TIPS^®  Taiwan Intellectual Property Special

The Ministry of Finance Approved Private Company to Implement the Internet Banking Co-Working System

After the consultation with the Taiwan Bank Union, the Ministry of Finance in February formally approved a private company, Financial Information Service Co., Ltd. (FISC), to implement the Internet Banking Co-Working System, in order to reduce the costs of every financial institute to facilitate the internet banking system. From now on, the FISC will establish an on-line payment system and server, to assist all financial institutes in providing the business on wire transfer, wire payment, including the payment of tax, water, electricity, phone bill, gas, and other government fees.

The Ministry of Finance indicated that, given the nature of the internet as a public source, it will request the FISC to ensure the security of its website and network to comply with the security regulation promulgated by the Ministry of Finance, in order to secure the on-line transaction and electronic commerce and to avoid unnecessary invasion by hackers.