On 27/11, the State Bank of Vietnam granted an operating license for payment intermediary services to Mobifone Digital Payment Joint Stock Company (Mobifone Digital Payment - MDP).
This license includes providing electronic switching, electronic clearing, electronic payment gateway, and collection and payment support services, all within the State Bank's regulatory scope.
Thus, Mobifone Digital Payment Company is the second entity licensed by the State Bank to deploy financial switching and electronic clearing services. For many years, the National Payment Joint Stock Company of Vietnam (Napas) has been the sole provider of this service in Vietnam.
An electronic clearing system provides the infrastructure for payment intermediary organizations and banks to connect within a single system. Concurrently, financial switching services offer the technical infrastructure for connecting, transmitting, and processing electronic transaction data, enabling banks, financial companies, and payment intermediaries to process and transfer transactions between customers and financial partners.
According to experts, licensing an additional service provider will increase competition, enhance processing efficiency, and reduce payment and money transfer transaction fees for individuals and businesses.
According to MDP, this licensing marks a new development step for the company on its journey to becoming a key payment infrastructure provider in Vietnam.
MDP states its vision is to build 4th generation core switching and digital payment infrastructure, popularizing digital payments for all citizens and elevating national digital capabilities. This aims to position Vietnam as a leading digital payment nation in the region, fully integrated with the global digital economy.
MDP was established mid-year with a charter capital of 300 billion VND, by three founding shareholders: MobiFone Telecommunications Corporation contributing 51%, One Mount Group Joint Stock Company holding 38%, and Vietnam Technological and Commercial Joint Stock Bank (Techcombank) holding 11%. Phan Thanh Son, born in 1974, serves as MDP's legal representative and general director.
Mobifone Digital Payment Company launched six months after Mobifone's transfer to the Ministry of Public Security was approved in late February. Consequently, Mobifone is tasked with leading the digital transformation process and developing the national digital economy, digital technology, and digital security.
Quynh Trang
