The State Bank of Vietnam (“SBV”) submitted the Prime Minister the Decision on implementation of a pilot project on Mobile Money for approval

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The State Bank of Vietnam (“SBV”) submitted the Prime Minister the Decision on implementation of a pilot project on Mobile Money for approval

At the meeting between the Prime Minister and the business community on May 09th, 2020, the Governor of the SBV Le Minh Hung said that the SBV submitted the Prime Minister the Decision on implementation of pilot project of utilizing telecommunication accounts to make small payments (Mobile Money). Previously, the State Bank of Viet Nam built the Draft Decree amending Decree No. 101/2012/ND-CP of the Government on non-cash payments (Hereinafter referred to as “Amending Draft Decree” and posted it publicly to take wide comments from people, businesses, with the following main contents regarding to Mobile Money:

  • Mobile money is defined as electronic money issued by an intermediary payment service provider providing telecommunications services and identifying customers through a mobile subscriber database. Based on this definition, Mobile Money is a combination of cryptocurrencies and using a mobile technical platform to make financial transactions, using a mobile subscriber database to identify customers.

Differ from two types of prepaid cards and digital wallets, Mobile Money is issued by intermediary telecommunications service providers (such as VNPT, Viettel, MobiFone) and may not be connected with bank account, mainly for making payment transactions, money transfers with small transaction value.

  • The Ministry of Information and Communications and SBV are expected to license Mobile Money deployments in June this year. Accordingly, all three big telecommunications service providers, Viettel, MobiFone and VNPT, said that they also have prepared projects to submit to the relevant state authorities after the Prime Minister officially agrees to allow the Mobile Money deployments.

If you have any questions or require any additional information, please contact Apolat Legal – An International Law Firm in Viet Nam.

This article is for general information only and is not a substitute for legal advice.