Taiwan: regulators focus on ecommerce legislation

Tuesday 9 September 2014 13:56 CET | News

The Taiwanese regulators have proposed an act, which aims to encourage ecommerce and promote consumer protection in the country.

Jiang Yi-huah, Taiwanese Premier, has informed that the proposition aims to enforce the development of third-party payment services and provide more convenient payment options for the public.

Echoing the premier’s remarks, The Financial Supervisory Commission (FSC) Minister, Tseng Ming-chung, has informed that ecommerce has the power to improve the business activity within the country and in this context, third-party payments can play a key complementary role.

Under the FSC proposal, single-transaction transfers are permitted of up to USD 1,000 (TND 30,000) per account in local or foreign currencies through a third-party institution. The average transaction amount at present is USD 333 (TND 10,000) according to the commission.

In addition to paying for purchases and services at online or brick-and-mortar retailers, the measure allows non-commercial transactions and transfers between individuals. It also paves the way for foreign firms to engage in the business, with 7 risk control mechanisms to protect consumers.

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Keywords: Taiwan, regulators, ecommerce, legislation, consumer protection, e-payments, online payments
Categories: Payments & Commerce
Countries: World
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