CARD ISSUER SHALL BE GRANTED ONLY 1 UNIQUE BIN
On December 23, 2019, the Governor of the State Bank of Vietnam promulgates the Circular No. 26/2019/TT-NHNN amending and supplementing a number of articles of the Regulation on the grant, use and management of bank card issuers code issued in conjunction with the Decision No. 38/2007/QD-NHNN dated October 30, 2007 of the Governor of the State Bank of Vietnam.
According to the new regulation, in case of having demand for grant of BIN, the card issuer has to send, directly or via postal service or via the Bank's Online Public Services Web Portal, to the State Bank of Vietnam an application for a BIN as the Form issued. The before regulation requires that the application must enclosed with a copy of establishment and operation license of the card issuance.
Within 05 working days from the receiving day of the appropriate request of BIN issuance, the State Bank shall decide to grant the BIN in written. It is remarkable that, the State Bank of Vietnam shall issue 01 unique BIN to each card issuer who is allowed to be granted a BIN.
Within 180 days from the date of issuance of the BIN, card issuers shall be responsible for putting the BIN into use. In case a card issuer does not use the BIN within the prescribed time limit, it shall send a written request to the State Bank of Vietnam for extension of such time limit. The maximum extended time limit is 90 days.
This Circular takes effect on March 01, 2020.
