The minimum paid-in capital of an electronic payment institution shall be NT$500 million except for any of the following circumstances:
1. Where the electronic payment institution does not operate businesses specified in Subparagraph 2 and Subparagraph 3, Paragraph 1, Article 4, the minimum paid-in capital shall be NT$100 million.
2. Where the electronic payment institution does not operate businesses specified in Subparagraph 3, Paragraph 1, Article 4, the minimum paid-in capital shall be NT$300 million.
The competent authority may adjust the minimum paid-in capital in the preceding paragraph in view of socioeconomic circumstances and actual needs.
The minimum paid-in capital in Paragraph 1 hereof shall be subscribed in full by the promoters at the time of incorporation.
Where the paid-in capital of an electronic payment institution is below the adjusted amount stipulated by the competent authority pursuant to Paragraph 2 hereof, the competent authority shall order the institution to increase its capital within a specified time period; the competent authority may order the institution to suspend the business should the institution fail to complete the capital increase within the specified time period.

An electronic payment institution shall not engage in businesses not approved by the competent authority.
For electronic payment institutions that engage exclusively in related businesses (referred to as "specialized electronic payment institutions" hereunder), the competent authority will state the business items they may engage in on their business license, and shall indicate so on the business license if any of the business items involve cross-border operation.

To apply for approval to engage exclusively in businesses under the subparagraphs of Paragraph 1 and Paragraph 2, Article 4 herein, the promoters or responsible persons shall submit the following documents to the competent authority:
1. Application form;
2. The roster of the promoters or directors and supervisors, and supporting documents;
3. The minutes of promoters' meeting or board of directors meeting;
4. A statement of the sources of funds;
5. The articles of incorporation;
6. A business plan describing the scope of businesses, principles and directions of business operations and specific implementation programs, market prospects, and risk and benefit analysis;
7. Profiles of general manager or the designated general manager;
8. Business bylaws and description of business procedures;
9. Agreements or templates therefor between relevant parties involved in the electronic payment business regarding their respective rights and obligations;
10. Description of information system and security management operations adopted for operating the electronic payment institution business;
11. Description of CPA-certified clearing and settlement mechanism for the business transactions of electronic payment institutions;
12. Description of CPA-certified payment safeguard mechanism and the legal opinion or certification report of the trust agreement, performance guarantee agreement, or templates therefor reviewed by an attorney or certified by a CPA;
13. A budget assessment certified by a CPA as sufficient to maintain the appropriate operation of the information system and businesses in the next five years; and
14. Other documents as required by the competent authority.
The business bylaws referred to in Subparagraph 8 of the preceding paragraph shall state the following items:
1. Organization structure and responsibilities of departments;
2. Personnel allocation, management, and training;
3. Internal control system and internal audit system;
4. Internal control and audit system for anti-money laundering and counter-terrorism financing;
5. Identity verification mechanism for users and contracted institutions;
6. Accounting systems;
7. Business operation principles and policies;
8. Consumer protection measures and dispute settlement procedures;
9. Operational manual and division of powers and responsibilities; and
10. Other items as required by the competent authority.
Where banks and Chunghwa Post Co., Ltd. (referred to as "Chunghwa Post" hereunder) apply for approval to concurrently operate the businesses under the subparagraphs of Paragraph 1 and Paragraph 2, Article 4 herein, they shall submit documents prescribed under Subparagraph 1, Subparagraph 5, Subparagraph 6, Subparagraph 8 to Subparagraph 11, Subparagraph 13, and Subparagraph 14 of Paragraph 1 hereof and the meeting minutes of their board of directors to the competent authority.
Where the bylaws, procedures, or the rights and obligations between the relevant parties regarding the business operated by an electronic payment institution differ from the contents of the business plan originally approved by the competent authority, and such difference has material impact on consumer rights and interests, the electronic payment institution shall submit the documents prescribed in Subparagraph 6, Subparagraph 8, and Subparagraph 9, Paragraph 1 to apply for approval from the competent authority
The competent authority shall consult the Central Bank before granting approval under Paragraph 1, Paragraph 3, and the preceding paragraph; in cases involving foreign exchange businesses, it shall obtain the Central Bank’s consent before approving it.

Where an application for approval pursuant to Paragraph 1, Paragraph 3, or Paragraph 4 of the preceding article has any of the following situations, the competent authority may reject the application:
1. The minimum paid-in capital does not conform to the provision set forth in Paragraph 1 and Paragraph 2, Article 9.
2. The content of the application documents contains false or untrue information.
3. The applicant fails to correct within the period specified by the competent authority to correct relevant matters.
4. The business plan lacks specifics, or its implementation is apparently difficult.
5. The applicant lacks the professional expertise to operate the business, which makes business operations difficult.
6. There is a national security concern.
7. There are other concerns that the applicant will be unable to operate its business soundly.

A specialized electronic payment institution shall, within six (6) months after obtaining the approval, submit the following documents to the competent authority to apply for the issuance of a business license:
1. An application for a business license;
2. Documents evidencing company registration;
3. CPA audit report certifying that the capital has been paid in full;
4. Roster of shareholders;
5. Roster of directors and minutes of the board of directors meeting; roster of managing directors and minutes of the board of managing directors meeting, if the institution has managing directors;
6. Roster of supervisors and the minutes of supervisors' meeting; and
7. Other documents as required by the competent authority.
Before the deadline for application prescribed in the preceding paragraph expires, the institution may apply for the extension, provided it has justified reasons. Such extension may not exceed three (3) months and is limited to one (1) time.
Where a specialized electronic payment institution fails to apply for a business license within the period provided in Paragraph 1 or the preceding paragraph hereof, the competent authority may revoke its approval.
After a specialized electronic payment institution has obtained a business license, if its application is found containing false information of a serious nature, the competent authority shall revoke the granted approval and business license and order the institution to turn in its business license within a specified period. The competent authority shall cancel the business license if the institution fails to turn in the license within the specified period.
A specialized electronic payment institution shall commence business operation within six (6) months after the competent authority grants the business license. However, it may extend the deadline for commencing business operation, provided the extension has justified reasons and is approved by the competent authority. Such extension may not exceed six (6) months and is limited to one (1) time.
Where a specialized electronic payment institution fails to commence business operations within the period prescribed in the preceding paragraph, the competent authority may revoke the granted approval and business license and order the institution to turn in its business license within a specified period. The competent authority may cancel the business license if the institution fails to turn in the license within the specified period.
Where the matters stated in the business license of a specialized electronic payment institution change, the institution shall obtain the approval of the competent authority and apply for the renewal of business license.

An electronic payment institution shall notify the competent authority in writing within three (3) business days from the date it commences operation.

A foreign institution may not operate the business prescribed in the subparagraphs of Paragraph 1, Article 4 herein within the Republic of China unless it has applied and obtained approval to incorporate an electronic payment institution according to this Act.
Where an institution collaborates with or assists a foreign institution to engage in activities inside the Republic of China associated with any businesses specified in Paragraph 1, Article 4 herein, it shall obtain the approval of the competent authority. Where an institution obtains the competent authority’s approval, if it subsequently collaborates with or assists additional foreign institutions from the same country or region to engage in activities inside the Republic of China associated with any businesses specified in Paragraph 1, Article 4 herein, it shall report the competent authority and the Central Bank for records within five (5) business days from the date it commences operation.
Regulations governing the institutions to be approved by the competent authority and their qualifications, required documentation for application or reporting for records, the scope and modes of collaborating with or assisting foreign institutions in engaging in activities inside the Republic of China associated with any business prescribed in Paragraph 1, Article 4 herein, operations management and other compliance matters shall be prescribed by the competent authority in consultation with the Central Bank.
A Mainland Area institution applying for approval to incorporate an electronic payment institution and any person collaborating with or assisting a payment institution in the Mainland Area to engage in activities inside the Republic of China associated with any business prescribed in Paragraph 1, Article 4 herein shall follow the provisions in Article 72 and Article 73 of the Act Governing Relations between the People of the Taiwan Area and the Mainland Area.
The competent authority shall assist domestic electronic payment institutions in developing foreign collaboration businesses.