ShopeePay applies for Taiwan electronic payment business license

Taiwan’s Financial Supervisory Commission has reportedly approved ShopeePay’s application to provide electronic payment services to Taiwanese consumers.

ShopeePay now has six months to apply for a license from the Investment Committee under the Ministry of Economic Affairs of Taiwan. If approved, it will become the sixth licensed e-payment company in Taiwan.

ShopeePay has previously come under scrutiny in Taiwan due to Chinese involvement. The FSC said ShopeePay is wholly owned by Singapore-based Seamoney (Payment), whose parent company is Sea, which is listed on the New York Stock Exchange. Although Tencent is a major shareholder of Sea, the FSC believes that there is no violation of regulations.

Meanwhile, PChome, a Taiwanese e-commerce platform, will continue to launch new fintech services, said Bruce Chou, chief strategy officer at PChome. It currently provides personal loan services and plans to launch insurance and cross-border electronic payment services in 2021.

Chou pointed out that one of PChome's competitive advantages is the member and consumer data it has collected over the past 20 years. In the third quarter of this year, the platform's non-repeated visits averaged 15 million per month, equivalent to 60% of Taiwan's total population. Consolidated revenue in the third quarter was NT$31.3 billion, a year-on-year increase of 14%. Net profit after tax was NT$207 million, a year-on-year increase of 80%.

Compile ✎     Mary /

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