View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
May 13, 2014updated 04 Apr 2017 4:07pm

China’s FSC proposes revised rules for online payment services

China's Financial Supervisory Commission (FSC) has proposed a draft of revised regulations for third-party payment services intending to expand the potential e-payments industry in the country.

By Verdict Staff

China’s Financial Supervisory Commission (FSC) has proposed a draft of revised regulations for third-party payment services intending to expand the potential e-payments industry in the country.

The new rules would facilitate Chunghwa Post, the state-run firm, and electronic card issuers to foray into the sector along with e-commerce companies, reported Taipei Times citing a statement from the commission.

The statement further stated that the commission is keen to expand the participation in a bid to strengthen order and fair competition in the market.

The regulator has retained the previous capital requirement of NT$300m ($99,400) and the maximum allowed stored value of NT$30,000 ( $994.2) in the revised regulations.

In addition, the firms would need to secure the Ministry of Economic Affairs’ approval once their online transactions and payments reach a certain undisclosed cut-off amount. If the e-commerce providers do not cross the threshold point, they can continue the transactions without regulator’s supervision.

FSC has advised that partnering with bank could aid the companies with payment operations and account safety.

The proposed draft rules are yet to receive approval from the Cabinet and review by the legislature.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International