Taiwan’s Fair Trade Commission has approved plans for a platform over which banks can offer mobile payments, said Commercial Times.

The country’s Fair Trade Commission has given the green light to the establishment of a Trusted Service Manager (TSM) platform which will be built by three local financial institutions.

The institutions are Financial Information Service Company (FISC), the National Credit Card Center of the ROC and the Taiwan Clearing House.

The new platform has a capital of TWD600 million ($20 million).

FISC will set up a company in September with the intention to launch services in December.

The plan is for banks to use the platform for launching a range of mobile payment services in competition with operators.

Existing TSMs in Taiwan are offered by operators but banks are hesitant to use their services because of concerns that data could be shared with rivals, said the report.