20 January 2019

Taiwan warns Alipay O2O service illegal, paper says

Taiwan’s financial regulator said Alibaba is flouting the law by offering third-party payment services illegally, China Business News reported Friday, citing the Financial Supervisory Commission. Alibaba unit Alipay, which provides the so-called online-to-offline (O2O) payment service, has announced it will launch the service in Taiwan and Hong Kong. Taipei has yet to issue regulations and approval procedures on the nascent industry, the report said. The service allows Alipay customers to pay for goods at selected stores on their smartphones. Meanwhile, the Hong Kong Monetary Authority is planning to regulate retail payment services and introduce mandatory licensing for prepaid products, the report said

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