Tuofu Bao allows people to use the electronic payment service of Jkopay Co Ltd (街口支付), fully owned by Jko Fintech, to buy into the “JKO Multi-Asset Fund,” which is managed by Jko Asset Management Co (街口投信). Jko Fintech chairman Kevin Hu (胡亦嘉) has said that the investment service would generate a return of 1.2 to 2.5 percent. The bureau on Wednesday barred Jko Asset Management from accepting any new capital through Tuofu Bao until the issue is resolved Tsai said. “Although Jko Fintech expects to sidestep FSC regulation, as it is not a financial company, the commission could still address the matter by regulating Jko Asset,” FSC Deputy Chairman Jean Chiu (邱淑貞) said. Jko Asset has an obligation to ensure the services offered by its partners are legal and compliant, even though the company is 25 percent owned by Jko Fintech, Chiu said.

Source: Taipei Times July 23, 2020 15:56 UTC