Regarding the media's recent discussions of third-party payments, Premier Jiang Yi-huah today convened a meeting to discuss the issue with ministers of state financial agencies and ministers without portfolio. After hearing their views, he ruled that third-party payment will need to take into consideration financial order and consumers' rights and directed the Ministry of Economic Affairs (MOEA) to expedite formulation of a comprehensive regulatory platform on third-party payment in e-commerce for businesses to follow.
Ministers without Portfolio Schive Chi and Chang San-cheng convened a coordination meeting with related ministries on June 3, the Executive Yuan said, where the Financial Supervisory Commission (FSC) proposed that financial institutions be responsible for online stored monetary value and cash flow, on the basis of which they would design a convenient mechanism for opening and using accounts while cooperating with e-commerce operators of third-party payment to meet their needs. The resolution was thus reached at the meeting that the FSC shall hold discussions with e-commerce operators before the end of June to ensure that the designated mechanism can provide low-cost online transaction services and is feasible in practice.
The FSC stated at the meeting today that if the MOEA, the agency with jurisdiction over e-commerce, can design an appropriate mechanism for long-term development of e-commerce and ensure financial order and consumers' rights, the FSC can be flexible by reviewing or adjusting its position that only financial institutions may be responsible for online stored monetary value and cash flow.
After in-depth discussions, the premier directed the MOEA to expedite formulation of comprehensive regulatory management rules for operators of third-party payments in e-commerce to follow. The MOEA should take into consideration both e-commerce industrial development and the protection of consumers' rights, he noted. The premier also requested the FSC and the Central Bank of the Republic of China (Taiwan) (CBC) to closely work with the MOEA and provide all necessary assistance on the issues of payment and cash flow.
Jiang charged Minister without Portfolio Chang to be responsible for coordination of the project, to oversee the monthly progress made on it by relevant ministries, and to complete all deliberations and submit the plan to the Executive Yuan Council within three months. All necessary complementary measures must be completed by the end of this year, he added.
The meeting, presided by the premier, was also attended by Vice Premier Mao Chi-kuo, Secretary-General Chen Wei-zen, Ministers without Portfolio Chang and Schive, CBC Governor Perng Fai-nan, FSC Minister Chen Yuh-chang and Vice Economic Minister Cho Shih-chao.