Date
17 December 2017

Taiwan drafting rules for third-party payment firms, paper says

Taiwan’s Financial Supervisory Commission (FSC) is drafting a set of guidelines to regulate third-party payment service operators, including setting the qualifications for mainland and other overseas firms seeking to enter the local market, United Daily News reported Tuesday, citing FSC chief Tseng Ming-chung.

Tseng said at a meeting held Monday that the rules will cover offline-to-offline commerce, mobile payments, multi-currency deposits and utility charges collection, among other transactions. 

The Ministry of Economic Affairs, which was previously in charge of drafting the guidelines, had proposed that third-party payment service providers must have a registered capital of at least NT$300 million (US$9.92 million), but the FSC believes the minimum capital must be higher than that, according to the newspaper.

The FSC and the ministry are also discussing the qualifications for mainland operators such as Taobao.com to launch third-party payment business on the island, the report said.

– Contact HKEJ at [email protected]

TL/CG

 

 

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