blue-check From January 1st, 2022: Banks may issue cards electronically

Circular No. 17/2021/TT-NHNN dated November 16th, 2021 of the State Bank on amendments to Circular No. 19/2016/TT-NHNNstatus2 dated June 30, 2016 of the Governor of the State Bank of Vietnam on bank card operations
Posted: 3/12/2021 8:25:59 AM | Latest updated: 20/1/2022 8:06:04 AM (GMT+7) | LuatVietnam: 5349 | Vietlaw: 539

One of the noticeable new regulations at this Circular is allowing banks to deploy the form of online issuance of card to a cardholder being an individual.

Banks have discretion over measures, methods, technology to identify and verify the customer for issuance of cards using electronic method and decide the transaction limit of the customer’s card.

However, it is required to ensure that the total transaction limit (including cash withdrawal, wire transfer, payment) of the customer's debit or personalized prepaid card or credit card does not exceed 100 (one hundred) million Vietnam Dong in a month and that customer may neither withdraw cash in foreign currency in foreign countries nor make international payments (except banks meet technology requirements according to clause 4 Article 10a)

This Circular takes effect from January 1st, 2022.

To abrogate clause 2, clause 3 Article 1 of Circular No. 41/2018/TT-NHNNstatus2 dated December 28th, 2018 and clause 4 Article 1 of Circular No 28/2019/TT-NHNNstatus2 dated December 25th, 2019.

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Effective Date 1-Jan-2022
ExpiredDate Unknown
Published Vietlaw's Newsletter No. 539
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