The Bankers Association of the Republic of China (銀行公會) yesterday suggested that the Financial Supervisory Commission (FSC) free it from the duty of drawing up clauses for the draft act governing third-party payment services to avoid criticism over a conflict of interests.
Association chairwoman Lee Jih-chu (李紀珠), who was vice chairwoman of the commission from 2008 to 2010, made the suggestion in a long statement after domestic e-commerce providers questioned the association’s neutrality and the propriety of the group dealing with the issue.
SUGGESTION
Photo: Wang Meng-lun, Taipei Times
“I sincerely suggest that the commission make Internet firms draw up the drafts to facilitate the legislative process,” Lee said in the statement.
Lee’s statement also came after PChome Online Inc (網路家庭) chairman Jan Hung-tze (詹宏志) criticized the government over slow development of the nation’s third-party payment services and its reluctance to receive feedback from Internet companies regarding the draft act.
‘BLACK-BOX’ TALKS
The banking industry, the hardest hit by the rise of third-party payment services over the Internet, should not be put in charge of the matter, Jan has said on other occasions.
“The association acted behind closed doors, excluding online enterprises. It acted unilaterally in a secretive manner,” Jan has said.
Lee dismissed Jan’s accusation, saying that there definitely were no “black box” negotiations.
“I believe that both sides, the commission and the Bankers Association, have good intentions,” Lee said earlier this week.
“They hope to implement the laws as soon as possible, so enterprises that need them can begin to use them,” she said.
In the statement, Lee said the association has carried out its duty as instructed by the financial regulator, but it would be appropriate to limit itself to an advisory role and provide help only when needed.
Jan welcomed the gesture, saying that the commission should take heed and allow Internet companies to dominate the drawing up of legislative drafts related to third-party payments.
The commission has overlooked potential legal conflicts and could make amends by passing the duty to Internet firms, Jan said in a statement yesterday.
APOLOGY
Jan also offered an apology to Lee.
The controversy led FSC Chairman William Tseng (曾銘宗) to say at the Finance Committee that the commission would be in full charge of drawing up the draft act’s clauses and would invite third-party payment operators to join further discussion.
After several years flying high as Asia’s best Nvidia Corp proxy, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is increasingly vying with other artificial intelligence (AI) stocks for investor attention. Stock traders are chasing a wider array of beneficiaries as mainstream usage of AI creates demand for hardware beyond the most-advanced chips TSMC makes for Nvidia. Subthemes from the deepening memory crunch to advances in robotics are also luring bids. At the same time, investment caps on single stocks are pushing funds to diversify, while retail investors long familiar with TSMC through its US depositary receipts are being offered a broader set of
UNDER MICROSCOPE: Taiwan detained three people who allegedly conspired to buy servers in Taiwan and export them using fraudulent documentation, prosecutors said Nvidia Corp chief executive officer Jensen Huang (黃仁勳) on Saturday urged Super Micro Computer Inc to tighten up on compliance after Taiwan detained three people this week for allegedly making fraudulent declarations about artificial intelligence (AI) servers made by its US partner. The development marked the nation’s first crackdown on semiconductor smuggling, which grew after the US slapped restrictions on exports of high-end chips such as Nvidia AI accelerators to China. Nvidia is “rigorous” in explaining regulations to all of its partners, Huang told reporters after arriving in Taipei. “Ultimately Super Micro has to run their own company,” he said in response to
TECH RELIANCE: Growth is increasingly reflecting an unequal K-shaped distribution, where technology sectors outperform and other industries struggle, an expert said Standard Chartered Bank has significantly raised its forecast for Taiwan’s economic growth to 9.5 percent this year, up from 7.6 percent previously, citing surging artificial intelligence (AI) demand driving exports, semiconductor production and investment. The upgrade reflects a sustained AI supercycle that continues to fuel demand for advanced chips and technology infrastructure, which form the backbone of Taiwan’s exports, the bank said in a report this week. “We raise our 2026 growth forecast to reflect a much stronger-than-expected first-quarter GDP figure,” Standard Chartered senior economist for greater China and Asia Tommy Wu (胡東安) said in the report. Driven largely by a 35.3 percent
Two of Taiwan’s international carriers, Starlux Airlines Co (星宇航空) and EVA Airways Corp (長榮航空), have retained the five-star airline rating awarded by international airline review organization Skytrax. Starlux was awarded the distinction for a second consecutive year, while EVA Air received it for the 11th straight year, Skytrax said in statements released yesterday and on Thursday last week, respectively. The five-star rating is considered one of the airline industry's highest honors and is awarded following professional audits of airline product and frontline service standards, Skytrax said. The ratings are based on in-depth assessments using unified global quality standards rather than customer review scores
RSS