Conditions for certificate application for credit information activities
On September 18, 2014, the State Bank of Vietnam issued the Circular No. 27/2014/TT-NHNN amending, supplementing a number of Articles of the Circular No. 16/2010/TT-NHNN dated June 25, 2010 guiding the implementation of the Decree No. 10/2010/ND-CP dated February 12, 2010 of the Government on credit information and related activities.
Accordingly, from November 01, 2014, beside primary conditions on information technology infrastructure, charter capital, conditions on Director, General Director..in accordance with current regulations, the president of the Board of Management and the President of Member’s Council must possess a university or postgraduate degree in finance, banking or information technology and have worked for at least 3 years in finance, banking or information technology for being issued with the eligible certificate for credit information activities. Also in accordance with this Circular, credit information companies shall preserve their certificates in good conditions through their operations. In case its certificate is lost, burnt, torn or otherwise damaged, a credit information company shall send dossiers directly or by post to request the State Bank to consider and re-grant the certificate. A credit information company shall send to the State Bank the quarterly and annual financial statements made as stipulated; operation report, covering: list and structure of products; a detailed list of information sources; a list of credit providers committing to provide information; number of borrowers by group (small- and medium-sized enterprises, households and individuals); number of products provided to each group of users; operation of technological equipment, assurance of data and information safety.
This Circular takes effect on November 01, 2014.