The Financial Supervisory Commission (FSC) is hoping to finalize third-party payment regulations by early May.
A bill that provides a legal basis for third-party payments cleared the legislature last month. Third-party payments providers such as the hugely popular PayPal are becoming increasingly important in today’s new network economy. Once the regulations are in place, third-party payment providers will be able to provide such services in Taiwan.
On Thursday FSC chairman William Tseng said the third-party payment regulations will provide a level playing ground for banking institutions and online payment service providers.