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FSC fines Jkopay NT$1.8m over poor internal controls
By Kao Shih-ching / Staff reporter
The Financial Supervisory Commission (FSC) yesterday fined Jkopay Co (街口電子支付) NT$1.8 million (US$63,420) over poor internal controls and suspended its chairman, Kevin Hu (胡亦嘉), for a year.
That is the second time the commission has punished Hu after it in September last year ordered his removal as a board member of Jko Asset Management Co (街口投信) for launching an illegal investment service, Tuofu Bao (託付寶).
The latest punishment came after the commission initiated an investigation in May 2019 and found that Jkopay had offered 12 loans totaling NT$483 million to its parent company, Jko Fintech Co (街口金融科技), from Feb. 9, 2018, to May. 9, 2019, on Hu’s instructions, Banking Bureau Deputy Director-General Lin Chih-chi (林志吉) said.