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Traditional payments have typically been made through licensed banks, by wire transfer, cheque and credit cards. However, non-banks engaging in credit card-related activities and issuance of electronic stored-value cards must gain approval from the FSC. In 2015, the Act Governing Electronic Payment Institutions established regulations for intermediaries between payers and receivers to engage in electronic payments. Later, in December 2020, an amendment to this E-Payment Act was passed by Taiwan's Legislative Yuan, which came into effect in July 2021. This amendment amalgamates the E-Payment Act and the E-Card Act to enable a comprehensive e-payment system that encompasses current business operations for both electronic payment institutions and electronic stored value cards institutions. The main amendments in the newly amended E-Payment Act include:

1. Consolidating the legal regimes of different types of electronic payment methods
2. E-Card Act expanded the scope of businesses of electronic payment institutions, including small-amount cross-border remittance services and the transmission of receipt or payment information among contracted merchants
3. Permitting the cash flow-related service among institutions so as to meet the payment requisite of fund transmission and payment channel sharing
4. Creating a friendly regulatory environment for industry, enhancing the competitiveness of the industry and retaining the supervision flexibility of the regulator ¹

Cryptocurrencies in Taiwan

Fintech in Taiwan

Fintech in other countries

Notes

1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/taiwan