The FSC promulgated an interpretive order on April 24, 2019 allowing electronic payment institutions to “provide customers with outbound payment service through an e-payment account for real transactions conducted at overseas physical channels” and “provide customers with services or accept a customer’s request to provide the service of foreign exchange settlement or foreign currency outbound remittance for funds arising from above mention services” and also set related regulations.
The electronic payment institutions now are allowed to provide their customers (payers in Taiwan) with the service of using electronic payment institution’s electronic payment accounts to pay for purchases when they are overseas (such as when travelling or being on a business trip overseas). The service is similar in nature to cash outbound agent collection and payment services. The opening of this service will expand usage occasion of payment service and business scope of electronic payment institutions, helping such institutions promote their business and people an additional payment channel.