A new fund management service proposed by Jko Asset Management Co (街口投信), a unit of Jko Fintech Co (街口金融科技) and its business partners, could not guarantee customers a fixed return, the Financial Supervisory Commission (FSC) said yesterday.
Jko Fintech’s electronic payment service, Jkos Pay (街口支付), earlier this month posted advertisements that said consumers would earn returns of at least 1.5 percent if they purchased funds managed by Jko Asset Management by using Jkos Pay.
“We will not allow such promotional activity, as no fund management service can promise a return to their clients according to the Regulations Governing Securities Investment Trust Enterprises [證券投資信託事業管理規則],” Securities and Futures Bureau Deputy Director Sam Chang (張振山) told a news conference in New Taipei City.
Although the investment firm told the bureau that another firm had posted the ads, the bureau would scrutinize the service when it is launched, Chang said.
The commission last month eased regulations to enable consumers to purchase New Taiwan dollar-denominated funds by using electronic payment tools, but a securities investment trust and consulting unit must amend its deed and gain the FSC’s approval before launching such a service, and Jko Asset Management had failed to do so, Chang said.
Jko Asset Management told the Taipei Times that it would delay the launch, scheduled for Monday next week, and would release more details today.
In a filing with the Taiwan Stock Exchange, it said chairman Kao Wu-chung (高武忠) had been dismissed and that Jko Fintech chairman Kevin Hu (胡亦嘉) would serve as acting chairman of the asset management company. Jko Fintech was formerly known as Jkos Network Co.
STATE SUBSIDIES: The talks over a factory in Dresden have a top end on par with what Japan is offering TSMC and outdo a cap other firms are being offered in Europe Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, is in talks to receive German government subsidies for as much as 50 percent of the costs to build a new semiconductor fab in the country, people familiar with the matter said. The government is in ongoing negotiations with TSMC, as well as its partners on the project — Bosch Ltd, NXP Semiconductors NV and Infineon Technologies AG — the people said, asking not to be identified because the deliberations are private. No final decisions have been made and the final subsidy amount could still change. Any state aid must also
South Korea would avoid capitalizing on China’s ban on a US chipmaker, seeing the move by Beijing as an attempt to drive a wedge between Seoul and Washington, a person familiar with the situation said. The South Korean government would not encourage its memorychip firms to grab market share in China lost by Micron Technology Inc, which has been barred for use in critical industries by Beijing on national security grounds, the person said. China is the biggest market for South Korea semiconductor firms Samsung Electronics Co and SK Hynix Inc and home to some of their factories. Their operations in China
GEOPOLITICAL RISKS: The company has a deep collaboration with TSMC, but it is also open to working with Samsung Electronics Co and Intel Corp, Nvidia’s CEO said Nvidia Corp, the world’s biggest artificial intelligence (AI) GPU supplier, yesterday said that it is diversifying its supply chain partners in order to enhance supply chain resilience amid geopolitical tensions. “All of our supply chain is designed for maximum diversity and redundancy so that we can have resilience. Our company is very big and so we have a lot of customers depending on us. And so our supply chain resilience is very important to us. We manufacture in as many places as we can,” Nvidia founder and chief executive officer Jensen Huang (黃仁勳) said in response to a reporter’s question in
BIG MARKET: As growth in the number of devices and data traffic accelerates, it will not be possible to send everything to the cloud, a Qualcomm executive said Qualcomm Inc is betting the future of artificial intelligence (AI) will require more computing power than what the cloud alone can provide. The world’s largest maker of smartphone processors is transitioning from a communications company into an “intelligent edge computing” firm, Qualcomm senior vice president Alex Katouzian said. The edge in question is the mobile device that a user taps to access a network or service, and Katouzian used his time headlining one of the major keynote events at the Computex show in Taipei to make the case for how big a market that would be. The US company’s chips help smartphones harness
RSS