Want China Times
Third-party payment processing services are expected to kick off in Taiwan as soon as
August, when the financial regulator of the country is scheduled to issue the first batch of licenses to companies applying for permission to run their businesses in the country.
Financial Supervisory Commission (FSC) vice chairman Huang Tien-mu revealed Monday that six companies have submitted applications for the payment processing service, including allPay Third-Party Payment, Pay2go. and Gash Plus.
The three other applicants are E Sun Bank, Shin Kong Bank and Ta Chong Bank, all wanting to add the third-party payment processing service to their regular business operations, Huang said.
Taiwan’s legislature passed the Electronic Payment Processing Institutions Act Jan. 16, which provides a legal basis for third-party payments in today’s rising network economy. [FULL STORY]