FSC receives 11 applications for 3rd party payment licenses (Taiwan News)

Taipei, Aug. 7 (CNA) 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. The recently passed act stipulates that e-payment service providers are required to have paid-in capital of NT$500 million (US$15.77 million) or more, while companies that launch third-party payment collection and transfer businesses will be required to have paid-in capital of NT$100 million. In late July, the FSC said that it is planning to issue third party payment licenses at the end of August. On Friday, the commission said that it will do its best to review the applications and award the licenses as soon as possible. (By Tsai Yi-chu and Frances Huang)