The Financial Supervisory Commission (FSC) of Taiwan stuck to its original plan to assign the Bankers Association of the Republic of China to draw up clauses for a draft act governing third-party payment services, aiming to push through the act in the first half of next year.
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The commission has invited bankers, Internet companies, digital payment firms and several other executives to represent their respective industries. The objective of the meeting was to solve the disputes about which industry should draw up clauses for the draft payment processing institution act that would regulate third-party payment services in Taiwan. The commission said representatives reached a consensus that the Bankers Association should continue its task in drawing up clauses for the draft act and finish them before the Lunar New Year, which falls in late February. During the process of drafting, the association should invite Internet companies and digital payment service providers to exchange opinions, making the clauses more complete and applicable to every related sector, the commission said. If the legislature passes the act within the first two months of next year, the clauses are expected to go into effect in three to four months after the passage. That means the act might officially take effect by the end of June at the earliest. Reportedly the meeting went about for an hour and the discussions between representatives were without any high profile hick ups. PChome Online Inc chairman Jan Hung-tze, who had called for permission to allow Internet companies to be in charge of drawing up the draft actÂs clauses, also attended the meeting and accepted the commissionÂs decision.
Source: Grand View Research