Rules Governing the Administration of Electronic Payment Business Article 49

An electronic payment institution that applies for engaging in more other businesses pursuant to Paragraph 1, Article 4 of the Act shall submit two copies of the business plan to the competent authority for permission.Where an electronic payment institution engages in a business specified in Subparagraphs 6, Paragraph 2, Article 4 of the Act, it shall submit a business plan to the competent authority for permission before the first-time operation. Where the permitted item is changed, the electronic payment institution shall, within fifteen days after the change, submit the original permission letter and an elaboration of the changed items to the competent authority for record.The competent authority should consult with the Central Bank before granting permission for businesses set out in the preceding two paragraphs; where business involve foreign exchange business, they must be approved by the Central Bank before commencement.The business plan prescribed in Paragraphs 1 and 2 of this Article shall contain the following particulars:1. Purpose for conducting such business;2. Agreements or templates therefor among relevant parties regarding their respective rights and obligations;3. Business rules, business processes and risk management; and4. Market prospects, and risk/benefit evaluation.An electronic payment institution that engages in business specified in Subparagraphs 1 to 4 and Subparagraphs 7 to 9, Paragraph 2, Article 4 of the Act shall file to the competent authority for record within five business days after the first-time operation. However, this requirement does not apply to businesses already started prior to July 1 of 2021.