SBV removes foreign ownership limit in payment firms
The State Bank of Vietnam (SBV) has announced it would remove regulations limiting foreign ownership in local intermediary payment firms from its draft Decree No 101.
A customer pays using the Momo e-wallet at a convenient store in HCM City. (Photo courtesy of Momo)
Hanoi (VNS/VNA) - The State Bank of Vietnam (SBV) has announced it wouldremove regulations limiting foreign ownership in local intermediarypayment firms from its draft Decree No 101.
LastNovember, the SBV announced the draft decree on the management of non-cash paymentsand set a foreign ownership limit of 49 percent in intermediary paymentfirms.
Manyfintech firms expressed concern over the regulation, as foreign investorshave not only made great contributions in terms of investment but also intechnology and know-how.
Threemonths later, on the SBV’s website, the central bank said the removal was basedon the consideration that foreign investment played an important role in thedevelopment of local firms.
TheSBV thought the restriction may affect the attraction of foreign investmentcapital to local firms and the fintech sector.
Inaddition, there are a number of big firms with foreign investor equity ratio ofmore than 49 percent and the change in the rate could affect their activities,said the website.
NghiemThanh Son, Deputy Head of the SBV’s Payment Department, said by the end of Q1,Vietnam was home to 27 e-wallets, including five big ones with more than 90 percentmarket share. Foreign ownership in the five firms accounted for between 30 and90 percent.
Forexample, the foreign ownership in Di Dong Truc Tuyen Services Joint StockCompany operating MoMo, the biggest e-wallet in the country, was 66 percent,according to data from the Ministry of Planning and Investment.
TheSBV said the removal would also help make finance more inclusive for those notyet bankable, especially in remote areas. At the same time, the development ofintermediary firms has helped banks reach customers without having to expandtheir network of branches and offices, saving costs and improving businessefficiency./.
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A customer pays using the Momo e-wallet at a convenient store in HCM City. (Photo courtesy of Momo) 
