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.
Merida Industry Co (美利達) has seen signs of recovery in the US and European markets this year, as customers are gradually depleting their inventories, the bicycle maker told shareholders yesterday. Given robust growth in new orders at its Taiwanese factory, coupled with its subsidiaries’ improving performance, Merida said it remains confident about the bicycle market’s prospects and expects steady growth in its core business this year. CAUTION ON CHINA However, the company must handle the Chinese market with great caution, as sales of road bikes there have declined significantly, affecting its revenue and profitability, Merida said in a statement, adding that it would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RISING: Strong exports, and life insurance companies’ efforts to manage currency risks indicates the NT dollar would eventually pass the 29 level, an expert said The New Taiwan dollar yesterday rallied to its strongest in three years amid inflows to the nation’s stock market and broad-based weakness in the US dollar. Exporter sales of the US currency and a repatriation of funds from local asset managers also played a role, said two traders, who asked not to be identified as they were not authorized to speak publicly. State-owned banks were seen buying the greenback yesterday, but only at a moderate scale, the traders said. The local currency gained 0.77 percent, outperforming almost all of its Asian peers, to close at NT$29.165 per US dollar in Taipei trading yesterday. The
RECORD LOW: Global firms’ increased inventories, tariff disputes not yet impacting Taiwan and new graduates not yet entering the market contributed to the decrease Taiwan’s unemployment rate last month dropped to 3.3 percent, the lowest for the month in 25 years, as strong exports and resilient domestic demand boosted hiring across various sectors, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday. After seasonal adjustments, the jobless rate eased to 3.34 percent, the best performance in 24 years, suggesting a stable labor market, although a mild increase is expected with the graduation season from this month through August, the statistics agency said. “Potential shocks from tariff disputes between the US and China have yet to affect Taiwan’s job market,” Census Department Deputy Director Tan Wen-ling