TAIPEI (Taiwan News) — The Financial Supervisory Commission on Thursday approved Line Pay’s application to create a standalone e-payment app Line Pay Money.

The move comes as Line Pay prepares to separate from iPass at the end of this year, per CNA. FSC officials said the iPass Money feature will be removed from the Line app but users will still be able to access iPass directly via its app, with stored funds unaffected.

Currently, Line Pay only functions as a third-party payment processor for credit card transactions and cannot handle fund transfers. Whether Line Pay Money will launch its own app or integrate into the existing Line interface remains undecided, according to the FSC.

Chang Chia-kuei (張嘉魁), FSC Banking Bureau chief secretary, explained that Line Pay Money has NT$500 million (US$17 million) in paid-in capital and will be permitted to offer small-value domestic remittances and loyalty point payments. It may also relay payment instructions between users and merchants.

The approval follows a February application and a consultation with the Central Bank. Electronic payment services fall under FSC supervision, unlike third-party platforms regulated by the Ministry of Digital Affairs.

If a platform’s average daily transaction balance surpasses NT$2 billion annually, it must secure an e-payment license from the FSC. With Line Pay Money greenlit, Taiwan will have 10 dedicated and 20 hybrid e-payment institutions, including banks and Chunghwa Post.