and solutions serving mobile money service must operate continuously and safety throughout period of service provision;
b) Utilizes appropriate tools and solutions for accurately identifying internet protocol (IP) address and subscription in order to trace customers who actually use mobile money account;
c) Incorporates log of transaction history (such as: deposit, receipt, withdrawal, transfer, payment for goods and services); storage of customer identification, device identification, IP address (except USSD transactions), media access control (MAC) address (if any) (except USSD transactions), international mobile equipment identification number (if any), transaction time, transaction details, sending account, receiving account, balance, location of transaction, etc. from account opening to account termination, including information that assists tracing customers (at least 2 years of storage for terminated mobile money accounts); develops backup copies of stored information to aid investigation, examination, and information at request of competent authorities. IP address and login time must be stored for at least 2 years. Mobile money service providers shall keep accounting documents in accordance with the Law on Accounting.
Article 21. Termination and temporary suspension of mobile money service provision and violation handling
1. Mobile money service providers must terminate service where:
a) Mobile money service providers dissolve or go bankrupt as per the law;
b) Mobile money service providers inform the Ministry of Science and Technology, SBV, and the Ministry of Public Security in writing about termination of mobile money service;
c) Mobile money service providers are required to terminate mobile money service according to effective judgment or decision of the Court;
d) Mobile money service providers, through the process of investigation, examination, and supervision of mobile money service provision, are found to: fail to satisfy any of the criteria under Article 20 hereof; or fail to provide mobile money service for 6 consecutive months;
dd) Mobile money service providers fail to rectify violations within temporary suspension time limit.
2. procedures for terminating mobile money service:
a) Within 15 working days from the date on which any of the cases under Point c, Point d, Point dd Clause 1 of this Article occur, SBV shall inform mobile money service providers about temporary suspension of mobile money service;
b) Within 30 days before termination, mobile money service provider must send written notice to relevant organizations and individuals to settle contracts and fulfill obligations, responsibilities between the parties as per the law.
3. Mobile money service providers shall be suspended from providing mobile money service if:
a) Mobile money service providers fail to maintain balance in all of their payment security accounts serving mobile money service greater than total balance of all mobile money accounts of all customers at any given time;
b) Mobile money service providers fail to adequately comply with reporting obligations under Article 30 hereof after being reprimanded in writing by competent authorities;
c) Mobile money service providers fail to adhere to regulations on transaction limits of mobile money account under Article 15 hereof;
d) Mobile money service providers are requested by competent authorities to suspend operation for investigation and verification of violations of the law relating to operations of mobile money service providers;
dd) Mobile money service providers violate regulations pertaining to eligible entities or currency in mobile money service;
e) Mobile money service providers violate regulations on management of payments for foreign goods and services under Article 19 hereof;
g) Mobile money service providers conduct any actions under Article 6 hereof;
h) Other cases according to regulations of the law apply.
4. Procedures for suspending mobile money service:
a) Within 5 working days from the date on which Ministry of Science and Technology discovers violations of the law committed by mobile money service providers or receives notice of SBV or the Ministry of Public Security regarding violations of mobile money service providers, the Ministry of Science and Technology shall inform mobile money service providers in writing about suspension of mobile money service where such notice must include reason, time limit for suspension, and rectifying measures;
b) Within suspension period, mobile money service providers must immediately suspend mobile money service, inform customers, and take actions to protect rights of customers and relevant parties;
c) Where mobile money service provider have rectified violations upon expiry of suspension period, mobile money service providers may continue to provide mobile money services in accordance with this Decree.
5. Handling violations
Administrative violations shall be met with penalties imposed within powers, tasks, and scope of the Ministry of Science and Technology, SBV, and the Ministry of Public Security.
RIGHTS AND RESPONSIBILITIES OF RELEVANT PARTIES
Section 1. RESPONSIBILITY IN GOVERNANCE OF MOBILE MONEY SERVICE
Article 22. Responsibility in monitoring, examining, and supervising mobile money service provision
1. The Ministry of Science and Technology, SBV, and the Ministry of Public Security shall monitor, manage operations of mobile money service providers within their jurisdiction and powers; provide information for competent authorities entitled to administrative penalties upon discovering signs of violation or violations of the law pertaining to mobile money service.
2. The Ministry of Science and Technology shall
a) take charge and cooperate with SBV, the Ministry of Public Security in conducting inspections according to plan or irregular inspections (when necessary) of mobile money service providers during operation and provision of mobile money service;
b) manage and supervise operations of mobile money service providers in provision of mobile money service in order to ensure compliance with regulations under this Decree and relevant law provisions.
c) supervise compliance of mobile money service providers with regulations on prohibited actions; detect and take actions against violations under this Decree and other relevant law provisions;
d) provide guidelines and settle issues or questions that arise during provision of mobile money service relating to the use of telecommunication accounts, telecommunication and internet applications in mobile money service;
dd) actively cooperate with and provide the Ministry of Public Security with information on mobile money service providers suspected of criminal activities or violations of the law.
3. State Bank of Vietnam shall
a) be responsible for monitoring, supervising balance of payment security accounts serving mobile money service and total balance of all mobile money accounts of customers at mobile money service providers;
b) monitor implementation, guidance, and response to inquiries during provision of mobile money service pertaining to the use of mobile money account in transactions;
c) cooperate with the Ministry of Science and Technology and the Ministry of Public Security in conducting inspections according to plans or irregular inspections (when necessary) of mobile money service providers during operation and provision of mobile money service;
d) actively cooperate with and provide the Ministry of Public Security with information on mobile money service providers suspected of criminal activities or violations of the law.
4. Ministry of Public Security shall
a) perform state management pertaining to security and order regarding mobile money service providers; be responsible for managing protection of cyberinformation safety, cyber security, and private data;
b) cooperate with the Ministry of Science and Technology and SBV in detecting and taking actions against violations, prohibited actions in accordance with this Decree and other relevant law provisions;
c) cooperate with the Ministry of Science and Technology in managing, examining, and supervising provision of mobile money service of mobile money service providers;
d) actively detect, investigate, and promptly take actions against exploitation of mobile money service to commit violations of the law.
5. SBV, the Ministry of Science and Technology, and the Ministry of Public Security shall actively settle difficulties and issues at their discretion or by requesting competent agencies (if any).
Article 23. Responsibility in inspection of provision of mobile money service
1. The Government Inspectorate shall conduct inspection of mobile money service provided by mobile money service providers in accordance with inspection laws.
2. The Ministry of Science and Technology shall cooperate with Government Inspectorate in inspecting mobile money service providers as per the law.
Section 2. RIGHTS AND RESPONSIBILITIES OF MOBILE MONEY SERVICE PROVIDERS
Article 24. Mobile money service providers have the right to
1. Prescribe terms of service; request customers to accurately and adequately provide relevant information upon and during service use; deny service where customers fail to meet requirements for using services, fail to comply with regulations of mobile money service providers, or violate other agreements.
2. Prescribe safety measures for service use.
3. Prescribe service fee types and rate appropriate to applicable law provisions.
4. Choose banks, FBBs, intermediary payment service providers, and other organizations as partners for contracts or agreements for providing, developing services on the basis of safety, effectiveness, and compliance with regulations of the law.
5. Exercise other rights according to contracts or agreements signed with banks, FBBs, payment accepting entities, service establishments, customers, and partners as per the law.
Article 25. Mobile money service providers have the responsibility to
1. Towards customers, mobile money service providers have the responsibility to:
a) execute payment orders of account holders after examining and inspecting legitimacy of payment orders;
b) adequately store and update specimen signatures of registered customers for examination and cross-examination during use of service;
c) promptly debit mobile money account of customers for payment order, deposit order, receipt of mobile money account; refund amount that has been incorrectly credited from mobile money account of customers; cooperate with customers in refunding amount that has been transferred to their mobile money account by mistake at request of mobile money service providers, intermediary payment service providers, banks, and FBBs that execute the transfer order;
d) promptly and adequate inform mobile money account about balance, transactions, instruments of transactions occurring on their mobile money account and be held accountable for accuracy of provided information;
dd) update customer information on a periodic basis or when customers notify changes to application for mobile money account opening and promptly update, verify KYC information if customers are defined to carry high risk according to criteria set by mobile money service providers; store application for mobile money account opening and instruments of transactions conducted via mobile money account as per the law;
e) secure private information and data of customers or private data provided by customers, information related to mobile money account and transactions conducted via mobile money account in accordance with regulations on protection of private data and relevant law provisions;
g) guide customers to use mobile money account safely, inform about and provide explanation for prohibited actions in opening and use of mobile money account, promptly settle and answer questions, complaints of customers in opening and use of mobile money account in accordance with this Decree and agreement between account holders and mobile money service providers;
h) promulgate internal regulations on opening and use of mobile money account at mobile money service providers; guide and publicly post the internal regulations.
2. Towards cooperative banks, and mobile money service providers have the responsibility to:
a) adequately and promptly fulfill obligations related to transactions according to agreements between mobile money service providers and cooperative banks and regulations of the law;
b) enter into agreements or contracts with cooperative banks in provision of mobile money service which include specific rights and obligations of the parties in: selection, signing of contracts or agreements with payment accepting entities; responsibility to supervise and examine of payment accepting entities during implementation of contracts or agreements;
c) settle review and complaint request of customers and payment accepting entities;
d) perform other relevant obligations;
dd) cooperate with cooperative banks and partners in examining, reconciliation data of transactions occurring on accounts of mobile money service providers opened at cooperative banks in accordance with agreements between the parties.
3. Where mobile money service providers enter into contracts or agreements with payment accepting entities directly, mobile money service providers have the responsibility to:
a) enter into written agreement or contract with payment accepting entities which must specify: rights and obligations of the parties; whether payment accepting entities must be responsible for legitimacy of goods and services provided and avoid all prohibited transactions as per the law; request payment accepting entities to not collect any additional fee from customers in any shape or form upon processing payment services; processing of private data of customers or private data provided by customers, provision of information for a third party for identification of payment accepting entities; cases of contract termination;
b) guide payment accepting entities to adopt procedures for processing transaction and using mobile money service, detecting fraud, impersonation, and requesting security protection for accounts and transactions of customers in payment for goods and services;
c) exercise internal regulations on procedures for identifying and authenticating payment accepting entities in order to ensure accuracy, authenticity and regularly update information of payment accepting entities; classify business characteristics, models, documents proving type of enterprise, household business; comply with regulations on prevention and combat of money-laundering, terrorism financing, weapons of mass destruction proliferation financing; conduct physical inspection or online inspection via online shopping channels for legitimacy of documents proving business model; develop criteria for selecting and developing payment accepting entities;
d) promulgate mechanisms for identifying risks, categorizing risks appropriate to each type of mobile money service made via payment accepting entities; evaluating and classifying payment accepting entities by risk levels; regularly monitoring, supervising, examining, and closely managing operation of payment accepting entities during execution of contracts and agreements in order to deal with or request competent authority to deal with violations in payment as per the law; in respect of high-risk payment accepting entities, adopting means or solutions for monitoring, examining payments of payment accepting entities in an adequate and comprehensive manner including increasing inspection frequency or conducting inspection via online sale channel;
dd) receive and process review and complain request of payment accepting entities;
e) request payment accepting entities to open VND checking accounts at banks, FBBs to receive payment for goods and services. Request payment accepting entities to provide invoices and payment documents for payments made at payment accepting entities in accordance with regulations of mobile money service providers or when necessary to examine legitimacy of the transactions;
g) Adequately provide information and documents on payments made via payment accepting entities to SBV or competent authority when requested.
4. Towards service establishment, mobile money service providers have the responsibility to:
a) develop specific criteria for evaluating (financial, capacity, and human resource) capabilities of service establishments to enable determination of daily transaction limit of each service establishment. Mobile money service providers must enter into authorizing contracts with enterprises that set up service establishments (if service establishments are set up by other enterprises); develop regulations on control and total accountability for operations and risks that arise at service establishments relate to provision of mobile money service;
b) choose and set up service establishments on a nationwide scale so that the number of service establishments in each commune-level administrative division (excluding wards) of provinces and central-affiliated cities account for at least 50% of total service establishments associated with mobile money service providers;
c) adopt solutions and technical measures at service establishments in order to identify and authenticate customers registering and using mobile money service at service establishments and prevent unlawful opening of mobile money account;
d) ensure that service establishments do not transfer value of prepaid mobile telecommunication card to mobile money account;
dd) develop regulations on controlling cash transactions (cash deposit to and withdrawal from mobile money account) at service establishments in a manner that allows accurate determination and control of amount customers receive; implement reconciliation for total balance of mobile money account of customers; ensure that cash service establishments receive from customers must be deposited equally to the customers’ mobile money account;
e) publicly post list of service establishments at least: on website, electronic applications of mobile money service providers, or at service establishments;
g) develop regulations on internal control and audit, requirements pertaining to improvement and professional training for personnel at service establishments;
h) request service establishments to send periodic reports and immediate reports on irregular, suspicious transactions to mobile money service providers;
i) develop regulations on ensuring payment safety of service establishments; develop procedures for processing transactions between mobile money service providers and service establishments for each operation; procedures for reconciliation, payment, and settlement; procedures for processing review, complaints, disputes of customers for transactions at service establishments.
5. Mobile money service providers shall assume responsibility for damage when:
a) The damage is done as a result of error or fault committed by mobile money service providers including failure to comply with regulations of the law on safety and confidentiality in service provision;
b) Competent authorities have sent written notice regarding customers or mobile money accounts thereof involving in fraud or impersonation or violations of the law but mobile money service providers fail to take timely actions.
6. Mobile money service providers shall adopt solutions for preventing, combating money laundering, terrorism financing, weapons of mass destruction proliferation financing to all financial organizations and avoid prohibited actions relating to opening and use of mobile money account in accordance with Article 6 hereof.
7. Regarding the use of mobile money accounts for payment of foreign goods and services, mobile money service providers have the responsibility to:
a) regulate documents and papers relating to payments for foreign goods and services via mobile money account and inspect, store documents and papers in a manner compliant with regulations of the law on foreign exchange management and electronic transactions;
b) closely supervise and assume responsibility for processing payments for foreign goods and services via mobile money account in a manner that serves the right purpose and transaction limit of mobile money account under this Decree and complies with regulations of the law.
8. Where non-residents or residents who are foreigners use mobile money accounts, mobile money service providers must impose close examination and supervision solutions in order to ensure that mobile money accounts are only used for payments and transactions compliant with regulations of the law on foreign exchange management pertaining to the use of VND account of non-residents and residents who are foreigners and this Decree.
9. Mobile money service providers shall exercise other responsibilities according to contracts or agreements signed with cooperative banks, payment accepting entities, partners, and customers and according to regulations of the law
10. Mobile money service providers must ensure that recording and monitoring of revenues and expenditure relating to mobile money service provision is separate from other business operations (if any) of mobile money service providers.
Section 3. RIGHTS AND RESPONSIBILITIES OF RELEVANT PARTIES
Article 26. Rights of banks, FBBs, payment intermediary service providers
1. Banks and FBBs have the right to:
a) choose mobile money service providers for cooperation and service provision;
b) enter into contracts or agreements with mobile money service providers which define responsibilities of the parties in development, management, and supervision of payment accepting entities;
c) exercise rights under contracts or agreements signed with mobile money service providers and relevant parties as per the law.
2. Cooperative banks have the right to:
a) request mobile money service providers to provide necessary information relating to transactions by providing services for cooperative banks in a manner complaint with regulations of the law and agreements between the parties;
b) deny transactions if mobile money service providers do not use payment security accounts in accordance with Article 16 hereof.
3. Payment intermediary service providers have the right to
a) choose mobile money service providers for cooperation and service provision;
b) enter into contracts or agreements with mobile money service providers which define responsibilities of the parties in development, management, and supervision of payment accepting entities;
c) exercise rights under contracts or agreements signed with mobile money service providers and relevant parties as per the law.
Article 27. Responsibilities of banks, FBBs, payment intermediary service providers
1. Banks and FBBs have the responsibility to exercise obligations under contracts or agreements with mobile money service providers, payment accepting entities, customers, and relevant parties and under regulations of the law.
2. Cooperative banks have the responsibility to:
a) cooperate with mobile money service providers and partners in conducting examination and reconciliation of data on daily transactions on accounts of mobile money service providers opened at cooperative banks in accordance with agreements between the parties;
b) execute payments for relevant parties in accordance with regulations of SBV and contracts or agreements on joint service provision signed with mobile money service providers;
c) open payment security accounts for mobile money service providers and ensure that such accounts are not used as payment security accounts for other services and are separate from VND checking accounts of mobile money service providers; manage the use of payment security accounts for mobile money service according to contracts or agreements signed with mobile money service providers and according to this Decree;
d) prevent mobile money service providers to conduct transactions via payment security accounts used for mobile money service;
dd) cooperate with mobile money service providers in developing procedures for settling complaints of customers relating to transactions fulfilled via mobile money service;
e) consider, examine, and store documents and instruments appropriate to actual transactions in order to ensure that foreign currency payment and international payment are conducted for the right purpose and compliant with regulations on foreign exchange management and relevant applicable law provisions upon cooperating in providing mobile money service in order to pay for foreign goods and services;
g) exercise responsibilities towards payment accepting entities in accordance with Clause 3 Article 25 hereof where they enter into contracts or agreements directly with payment accepting entities (which mobile money service providers participate in).
3. Payment intermediary service providers have the responsibility to:
Exercise obligations under contracts or agreements signed with mobile money service providers, payment accepting entities, customers, and relevant parties as per the law.
Article 28. Rights and responsibilities of payment accepting entities
1. Payment accepting entities can accept payment for goods and services via mobile money service.
2. Payment accepting entities must publicly declare that they do not exercise price discrimination or collect additional fees and charges for payments for goods and services made via mobile money account relative to cash. Payment accepting entities must refund or cooperate with mobile money service providers in refunding amounts that are a result of rate difference and surcharges illegally collected.
3. Payment accepting entities have the right to request mobile money service providers to review or file complaints in respect of erroneous transactions or transactions suspected of being erroneous.
4. Payment accepting entities must regularly inspect and supervise their payment equipment and devices (POS/mPOS/QR Code) at payment and service locations to prevent illegal use thereof and assume responsibilities for damage caused as a result of QR Code being swapped.
Article 29. Rights regarding communication and reporting
1. SBV, the Ministry of Science and Technology, and the Ministry of Public Security have the right to request mobile money service providers to provide information relating to mobile money service on a periodic or irregular basis in a manner compliant with regulations of the law.
2. Mobile money service providers have the right to request customers to provide relevant information when using the service.
Article 30. Obligations regarding communication and reporting
1. Mobile money service providers have the obligation to file reports and provide information for competent state authorities as per the law; file reports to SBV, the Ministry of Science and Technology, and the Ministry of Public Security in accordance with Appendix I (within 15 days) after distributing mobile money service on the market.
2. Mobile money service providers have the responsibility to file reports on provision of mobile money service on a quarterly (1st Quarter, 2nd Quarter, and 3rd Quarter) and annual basis to SBV, Ministry of Science and Technology, and the Ministry of Public Security in accordance with Appendix III. Quarter reports shall cover from the first day of the first month in a quarter to the last day of said quarter (1st Quarter, 2nd Quarter, and 3rd Quarter) and shall be submitted by the 15th of the first month of the following quarter at the latest. Annual reports shall cover from January 1 to December 31 and shall be submitted by the 20th of the first month of the following year at the latest.
3. Mobile money service providers have the responsibility to develop online tools used by SBV to monitor total balance of mobile money accounts and balance of payment security accounts used for mobile money service of mobile money service providers; tools that serve surveillance demands of the Ministry of Science and Technology and the Ministry of Public Security.
4. Mobile money service providers have the obligation to provide information on transactions and balance of mobile money accounts of account holders according to agreements with account holders.
1. Right to deny information request
Mobile money service providers have the right to refuse to comply with demands of other organizations and individuals pertaining to provision of information related to mobile money accounts, transactions, and account balance unless such demands are made at request of competent authorities as per the law or with the consent of customers.
2. Obligation to maintain information security
Mobile money service providers have the responsibility to maintain confidentiality of information related to mobile money accounts, transactions, and account balance unless otherwise approved by customers or prescribed by regulations of the law.
This Decree comes into force from January 01, 2026.
Article 33. Transition clauses
1. Enterprises that are carrying out pilot implementation of service where telecommunication accounts are used to pay for small-value goods and services (Mobile-Money) are allowed to continue to provide services for customers in accordance with this Decree.
2. Enterprises that are carrying out pilot implementation of service where telecommunication accounts are used to pay for small-value goods and services (Mobile-Money) have the responsibility to file reports in accordance with Clause 1 Article 30 hereof within 90 days from the date on which this Decree enter into force.
3. Contracts or agreements signed between enterprises that are carrying out pilot implementation of service where telecommunication accounts are used to pay for small-value goods and services (Mobile-Money) and parties before the effective date hereof shall remain effective. Amendment and renewal of said contracts, agreements shall conform to this Decree.
4. In respect of customers opening mobile money accounts before the effective date hereof, enterprises that are carrying out pilot implementation of service where telecommunication accounts are used to pay for small-value goods and services (Mobile-Money) shall cooperate with customers in updating, adding documents, information, and data under application for mobile money account opening in order to stay in line with Article 8 hereof before January 1, 2027.
Article 34. Responsibility for implementation
Ministers, heads of ministerial agencies, heads of Governmental agencies, Chairpersons of People’s Committees of provinces and central-affiliated cities, and relevant agencies, organizations, individuals shall be responsible for the implementation of this Decree.
|
ON BEHALF OF THE GOVERNMENT Ho Duc Phoc |
