The number of non-banking financial institution (NBFI) that provides payment intermediary services in Vietnam has increased to 29.
The State Bank of Vietnam (SBV) has granted licenses to three NBFI to offer payment intermediary services.
Specifically, on January 30, 2019, SBV granted license for Smart Net Ltd, Vietnam Endenred Ltd and Paytech JSC.
According to SBV, until February 12, the number of NBFI being provided with payment intermediary services was 29. Previously, in 2018, SBV also granted licenses to two organisations and retreived a license of an organisation (CNC company related to the gambling case of trillions of dong).
Smart Net was established in January 2015, currently based in HCM City. The company provides financial and insurance services: credit product introduction, advice for personal consumer loans and insurance. According to the introduction on this company’s website, Smart Net is a partner of Fe Credit to introduce their products.
Two remaining companies are also infant companies that were established in 2016. In particular, PayTech JSC is based in Cau Giay District, Hanoi; Endenred Company is based in HCM City and legal representative is a foreigner named Thomas Lucien Andre Beurthey.
It can be seen that, in addition to banks, the number of payment service providers is increasing and most of them choose to develop e-wallet. However, there are very few names that have large and prominent coverage; the rest usually choose niche markets or serve their own ecosystems.
