2013-05-27
Involvement of Financial Institutions in Third-Party Online Payments
Representatives of several industry and commerce organizations visited Taiwan’s Financial Supervisory Commission (FSC) in early May 2013 in an attempt to convince regulators to lift restrictions that make it difficult for non-financial institutions to provide third-party online payment services.
Although there is no clear prohibition preventing non-financial institutions from offering such online payment services, to date, none of the applications made by non-financial institutions has been approved by FSC.
According to Wang Li-ling, the FSC’s vice chairperson, because of the money flow involved in third-party payment services, regulators are very cautious in dealing with such services and believe that financial institutions must participate in this field in order to maintain the financial order. She also indicated that the applications made by non-financial institutions regarding third-party payment services will not be approved unless financial institutions are involved, especially with respect to stored-value and prepaid services.
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