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 8

An electronic payment institution that applies for approval to cooperate with or assist a foreign institution in engaging in activities associated with electronic payment business within the territory of the ROC, it must have not had any sanction or correction imposed by the competent authority due to violation of financial regulations or improper consumer financial dispute settlement in the past year. If there has been any sanction or correction, must have made concrete improvements and recognized by the competent authority.A bank not engaging concurrently in electronic payment business that applies for approval to cooperate with or assist a foreign institution in engaging in activities associated with electronic payment business within the territory of the ROC shall meet the following requirements:1. Having no accumulated deficit as audited and certified by a certified public accountant in the year preceding the application; and2. Having not had any sanction or correction imposed by the competent authority due to violation of financial regulations or improper consumer financial dispute settlement in the past year, or if there has been any sanction or correction, having made concrete improvements recognized by the competent authority.A data processing service provider that applies for approval to cooperate with or assist a foreign institution in engaging in activities associated with electronic payment business within the territory of the ROC shall meet the following requirements:1. Having provided the service of collection or payment of funds as an agent for online real transactions or third-party payment service for more than one year;2. Having no accumulated deficit as audited and certified by a certified public accountant in the year preceding the application; and3. Having not had any sanction imposed by the Ministry of Economic Affairs (“MOEA”) due to violation of related regulations issued by the MOEA or having not had any sanction imposed by the competent authority due to violation of financial regulations in the past year, or if there has been any sanction, having made concrete improvements over the violation recognized by the MOEA or the competent authority.Financial regulations referred to in Paragraph 1, Subparagraph 2 of Paragraph 2, and Subparagraph 3 of the preceding paragraph mean the Act, Act Governing Issuance of Electronic Stored Value Cards, Banking Act, Financial Holding Company Act, Trust Enterprise Act, Act Governing Bills Finance Business, Financial Assets Securitization Act, Real Estate Securitization Act, Insurance Act, Securities and Exchange Act, Futures Trading Act, Securities Investment Trust and Consulting Act, Foreign Exchange Regulation Act, Credit Cooperatives Act, Agricultural Finance Act, Farmers Association Act, Fishermen Association Act, Money Laundering Control Act, and Counter-Terrorism Financing Act.Related regulations issued by the MOEA referred to in Subparagraph 3 of Paragraph 3 hereof mean the Company Act and Business Entity Accounting Act.