SBV proposed foreign ownership in payment fintech is below 49%.
According to baochinhphu.vn, the State Bank of Vietnam (SBV) has just published a Draft to replace Decree 101/2012/NĐ-CP on non-cash payments, which includes many new payment intermediaries, electronic money and mobile money. money).
Notably, the Draft proposed that the maximum ratio of foreign investors' capital contribution to intermediary payment service providers (including direct and indirect ownership) is 49%.
For licensed payment intermediary service providers licensed before the effective date of the amended Decree, the foreign investor's capital contribution ratio higher than 49% will be maintained until when there is a change of foreign investor or the expiration of the license to provide intermediary payment services.
The SBV stated that this regulation aims to facilitate the attraction of foreign investment capital while ensuring the active role of domestic enterprises, avoiding the manipulation of foreign investors in this field, ensuring ensure security and safety for operations and national sovereignty in the field of finance and banking.
Besides, this is a new type of activity and potential market forecast, so creating a business environment for the benefit of the nation and the domestic business community is really necessary. Therefore, specialized management agencies need to create conditions for domestic enterprises to seize opportunities and the autonomy in their business activities.
In addition, the proposal is based on Indonesia's experience in relation to the ownership of foreign investors not exceeding 20% of the equity in the payment field for the organizations that operate the system, clearing operation, switching, final settlement.