Electronic payment firm Jkos Pay (街口支付) on Tuesday said its chief executive would step down to comply with requirements imposed by the Financial Supervisory Commission (FSC).
Jkos Pay chairman and chief executive officer Kevin Hu (胡亦嘉) is to step down from his position as CEO within two months, the Central News Agency said, after the FSC said Hu could not serve in both roles at the same time.
“From the corporate governance perspective, the two roles are sometimes in conflict. The chairperson should hold the CEO accountable but that cannot happen when they are the same person,” Banking Bureau Deputy Director-General Sherri Chuang (莊秀媛) said on Tuesday.
The company should report within three months to the commission on Hu’s decision, she said.
Jkos Pay is a subsidiary of Jkos Network Co (街口網絡) founded by Hu, who also serves as chief operating officer at Jkos Network.
The commission on Tuesday also fined Jkos Pay NT$1.8 million (US$58,987) for breaching the Act Governing Electronic Payment Institutions (電子支付機構管理條例), after a routine inspection earlier this year found problems in the company’s internal controls regarding transactions recorded in its accounting system and information system, as well as advance payments to its merchant partners, Chuang said.
Jkos Pay said it maintains good communication with the commission and has improved its business practices, and reported new measures to the regulator. “The problems mentioned by the commission have not harmed consumers’ benefits,” it said.
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