The Financial Supervisory Commission (FSC) yesterday drew up draft regulations for third-party payment services that would allow financial and non-financial sectors to tap the nascent, but rapidly growing sector.
The regulations would allow the state-run Chunghwa Post Co (中華郵政) and electronic monetary card issuers to enter the market alongside companies engaged in e-commerce, the commission said in a statement on its Web site.
“Widening participation is intended to help strengthen order and fair competition in the market,” the statement read.
The draft rules would keep the capital requirement unchanged at NT$300 million (US$99,400) for service providers and retain the maximum allowed stored value at NT$30,000 per account, it added.
Under the draft, online transactions and payments would need to be approved by regulators when they reach a certain amount, the statement said, without elaborating on the threshold.
Transactions and payments that fail to reach a certain level would continue to enjoy minimum supervision from the Ministry of Economic Affairs, the commission said, so the revised rules may not have a negative impact on e-commerce providers that are not interested in entering the third-party payment business.
Involving banking institutions could facilitate the establishment of a mechanism to ensure smooth payment operations and account safety, said the commission, which recently replaced the ministry as the regulator for third-party payment services.
The draft rules are pending approval from the Cabinet and review by the legislature.
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