Vietnam grants licences to G PAY and VIDIVA fintech firms

The Vietnam central bank has granted licences to 34 non-bank payment intermediary services in the country so far.

Based in Hanoi, G PAY was established in February 2018, under G-Group. The company currently offers money transfer, withdrawal, and deposit services.

Meanwhile, VIDIVA was established in August 2017 in Ho Chi Minh City and provides IT and other computer-related services.

Under current regulations, non-bank organisations that want to provide intermediary payment services must have a minimum charter capital of VND50 billion ($2.1 million); have high technical infrastructure, information technology systems, technological solutions suitable to the requirements of payment intermediary service provision in the country.

The regulations also require a backup technical systems built independently from the main system to ensure safe and continuous service provision when the main system fails.

The services also need to work with other regulations on ensuring safety and security of public systems information technology in banking operations in Viet Nam.

Late last year, the SBV announced the draft decree on the management of non-cash payments and set a foreign ownership limit of 49 per cent in intermediary payment firms, however, it announced to remove regulations limiting foreign ownership in local intermediary payment firms this February.

► Govt’s draft for 49% foreign ownership cap in e-payment firms meets concerns

► Vietnam's fintech industry revenue expected to hit $7.8 billion by 2020

Source: Bizhub