Huong Ngai People's Credit Fund approved for money transfer services

The Huong Ngai People's Credit Fund has officially been approved to provide money transfer services. Following decisions from the State Bank of Vietnam's Regional Branch 1, the fund is authorized to utilize the CF-eBank electronic banking system of the Cooperative Bank of Vietnam and the system of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV).

The fund is required to comply with all legal regulations, State Bank of Vietnam mandates, and internal protocols regarding electronic money transfers, reporting, information technology security, and anti-money laundering measures.

Separately, discussions regarding the regulatory framework for microfinance programs and projects in Vietnam have emerged. There are ongoing inquiries regarding the continued validity of Decision No. 20/2017/QD-TTg during the transition to the Law on Credit Institutions 2024. The State Bank of Vietnam has noted that microfinance programs and projects managed by socio-political or non-governmental organizations that were already in progress before the new law took effect are not required to adjust their organizational structures or operations.