Vietnam grants license to 9PAY fintech firm

The State Bank of Vietnam issued license to 9PAY Joint Stock Company, which will provide intermediary payment services in the country.

This license is valid for 10 years and takes effect from the date of signing.

Based in Hanoi, 9PAY is allowed to offer electronic wallet service, payment intermediary services. The fintech firm was established in September 2018 with charter capital at VND56 billion ($2.4 million).

According to regulations, non-bank organisations that want to provide intermediary payment services must have a minimum charter capital of VND50 billion ($2.1 million).

The central bank has granted licenses to 37 non-bank payment intermediary services in the country so far.

Last year, the central bank announced the draft decree on the management of non-cash payments and set a foreign ownership limit at 49 percent in intermediary payment firms. However, the regulator decided to remove the foreign ownership limit in local epayment firms.

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