Taiwan's Financial Supervisory Commission has approved e-commerce business Shopee Taiwan's application to be licensed as an electronic payment company.

The move comes after the company's agent collection and e-payment operations exceeded NT$1 billion a day in 2019, according to a Nov. 17 release.

In Taiwan, third-party payment providers that handle daily transactions of more than NT$1 billion need to be licensed as specialized e-payment entities and are subjected to stricter regulations.

As of Nov. 17, US$1 was equivalent to NT$28.53.