The State Bank of Vietnam has issued Circular 41/2025 (amending and supplementing Circular 40/2024), which regulates the provision of payment intermediary services.
Circular 41/2025 primarily aims to tighten the management of e-wallet activities, clarifying transaction limits and regulations on safety and customer identification.
According to the regulations, the process of opening e-wallets for individuals and organizations has been tightened. Before opening an e-wallet, individuals and organizations must undergo biometric verification.
Specifically, for individuals using a national ID card, electronic ID card, citizen ID card (with an information storage component), or digital identity, the e-wallet service provider must meet the wallet owner in person and verify their identity documents, cross-checking them with the owner’s biometric data.
In cases where the e-wallet is opened electronically, users are not required to meet in person. However, the e-wallet service provider must still verify the user’s biometric data as per Article 22.
 |
For foreign individuals not present in Vietnam, e-wallet service providers may verify customer identification information through a third party or by hiring another organization.
For organizations established and operating in Vietnam, e-wallet service providers must meet the legal representative of the wallet owner in person and verify their identity, similar to the process for individuals.
If the e-wallet owner is a foreign legal entity, the service provider may verify the legal representative’s information through a third party or another organization. However, the third party or organization must meet the legal representative in person, verify their identity documents, and cross-check their biometric data.
Exceptions to biometric verification apply to the following organizations: government agencies, public service units; companies listed under the Securities Law; and organizations listed in the Fortune Global 500, as published by Fortune Magazine in the previous year.
Circular 41/2025 takes effect on November 5, 2025. The provision requiring biometric verification for e-wallet opening will be effective from January 1, 2026.
|
Prohibited Activities for E-Wallets Circular 41/2025 clearly and strictly outlines prohibited activities for e-wallet service providers, including: – Accepting cash directly from customers to load into e-wallets and prohibiting cash withdrawals from e-wallets at service provider locations. (Loading/withdrawal must be done through linked bank accounts.) – Extending credit (loans) to e-wallet users. – Paying interest on e-wallet balances. Previously, Circular 40/2024 did not explicitly prohibit cash loading, credit extension, or interest payments through e-wallets. |
DANG LE
– 05:26 10/11/2025
USD Free Market Rate Nears 28,000 VND: Experts Share Latest Forecasts
The USD exchange rate at banks has been on a steady rise, yet experts predict that Vietnam’s currency will soon stabilize, bringing much-needed relief to the market.
Real Estate Credit Surges to New Heights
Over the past 10 months, real estate credit has seen robust growth, emerging as a key driver of economic expansion. However, experts argue that while real estate credit has surged, it has not generated liquidity, as investors primarily engage in short-term speculative trading.
Exciting News for Southern Social Housing Borrowers
The Social Policy Bank of Dong Nai has recently reduced its interest rates on social housing loans for all customers with outstanding balances. The new rate has been adjusted from 6.6% per annum to 5.4% per annum, benefiting those who have borrowed to purchase or lease social housing through the bank.
Dramatic Shifts in Q3/2025 Bank Profit Rankings: VietinBank Loses Top Spot, VPBank Re-enters Top 3, One Bank Surges 26-Fold
The combined after-tax profit of 27 listed banks this quarter reached 70.027 trillion VND, marking a 1.65% decline compared to Q2. Historically, Q3 tends to be a period of reduced profitability for banks, with a notable rebound typically observed in Q4.
Unlocking the Gold Floor Model: Global Insights on Mobilizing Civilian Gold Reserves
The Shanghai Gold Exchange (SGE) is widely regarded as the ideal model for Vietnam’s pilot gold trading platform, focusing primarily on physical spot gold transactions.
