License to provide intermediary payment services is an essential element in the process of operating non-bank payment services. In the article below, Long Phan will analyze in detail the procedures for granting a License to provide intermediary payment services. The content will focus on licensing conditions, application preparation process, approval procedures and implementation of activities after receiving the license.
Procedures for granting a License to provide intermediary payment services
Conditions for providing intermediary payment services
According to Clause 2, Article 22 of Decree 52/2024/ND-CP, non-bank organizations that want to provide payment intermediary services must fully meet the following conditions:
License and business status: Have a valid establishment license or business registration certificate, and are not in the process of division, separation, or dissolution.
Charter capital:
Minimum VND 50 billion for e-wallet services, collection and payment support.
Minimum VND 300 billion for financial switching and electronic clearing services.
Service provision project: Yes Project approved by competent authority.
Personnel conditions:
The legal representative and General Director must have a university degree and at least 5 years of experience in the field of banking and finance.
Key staff have college degrees or higher in related fields.
Technical solutions: There is a written explanation of the technical solution that meets level 3 information system security requirements.
Connect with other organizations:
E-wallet services must connect to a licensed financial switching organization.
Financial switching services must have agreements with at least 50 banks and 20 organizations providing intermediary payment services.
Infrastructure: Ensuring level 4 information system security and the ability to process at least 10 million transactions/day.
International financial switching service: Must have a valid license and internal regulations on connecting international payment systems.
Application dossier for a License to provide intermediary payment services
Dossier to request a License to provide payment intermediary services is specifically stipulated in Clause 2, Article 24 of Decree 52/2024/ND-CP, as follows:
Application for License: Must be established accordingly Model number 07 promulgated together with the current Decree.
Resolution or approval document: Includes resolution of the Board of Members, Board of Directors or document from the authorized representative of the owner, confirming the approval of the Plan to provide intermediary payment services along with the Explanation technical solutions.
Service provision project: Must be established accordingly Model number 08, clearly stating the plan and method of implementing the service.
Technical solution explanation: This document needs to show clearly and in detail the technology that will be used in the service.
Personnel records:
Curriculum vitae: Theo Model number 09 promulgated together with the Decree.
Copy of diploma: Proof of professional qualifications of the legal representative, General Director, Deputy General Director, and key officials.
Criminal record card: Or equivalent document, no more than 06 months before submitting the application.
Document confirming position: From the representative’s workplace.
Documents proving legal organization: Includes establishment license or business registration certificate, Charter of the organization, and investment certificate if any.
Commitment to charter capital: From the owner, founding member, ensuring to maintain the real value of capital.
For financial switching and electronic clearing services:
Settlement plan: From an organization that performs settlement of clearing results.
Connection agreement: Commitment to not connecting more than 02 organizations providing similar services.
Documents proving information infrastructure: Ensure it meets safety requirements according to regulations.
For international financial switching services:
Internal regulations: Standards for selecting international payment systems for connection.
Business process: Risk management measures for international financial switching services.
Documents proving that the foreign organization is: Established and legally operating according to the laws of the host country.
Conditions for providing intermediary payment services
Procedures for granting a License to provide intermediary payment services
The Licensing process as prescribed in Clause 3, Article 24 of Decree 52/2024/ND-CP includes the following steps:
Step 1: Submit application
The organization requesting a license sends 02 sets of documents and 06 CDs (or USB) containing full scans of documents according to regulations.
Step 2: Processing documents
Within 05 working days, the State Bank confirms receipt of valid documents.
If the documents are insufficient, additional documents will be requested within 60 days.
If not returned or not eligible, the State Bank will return the application.
Organizations have the right to send additional submissions up to 02 times, no more than 60 days from receipt of confirmation of valid documents.
Step 3: Appraisal of documents
Within 90 working days from receipt of valid documents, the State Bank will conduct an appraisal of the documents.
If the request for explanation is not sent back by the organization, the documents will be returned.
Step 4: Decide to issue a License
The State Bank will issue a License or respond with reasons for refusal within 90 days from receipt of additional documents.
Procedures for implementing operations after being granted a License to provide payment intermediary services
After receiving the License, the payment intermediary service provider needs to carry out the following implementation procedures:
Within 30 days before providing services and no more than 6 months after being granted a License, the organization must notify the State Bank and provide documents proving that:
The technical system meets requirements.
Technical acceptance record with cooperating banks for e-wallet, collection, payment, and payment gateway services.
Documents proving the ability to perform settlement for financial switching and electronic clearing services.
In addition, the State Bank will conduct an actual inspection within 15 working days after receiving complete documents. If the requirements are not met, the License may be revoked.
CSPL: Clause 4, Article 24, Decree 52/2024/ND-CP.
Issue a license to provide intermediary payment services
Consulting services on procedures for granting operating licenses to provide payment intermediary services in Long Phan
At Long Phan, we provide consulting services on procedures for granting a License to provide payment intermediary services in a professional and effective manner. Long Phan’s consulting services include:
Consulting on issues related to procedures for granting licenses to provide payment intermediary services.
Assist customers in preparing and completing registration documents.
Analyze and evaluate the ability to meet capital, technical system, and personnel requirements.
Representing customers to submit applications and work with competent authorities.
Monitor application status and coordinate with authorities during the appraisal process.
Consulting to resolve when a dispute occurs.
Procedures for granting a License to provide payment intermediary services require organizations to carefully prepare documents and meet conditions. Long Phan’s licensing procedure consulting service will help customers save time and carry out the process accurately and quickly. If you need assistance, please contact the hotline 0906735386for detailed advice from our team of experts.
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Dương Thị Kim Ngân
Jurist Ngan Duong Thi Kim - Partner of Long Phan, Ms. Ngan possesses profound knowledge in business consulting, labor, and contracts. With dedication and creativity, Ms. Ngân has achieved significant success in advising and supporting businesses in critical areas such as legal matters, finance, management, and contracts. She is committed to providing optimal solutions and helping clients succeed in the business environment.