Regulations Governing Cooperating with or Assisting Foreign Institutions in Engaging in Activities Associated with Electronic Payment Business within the Territory of the Republic of China Article 7

To cooperate with or assist a foreign institution in engaging in activities associated with electronic payment business within the territory of the ROC, an institution shall apply to the competent authority for approval and obtain an approval letter therefrom before commencing the business.Where a domestic funds transfer clearing services institution provides an approved institution with clearing services, system interfacing, and data transmission and exchange services for payments raised from related activities set out in Paragraph 1 of Article 4 herein, it shall apply for approval from the competent authority in accordance with Subparagraph 5 of Article 25 and Article 26 of the Regulations Governing Approval and Administration of Financial Information Service Enterprises Engaging in Inter-Financial Institution Funds Transfer and Settlement.The competent authority should consult with the Central Bank before granting approval for matters in the preceding two paragraphs.