No.

Content

Credit Scoring / Open API Data Sharing

Peer-to-Peer Lending (“P2P Lending”)

1.

Conditions for the Fintech Companies[1]

1. Legally established and operating in Vietnam;

2. Not undergoing division, separation, merger, consolidation, conversion, dissolution or bankruptcy as prescribed by laws;

3. Conditions for the Legal Representative and General Director (or Director):

• Must hold a university degree or higher in economics, business administration, law or information technology; and

• Must have at least 2 years of managerial experience in financial or banking organizations, and must not fall under disqualified persons as prescribed by laws.

In respect of P2P Lending, Fintech Companies shall additionally be required to satisfy the following specific conditions:

1. Must not be a foreign-invested enterprise;

2. Additional conditions applicable to the Legal Representative and the General Director (or Director):

• Must be a Vietnamese national;

• Must have no criminal record or administrative sanctions in finance, banking, or cybersecurity fields;

• Must not concurrently be an owner or manager of financial service, banking, pawn or multi-level marketing businesses (MLM);

• Must not be the owner of informal rotating credit groups such as “hụi”, “họ”, “biêu”, or “phường”, nor hold positions as a member of the Board of Directors, Members’ Council, Supervisory Board, General Director (or Director), Deputy General Director (or Deputy Director), or equivalent titles in any credit institution, foreign bank branch or payment intermediary service provider;

• Must meet the required standards on personnel, infrastructure, and technology systems for the digital platform used to implement the P2P Lending solution.

2.

Conditions for the Fintech Solution[2]

1. Address technical or operational matters not yet specifically regulated under the current legal framework;

2. Demonstrate innovation and the potential to generate benefits and added value for users, particularly through solutions that promote financial inclusion;

3. Establish a risk management framework, including measures for risk mitigation, resolution, and consumer protection;

4. Undergo a comprehensive internal review and assessment by the applicant organization in terms of operations, functionality, utility, and effectiveness; and

5. Demonstrate feasibility for market deployment.

In the case of P2P Lending activities, the following additional conditions must be satisfied:

1. Must include measures to manage the maximum outstanding loan amount per borrower;

2. Disbursement, repayment of principal, interest, and fees must be conducted via customers’ bank accounts or e-wallets;

3. Must be in place to ensure that the term of the loan agreement between the borrower and the lender using the P2P Lending solution does not exceed 02 years.

3. 

Application dossier[3]

1. Application for the Certificate of Participation in the Sandbox (the “Certificate”), using Form No. 02 or Form No. 03 of Appendix I Decree 94;

2. Documentation describing the organizational structure and governance for implementation;

3. Approval letter issued by a competent authority for the Fintech solution proposal;

4. Detailed Fintech solution proposal;

5. Testing plan;

6. Personnel dossier; and

7. Certified copies of documents relating to the incorporation and business operation of the enterprise.

4. 

Application procedure [4]

1. Submit 02 sets of application dossiers and 06 CDs (or 06 USBs) to the SBV;

2. Within 05 working days from the date of receipt, SBV shall issue a written confirmation of complete submission or request for additional documents, if necessary;

3. Within 90 working days, SBV shall coordinate with relevant ministries to appraise the application, including on-site inspection if required, and either issue the Certificate or provide a written refusal; and

4. Within 90 days from the date of issuance of the Certificate by SBV, the enterprise shall commence implementation of the solution.

STT

Report/Event

Deadline

Submission Method

1. 

Quarterly periodic report on the operational indicators of the solution

No later than the 15th day of the first month of the subsequent quarter

The reporting information system of the SBV

Using the template provided in Appendix IV Decree 94. The quarterly reporting period shall be calculated from the 1^st day of the first month to the last day of the final month of the quarter.

2. 

Interim evaluation report during the testing period

Within 15 days from the date on which half of the testing period has been completed

Using the template provided in Appendix IV Decree 94

3. 

Final evaluation report on the testing results

At least 90 days prior to the end of the testing period

For the purposes of extension, termination, modification, or application for the Certificate of Completion of the testing phase

4.

Ad-hoc report in the event of significant risks or incidents

1. Submit an email within 24 hours from the time of detection; and

2. Submit a written report within 03 working days after the incident has been resolved

Email: tt@sbv.gov.vn

The reporting information system of the SBV

Using the template provided in Appendix VI Decree 94

5.

Change of Legal Representative or General Director (or Director)

Within 30 days from the effective date of the change

By written submission, accompanied by supporting documents evidencing compliance with the conditions set forth in Decree 94

6.

Customer credit information report (applicable to P2P Lending)

As decided by the Governor of the SBV

Vietnam National Credit Information Center (CIC)