電子支付機構使用者資金保全規範之研究

Abstract

非現金支付服務在疫情後的世界快速增長，於臺灣亦然，我國更在2021年以「電子支付機構管理條例」合併監管電子支付機構原有業務與舊電子票證業務，可見此金融科技產業掌握資金之業務經營樣態愈發受到立法者與監管者重視。 電子支付機構監理之一大重點，在於業者應如何保障使用者資金之安全，其規範關鍵除在避免業者因不當行為而導致使用者損失外，亦要提前因應在業者破產時如何確保使用者之資金不會落入破產財團而遭用於清償其他債權人。我國現行電支條例所提出的資金保全手段，包括將支付款項全部交付信託以及取得銀行十足履約保證兩者，本文將深入分析此現行規範之妥適性。此外，為了能瞭解監理密度應如何拿捏，本文亦將從探討使用者資金的性質出發，區辨存款與財產保管在監理上的差異，並嘗試回顧我國信託業及證券商保管客戶資金所適用之規範，以借鑒金融業財產保管監理法制的共同關鍵。 在此基礎之上，本文接著針對電子支付機構使用者資金保全之規範目的以及其中所涉的破產、挪用、混合等核心風險為探究，並介紹目前已見於世的資金保全手段，逐一剖析各個手段可以如何回應前述各該風險。 進一步從資金保全法制的整體規範模式觀察，我國在立法時參考了歐盟（含英國）、美國及日本之作法，本文將介紹各個法域相關規範所建立的資金保全架構，並延續前述風險的討論及分析，比較各規範模式以何種監理態度處理資金停留於電子支付業者手中的問題，回頭省視我國參考外國法時是否循完整的監管脈絡設計規範架構。 本文認為我國現行規範模式皆令第三人（即銀行）相當大程度參與在使用者資金保全的架構中，未必為必要，在資金保全手段採擇上應賦予電子支付機構更多彈性，思考業者自行保管使用者資金的可能，下一階段並能參考比較法上近年修法趨勢，開放業者組合不同手段達到對使用者資金全額的保全；再者，我國法固著於保全使用者資金本身之思維，亦不妥當，使用者資金的額度若已能借助外部資金來源完成保全，對於資金運用的限制應可考慮逐步放寬，以利業者能以所持有之資金發會更大經濟效用，抑或為其業務拓展新的可能。 期待透過本文的討論，能有助於推進我國現行電子支付機構資金保全規範模式之再建構，讓電子支付機構能以更合宜的成本，既保障使用者使用支付服務的安全性，亦能穩健開拓其業務之疆域，令電子支付產業能永續發展。

The rapid growth of cashless payment services has become more and more evident in the post-pandemic world, including in Taiwan. The amalgamation of oversight for electronic payment institutions (hereinafter “institutions”) and issuers of electronic stored value cards under “The Act Governing Electronic Payment Institutions" (hereinafter "the Act") in Taiwan in 2021 further highlighted increased legislative and regulatory attention to FinTech companies. A major regulatory focus is ensuring the safeguarding of customer funds. Key points include preventing customer losses due to inappropriate behavior by institutions and segregating customer funds from being distributed to other creditors in the event of the institution's bankruptcy. The current safeguarding measures under Taiwan's regulations involve placing all payment amounts in a trust or obtaining a full performance guarantee from banks. This thesis aims to analyze the appropriateness of these current approaches. Additionally, to determine the proper level of regulatory proportionality, it explores the nature of customer funds, distinguishing between deposits and custodial property, and reviews relevant regulations in Taiwan concerning trust enterprises and securities firms holding client funds to draw on common features in financial property custody regulations. On this basis, this thesis examines the regulatory objectives of preserving customer funds in electronic payment institutions, as well as the core risks involved: bankruptcy, misappropriation, and commingling. It also introduces existing safeguarding approaches that are commonly adopted, and analyzes how each method addresses the aforementioned risks. From the perspective of the overall regulatory framework of customer funds safeguarding, the Act is said to have referred to practices from the EU (including the UK), the US, and Japan. This article introduces the frameworks established by regulations in each of these jurisdictions and continues the discussion and analysis of the risks addressed. It compares the regulatory models and their safeguarding approaches, assessing whether Taiwan's reference to foreign laws followed a comprehensive regulatory design. This thesis argues that the required extensive involvement of third parties (i.e., banks) in Taiwan's current regulatory framework in safeguarding customer funds may not be necessary. In opting for its approaches, electronic payment institutions should be given more flexibility, including the possibility of allowing institutions to manage the custody of customer funds on their own. In the next stage, referencing recent trends in comparative laws mentioned earlier, institutions could be allowed to combine different approaches to complete the safeguarding of the full amount of customer funds. The thesis also believes that the regulatory attitude in Taiwan focuses overly on preserving the exact funds transferred by customers, which might not be feasible. Should the amount of customer funds be fully secured with the help of external sources (such as insurance or bank guarantees), the restrictions on the usage of funds should be gradually relieved to allow institutions to achieve greater economic utility with the funds they hold or to explore new possibilities for business expansion. It is hoped that this thesis could be of a possible perspective concerning the reconstruction of Taiwan's current customer funds safeguarding regulatory framework. This would allow electronic payment institutions to, at more reasonable costs, ensure the safety of customers using electronic payment services, while also steadily expand their business domains, thus enabling the sustainable development of the electronic payment industry.