The Financial Supervisory Commission (FSC) yesterday said it has approved ShopeePay Taiwan Co’s (蝦皮支付) application to operate an electronic payment service in Taiwan, as the third-party payment service provider has to manage higher fund flows due to the rising business of its e-commerce affiliate Shopee Taiwan Co (樂購蝦皮).
If a third-party payment service provider’s average daily transactions surpass NT$1 billion (US$34.7 million), it must apply to the commission to become an e-payment company, which is subject to stricter regulations, the commission told a news conference in New Taipei City.
ShopeePay handled NT$3.1 billion on average in daily transactions last year, Banking Bureau Deputy Director-General Lin Chih-chi (林志吉) said.
ShopeePay is required to apply for an operating license within the next six months, which would allow it to receive deposits from users and let them transfer money between holders of different accounts — two services it cannot currently provide as a third-party payment firm, Lin added.
Given that ShopeePay’s paid-in capital is NT$5 million — lower than the minimum paid-in capital of NT$500 million required for e-payment firms — the company has to boost its capital to NT$500 million, Lin said.
ShopeePay has told the commission that its parent company, Singapore-based SeaMoney TW Private Ltd, plans to inject capital to the Taiwanese unit, Lin said.
Like PChome InterPay Inc (國際連), which is fully owned by PChome Online Inc (網路家庭), ShopeePay is expected to focus on the ecosystem of Shopee Taiwan, he said.
Although Chinese technology giant Tencent Holdings Ltd (騰訊) is a major shareholder of Singapore-headquartered Sea Ltd, which fully owns SeaMoney TW Private Ltd, the commission has confirmed that ShopeePay is not a Chinese company, Lin said.
“As Tencent holds about a 20 percent stake in Sea Ltd and Ma Huateng (馬化騰), the founder of Tencent, and another Chinese company hold a combined 8 percent stake in Tencent, we think that Chinese investors only hold about 2 percent of ShopeePay,” Lin said.
According to the Ministry of Economic Affairs, any company with more than 30 percent of Chinese ownership is considered a Chinese company, Lin added.
If ShopeePay succeeds in gaining a license, it would become the nation’s sixth dedicated e-payment service company, after AllPay Financial Information Service Co (歐付寶), Gama Pay Co (橘子支行動支付), ezPay Co (簡單行動支付), PChome InterPay Inc and Jkopay Co (街口支付), the commission said.
The rise of the cryptocurrency dogecoin has reached a new level after the token was used to pay for a lunar satellite launch. SpaceX, Elon Musk’s commercial rocket firm, is to embark on a moon voyage next year carrying a so-called cubesat — a mini-satellite used for space research — from Geometric Energy Corp that has been paid for entirely in dogecoin. The development is the latest twist in the saga over the digital token, which started as a joke in 2013, but is now a dominating Internet meme and sitting on a 21,000 percent rally in the past year. Musk has
The Financial Supervisory Commission (FSC) yesterday fined Citibank Taiwan Ltd (花旗台灣) NT$10 million (US$357,194) and DBS Bank Taiwan (星展台灣) NT$6 million for breaches of the nation’s anti-money laundering (AML) regulations. The NT$10 million fine is the highest penalty that it has imposed on a domestic bank, the commission said. Citibank Taiwan failed to set up a sound mechanism for evaluating clients’ risk of money laundering and for detecting suspicious transactions, Banking Bureau Deputy Director-General Huang Kuang-hsi (黃光熙) told a news conference in New Taipei City. The bank based its AML policies on those of its US-based parent company, Citigroup Inc, but the policies
CAPACITY EXPANSION: Construction of the site, which is to be the firm’s first mRNA production facility outside of Europe, is to begin this year and likely finish in 2023 COVID-19 vaccine maker BioNTech SE yesterday said it would build a Southeast Asia headquarters and manufacturing site in Singapore to produce hundreds of millions of messenger RNA (mRNA)-based vaccines per year. Construction of the site would start this year, and it could become operational by 2023, the German company said in a statement. “With this planned mRNA production facility, we will increase our overall network capacity, and expand our ability to manufacture and deliver our mRNA vaccines and therapies to people around the world,” BioNTech chief executive Ugur Sahin said. The vaccine produced by BioNTech jointly with Pfizer Inc of
OUTBREAK: About 200 of the airline’s 1,200 pilots are not able to work. Most of them have been quarantined to prevent further infection, but 12 have COVID-19 China Airlines Ltd (CAL,中華航空) yesterday confirmed that it would temporarily reduce its cargo flight services to cope with a pilot shortage, as one-sixth of its pilots have been sidelined by a COVID-19 outbreak. “We are working out a new schedule,” the airline said in a statement after local news media reports on Saturday said that it would be reducing its cargo services from Wednesday, primarily affecting US destinations. CAL declined to give details about its new operating plan, but the reports said that it would be suspending its cargo flights to Dallas Fort Worth International Airport, Hartsfield-Jackson Atlanta International Airport and