SBV releases draft circular on financial operations

Commercial banks and foreign bank branches would be allowed to act as agents to transfer money; collect money; issue bonds, shares and valuable papers; issue cards and sell non-life insurance.

Meanwhile financial companies would act as agents for activities including issuing bonds, shares and valuable papers; and the sale of non-life insurance.

Financial loan companies and microfinance institutions would be allowed to act as agents for the sale of non-life insurance.

The draft also provides guidelines for financial organisations and specifies the rights and obligations of agents.