Executive Yuan Minister without Portfolio Chang San-cheng yesterday presided over a cross-ministry meeting on sound development of third-party payment systems and the establishment of related regulatory measures. Representatives of the Ministry of Economic Affairs (MOEA), Financial Supervisory Commission (FSC), Central Bank of the Republic of China and Council for Economic Planning and Development were in attendance.
The meeting was held following Premier Jiang Yi-huah's instructions on June 11 that efforts to build a third-party payment system must comply with the financial order and protect consumers' rights and that the MOEA must expedite the completion of the regulatory system and spur electronic commerce.
Ministries and agencies reached consensus on the FSC's plans for setting up rechargeable payment accounts. Chang asked the FSC to keep tabs on the effectiveness and costs of systemic integration between banks and online platform providers and to pick up the pace on finishing supporting measures, like revisions to administrative decrees, to enable these two sectors to work together and quickly provide third-party payment services.
The MOEA proposed regulatory measures for managing service providers. The FSC expressed its own viewpoints in response, and the ensuing discussion helped clarify legal definitions and applications and pinpoint potential hurdles. Chang directed the MOEA and FSC to communicate promptly to work out solutions to key areas of doubt before the next meeting on this subject two weeks hence.
Ministries needed to fully exchange viewpoints and express their concerns at the meeting since the discussion involved complex legal details, said officials, who also clarified that the chair thanked participating ministries and departments for their contribution to the discussion and did not criticize any individuals or agencies as certain media reported.
The Executive Yuan stated it recognizes the public concern over the progress of the third-party payment system and development of e-commerce and considers the issue a major priority. Minister Chang and the other ministers and agencies will continue to coordinate intensively to complete the regulatory system as soon as possible. Once a concrete and practical program has been finalized, its details will be released to the public, officials assured.