FSC re­ceives eleven ap­pli­ca­tions for third-party pay­ment li­censes

The China Post - - LOCAL -

The Fi­nan­cial Su­per­vi­sory Com­mis­sion (FSC, ) said Fri­day that the FSC has re­ceived 11 ap­pli­ca­tions to se­cure a li­cense to kick off their third party pay­ment pro­cess­ing ser­vices.

The FSC, the top fi­nan­cial reg­u­la­tor in Tai­wan, said that the 11 ap­pli­cants are two non-bank­ing en­ti­ties and nine fi­nan­cial in­sti­tu­tions.

The two non- bank­ing ap­pli­cants are Pay2go Co. a sub­sidiary of online game soft­ware devel­oper Soft-World In­ter­na­tional Corp., and Gash Plus owned by Ga­ma­nia Group ( ), which is also an online game soft­ware firm.

The nine fi­nan­cial ap­pli­cants are Chunghwa Post Co., Bank of Tai­wan, E. Sun Com­mer­cial Bank, Shin Kong Bank, CTBC Bank, Bank SinoPac, Yuanta Com­mer­cial Bank, First Com­mer­cial Bank and Ta Chong Bank.

The Leg­isla­tive Yuan passed the Elec­tronic Pay­ment Pro­cess­ing In­sti­tu­tions Act on Jan. 16, a move which has pro­vided a le­gal ba­sis for third-party pay­ments in the cur­rent boom­ing e-com­merce busi­ness.

With the ex­cep­tion of Ta Chong Bank, the other eight bank­ing ap­pli­cants have be­gun third party pay­ment ser­vices even be­fore law­mak­ers passed the law. Now, the eight sim­ply need to ap­ply for li­censes to con­tinue their par­tic­u­lar oper­a­tions.

al­lPay Third-Party Pay­ment Co., which also launched its third party pay­ment ser­vices be­fore the law’s pas­sage, is ex­pected to file an ap­pli­ca­tion soon to se­cure a li­cense, ac­cord­ing to mar­ket sources.

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