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Electronic Payment Business Regulations in Taiwan

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Article 18: Cooperation with Foreign Institutions

Specialized electronic payment institutions and data processing service providers must comply with specific provisions when cooperating with foreign institutions.

• Deposit Funds Received as an Agent: Deposit funds received as an agent into a dedicated deposit account.
• Declare Trust or Obtain Full Guarantee: Declare trust or obtain full guarantee from a bank for funds received as an agent.
• Keep Advance Funds Separate: Keep advance funds in a dedicated deposit account, separate from other funds.

Article 19: Verification of Foreign Individual Users

Electronic payment institutions providing services to foreign individuals must ensure that their users are indeed foreign individuals.

Article 20: Advances to Customers Before Receiving Transferred Funds

Approved institutions can make advances to customers before receiving transferred funds from foreign institutions under certain conditions:

• Not Using Customer Funds: Not using customer funds as advance funds.
• Confirmation of Delivery or Service: Confirming that the customer has delivered or provided the product/service.
• Compliance with Terms and Conditions: Making advances without violating terms and conditions agreed with the customer.

Additional Provisions

Advance Repayment

• Advances must be made in New Taiwan Dollars (NTD) only.
• The total balance of advances cannot exceed NT$10 million.
• Advances must be repaid within 15 days.

Risk Control Procedures

Approved institutions must establish risk control procedures to assess advance limits and manage risks.