Headlines 12/02/2019 10:59 SA

Instructions for performing electronic financial transactions are now available

Trọng Nhân

On December 24, 2018, the Government promulgated the Decree No. 165/2018/ND-CP on electronic financial transactions. The Decree provides the following regulations:

- The information system designed for performing electronic financial transactions (briefly called information system) must ensure that time of these transactions is correct and synchronized with Vietnam time zone (ISO 8601 Standard)

- The information system can store electronic documents or provide access to electronic documents stored in a separate storage system.

- The administrator must ensure safety and security for the information system and electronic transactions performed by users in accordance with laws on cybersecurity, and must apply measures, including but not limited to the followings:

+ Determining the security level and implementing the plan of action to ensure safety for the information system in response to the aforesaid level as provided in the Law on Cybersecurity and the Decree No. 85/2016/ND-CP dated July 1, 2016;

If the administrator of the information system is not an entity under the State control, application requirements for verification and approval of security level documentation may be skipped.

+ Connection from entities, organizations or individuals to information systems must be encrypted.  

+ Electronic information pages or portals designed for facilitating electronic financial transactions must use digital certificates for securing information on transmission lines and preventing any fraud.

The Decree No. 165/2018/ND-CP enters into force on February 10, 2019.


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