Formulating mechanism for financial technologies (Fintech) in the banking sector

LEGAL UPDATES

Formulating mechanism for financial technologies (Fintech) in the banking sector

The Government just issued the Resolution No. 100/NQ-CP dated September 6th, 2021 approving the proposal to develop a Decree on a controlled trial mechanism for financial technology (Fintech) activities in the banking sector.

The Government assigns the State Bank of Vietnam to assume the prime responsibility for, and coordinate with relevant ministries and agencies in, fully absorbing the opinions of Government members during the formulation of the Decree, ensuring compliance with the provisions of the Law on Promulgation of Legal Documents (amended and supplemented in 2020) and related promulgated regulations, and submit them to the Government in the fourth quarter of 2021.

In addition to establishing a legal framework for Fintech and Mobile Money, the State Bank is also focusing on finalizing the decree to replace Decree 101/2012/ND-CP on non-cash payment according to the appraisal opinion of the Ministry of Justice and a draft of the project on the development of non-cash payment for the period of 2021 – 2025.

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