All licensed third-party payment firms to operate in 6 months

Focus Taiwan
Date: 2016/10/08
By: Tsai Yi-chu, Han Ting-ting and Frances Huang

Taipei, Oct. 8 (CNA) The Financial Supervisory Commission (FSC), Taiwan’s top financial regulator, 2016100800041has set a goal of allowing four of the five Taiwanese third-party payment operators which have obtained their licenses to kick off business in six months after the first one became operational on Friday.

The FSC said that after AllPay Third-Party Payment Co. (歐付寶第三方支付股份有限公司) started its services Friday, the other four are scheduled to begin operations by the end of the first quarter of next year.

Taiwan’s Legislative Yuan passed the Electronic Payment Processing Institutions Act (電子支付機構管理條例) in early 2015 to provide a legal basis for third-party payments in today’s rising Internet economy.

The new law took effect on May 3, and since then, the FSC has issued five licenses at a time when the local high tech and financial sectors have been anxious to tap the new market with online payments getting more and more popular in Taiwan.    [FULL  STORY]

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