2014-09-15
Third Party Payments
Taiwan’s Executive Yuan passed a draft of the Electronic Payment Mechanism Management Act (“Draft”), which is a so-called third party payment mechanism, on September 4 2014. The Draft was prepared and submitted to the Executive Yuan by the Financial Supervisory Commission.
According to the Draft, the third party payment mechanism can be utilized to handle payments or receipts on behalf of others, stored values, and remittances, provided that the stored value in each account does not exceed NTD 30,000.
The chairman of the Financial Supervisory Commission, Ming Chung Tseng, indicated that foreign institutes that wish to conduct third party payment business in Taiwan must obtain an approval to do so from the authority. Chinese enterprises will be permitted to conduct third party payment business when the principle of reciprocity is established.
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