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.
Ryanair, Transavia, Volotea and other low-cost airlines are feeling the financial pain from high jet fuel prices as a result of the Middle East war and are cutting flights. The closure of the Strait of Hormuz has taken a huge chunk of oil supplies off the market, sending the price of jet fuel soaring and triggering fears of shortages that could force airlines to cancel flights. Airlines are not waiting for a lack of supplies to react. “Travel alert: Airlines are cutting thousands of flights right now,” Travel Therapy host Karen Schaler said in an Instagram reel this past weekend.
MANAGING RISKS: Taiwan has secured LNG sufficient to cover 95 percent of electricity demand for next month, UBS said, describing the government’s approach as proactive UBS Group AG has raised its forecast for Taiwan’s economic growth this year to 8 percent, up from 6.9 percent previously, and said expansion could reach as high as 8.6 percent if external energy shocks are avoided. The upgrade reflects a stronger-than-expected first-quarter performance and sustained momentum in artificial intelligence (AI)-driven exports, which UBS said are providing a firm foundation for growth despite geopolitical and energy risks. Taiwan’s GDP expanded 13.69 percent year-on-year in the first quarter, the fastest growth since the second quarter of 1987, the Directorate-General of Budget, Accounting and Statistics (DGBAS) reported on Thursday. On a seasonally
Shares of Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) have repeatedly hit new highs, but an equity analyst said the stock’s valuation remains within a reasonable range and any pullback would likely be technical. The contract chipmaker’s historical price-to-earnings (P/E) ratio has ranged between 20 and 30, Cathay Futures Consultant Co (國泰證期) analyst Tsai Ming-han (蔡明翰) told Central News Agency. With market consensus projecting that TSMC would post earnings per share of about NT$100 (US$3.17) this year, supported by strong global demand for artificial intelligence (AI) applications, and the stock currently trading at a P/E ratio of below 25, Tsai said the valuation
The list of Asian stocks that benefit from business partnership with Nvidia Corp is getting longer, as the region further integrates into the artificial intelligence (AI) chip giant’s business ecosystem. Just in the past week, South Korea’s LG Electronics Inc, Taiwan’s Nanya Technology Corp (南亞科技), as well as China’s Huizhou Desay SV Automotive Co (德賽西威) and Pateo Connect Technology Shanghai Corp (博泰車聯) have become the latest to rally on news of tie-ups, supply-chain participation or product collaboration with the US chip designer. Asian suppliers account for about 90 percent of Nvidia’s production costs, up from about 65 percent last year, data compiled
RSS