on February 4, 2015, the President announced the enactment of the “Electronic Payment Processing Institutions Act.” Major provisions include:  (1) Opening up the electronic payments business, mainly for those entities intending to engage in such business as its sole business, with potential exemptions for entities wishing to engage in such business alongside other businesses.  (2) The services to be provided by an electronic payments business include the receipt and payment of the actual transaction amount on behalf of parties; accepting deposits into electronic payment accounts; transferring payments between electronic payment accounts; and any other services as approved by the competent authorities.  (3) The maximum amount for each single user’s online deposit or transfer is NT$ 50,000.  The date on which this Act comes into force shall be further set by the Executive Yuan.

Ben Cheng