On 3 July 2026, the State Bank of Vietnam (SBV) issued Decision No. 1563/QD-NHNN, officially adding “Payment Agent Services” to the License for Operations of the Co-operative Bank of Vietnam (Co-opBank). This marks an important milestone in Co-opBank’s efforts to support the People’s Credit Fund (PCF) network to bring modern financial services closer to customers and members through a convenient payment agent model.
PCFs – Extending the reach of digital services to the community
According to Decision No. 1563/QD-NHNN, the SBV granted Co-opBank approval to add two important activities to its License for Establishment and Operations, including: Treasury Services for credit institutions and foreign bank branches, and notably Payment Agent Services.
The additions are based on the 2024 Law on Credit Institutions and a number of circulars guiding payment agent activities, including Circular No. 07/2024/TT-NHNN and its amendments. This provides a crucial legal foundation for Co-opBank and the PCF network to implement the payment agent model after coordinated preparations in terms of technology and human resources.
Accordingly, nearly 1,200 PCFs across the nation will be authorized by Co-opBank to perform certain key banking operations, ranging from payment account services, card services to payment services. Through the nationwide PCF network, the payment agent model allows residents in remote areas to access convenient banking services locally without the need to travel long distances to bank branches. This helps to save time and expenses, while curbing illegal lending in rural areas.
Co-opBank – The driving force behind the system-wide digital transformation
To prepare for this milestone, Co-opBank has pursued a structured investment roadmap on technology infrastructure for many years, while continuously developing its ecosystem of digital banking products and services for the PCF network as well as customers and PCF members, through platforms and solutions, including CF-eBank, CFeBiz, CFeAM, CFePCF, Payment Hub, Co-opBank Mobile Banking, Napas chip cards, electronic tax (eTax) services, etc.
As of July 2026, the proportion of transactions on Co-opBank’s digital channels accounted for about 90%, with 1,041 PCFs participating in CF-eBank and over 333,000 payment accounts for customers and PCF members. Through Co-opBank’s infrastructure, customers and PCF members in rural and remote areas can now access modern digital financial services such as Mobile Banking, biometric authentication, Napas chip cards, QR Code payments, and eTax services.
Alongside technology investment, Co-opBank has particularly focused on developing human resources, enhancing operational capacity, and promoting a shift in digital governance thinking for officers at PCFs. By mid-2026, more than 7,500 participants have received certificates in payment agent operations. During the 2022-2025 period alone, Co-opBank organized 26 training courses with over 10,300 officers attending training on payments, credit, accounting, auditing, security, and risk and operations management of digital technology platforms.
The official authorization of Payment Agent services not only opens up a new direction for development for Co-opBank and the PCF network but also creates further momentum for promoting digital transformation in the cooperative economic sector.
With a complete legal framework, modern technology infrastructure, and well-prepared human resources, Co-opBank is ready to support the PCF network in bringing modern banking services closer to people, contributing to the goals of developing inclusive finance, fostering cashless payments, and ensuring that everyone has the opportunity to access safe, convenient, and high-quality financial services.
Ngoc An – Co-opBank’s Card and Digital Banking Services Center
