The Financial Supervisory Commission (FSC) has loosened proposed rules governing electronic payment services that were to take effect by the end of June.
In light of growing popularity of electronic payment services, the commission has amended the Rules Governing the Administration of Electronic Payment Business (電子支付機構業務管理規則), allowing companies to offer new services, Banking Bureau Deputy Director Sherri Chuang (莊琇媛) said last week.
Payment companies currently can only rely on banks or other financial institutions, such as iPass Corp (一卡通票證), to process cash, while consumers are required to link their e-payment accounts to bank accounts or credit cards, or deposit money in an iPass account, Chuang said.
Under the amended rules, payment companies would issue stored-value cards, which could transfer money to e-payment accounts, Chuang said.
The maximum stored value of each card would be NT$5,000, she said.
The cards would also help payment companies reduce operational expenses compared with collaborating with banks, the bureau said.
Multiple cards could be used to make single purchases of NT$50,000 at most to prevent money laundering, while payment companies would have to set up risk-control mechanisms, especially for customers whose monthly transactions exceed NT$80,000, it said.
The commission last year said that it would merge the regulations governing electronic stored-value cards and electronic payments.
Last week, it said it was still amending them.
However, people would be allowed to pay fees, public service charges, transportation tickets and parking fees with the cards, just as they can with electronic payment services, it said.
STAYING AHEAD: Fitch said that TSMC remains technologically ahead of others, but Samsung is building a new chip fab, while China is investing in its domestic industry As escalating US-China tensions and COVID-19-related production disruptions force US technology supply chains to transform, Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) US$12 billion chip fabrication plant in Arizona would be key to spurring greater US production of core semiconductor components, Fitch Ratings said. “We view the US-TSMC alliance as a first step in building a more autonomous US technology supply chain, given high barriers to entry, specifically related to the significant capital and design capability required for leading-edge semiconductor manufacturing,” Fitch said in a statement on Tuesday. “By working with TSMC, US chipmakers will not face the financial burden of incremental investment
DIVERSIFICATION: Although COVID-19 would push more companies to produce in emerging markets, DBS said that it was unlikely that firms would totally leave China Geopolitical tensions and supply disruptions are expected to accelerate the migration of manufacturing out of China, as concerns about the risk of production concentrated in one country increase, S&P Global Ratings said. Although its economic expansion might be weaker than previous levels due to the accelerated relocation of manufacturing, China’s economic growth would still be stronger than that of most other economies, the ratings agency said. “While absolute growth rates will moderate, we believe China’s economic performance will continue to be a key sovereign credit support,” S&P Global Ratings credit analyst Tan Kim Eng (陳錦榮) said in a statement on Thursday. “Its growth
Taiwan’s corporate landscape has changed significantly over the past 20 years, with Hon Hai Precision Industry Co (鴻海精密) replacing Formosa Plastics Corp (台塑) as the revenue leader, while Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) has emerged as the most profitable firm, a survey of Taiwan’s 50 largest companies published on Tuesday last week showed. The Chinese-language CommonWealth Magazine survey ranked Taiwan’s 50 largest companies based on their revenue last year, and compared them with the results of a similar survey it conducted in 2000. Only 33 companies on the original list remained in this year’s rankings, the survey found, following two
GEOPOLITICAL RISKS: Beijing announced plans to strengthen ‘enforcement’ in Hong Kong, sparking losses across Asia led by the Hang Seng’s 5.6 percent plunge Local shares on Friday ended sharply lower amid renewed tensions between the US and China over Chinese telecommunications equipment giant Huawei Technologies Co Ltd (華為) and China’s plan to introduce a national security law in Hong Kong. The TAIEX on Friday finished down 197.16, or 1.79 percent, at 10,811.15 on turnover of NT$177.183 billion (US$5.9 billion), almost flat from a close of 10,814.92 on May 15. The market was down across all major sectors, in particular electronics shares, which finished down 1.99 percent from Thursday’s close. Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest wafer foundry and a chip supplier