Vietnamese e-wallet service 9Pay has been found facilitating payments for unauthorized foreign exchange (forex) trading platforms operating illegally in the country.
9Pay's logo appears on an illegal forex platform in Vietnam. Screenshot: VietNamNet
Investigations by VietNamNet reveal that 9Pay, owned by 9Pay Joint Stock Company, is currently being used to fund accounts on illegal forex trading sites such as Fxcex, Ausgx, and Axx - platforms that have not received licenses to operate in Vietnam.
On platforms like Fxcex, users can fund their accounts via cryptocurrency or through a payment gateway. Choosing the gateway option brings up “9Pay Payment,” the e-wallet’s official payment service. When users select the amount and confirm, they are redirected to transfer funds to a 9Pay account at Vietcombank. Additionally, the system lists several other bank accounts linked to 9Pay, including Techcombank, Vietinbank, VPBank, MBBank, and BIDV, all accompanied by a QR code for fast payments.
Once the transfer is complete, the equivalent USD amount is reflected in the user’s Fxcex trading account.
A similar process occurs on other platforms like Ausgx and Axx. Notably, Ausgx even displays 9Pay’s logo directly on its payment interface, further implicating the service in aiding illegal operations.
Payment method via 9Pay Payment on a forex platform operating illegally. Screenshot: VietNamNet
According to Vietnamese law, foreign exchange business activities are strictly regulated by legal frameworks such as the Ordinance on Foreign Exchange, Decree 88/2019/ND-CP on administrative penalties in the monetary and banking sectors, the Law on Credit Institutions, Circular 20/2011/TT-NHNN by the State Bank of Vietnam (SBV), and the Law on Handling Administrative Violations.
Article 36 of the Ordinance on Foreign Exchange stipulates that only credit institutions, foreign bank branches, or organizations approved in writing by the SBV may provide foreign exchange services within or outside the country. These entities must meet the required conditions and follow formal licensing procedures.
Currently, the SBV has not issued any licenses for forex trading platforms in Vietnam, meaning all platforms operating in this sector are doing so illegally.
Vietnamese laws also explicitly prohibit using or enabling payment accounts and e-wallets for illegal purposes.
Circular 39/2014/TT-NHNN (as amended) regulating intermediary payment services prohibits the use of e-wallets for activities such as money laundering, fraud, terrorism financing, and any other unlawful behavior. Renting, lending, or selling e-wallet accounts or their information is also strictly forbidden.
Payment information shows transfer made to 9Pay Joint Stock Company. Screenshot: VietNamNet
Similarly, Circular 23/2014/TT-NHNN bans the use of payment accounts for illegal transactions and prohibits leasing or lending payment accounts.
Directive 02/CT-NHNN (2021) on preventing illegal banking card activities urges financial institutions and intermediaries to monitor and block card transactions linked to gambling, forex trading, virtual currencies, and other prohibited activities.
Notably, this is not the first time 9Pay has been linked to illegal forex platforms. The company was previously involved in payment processing for another large unauthorized international trading platform operating in Vietnam.
Aside from 9Pay, other unlicensed entities such as MyPay and 77Pay are also reportedly providing payment services to illegal forex platforms in the country.
Vietnamnet.vn
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