Regulatory Alerts2024-09-03 | 83006Revised Rules on Electronic Financial Transactions to Take Effect from September 15
The Financial Services Commission announced revised rules on electronic financial transactions taking effect on September 15 to close regulatory loopholes and strengthen protection for advance payments. The regulations mandate that prepayment service providers separately manage customer funds, restrict discounted issuance based on debt ratios, and extend protections to mobile gift cards while introducing strict oversight for BNPL services. Additionally, third-party transaction entities must register as payment gateways to reduce illegal activities, with a one-year grace period granted for this specific compliance requirement.
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