Events
The FSC published the "FinTech Development Roadmap (2.0)" with the aim of creating a more inclusive, fair, sustainable, and international FinTech ecosystem
2023-08-15
The Financial Supervisory Commission (FSC) published the "FinTech Development Roadmap (2.0)" today. The Roadmap includes 65 detailed implementation items in 4 major aspects for creating a more inclusive, fair, sustainable, and international FinTech ecosystem.
The FSC states that it published the "FinTech Development Roadmap (1.0)" in August 2020 to support FinTech innovation and increase the competitiveness of the financial market. The Roadmap included 60 implementation measures in 8 major aspects to form a friendly FinTech development ecosystem and improve the efficiency, accessibility, and quality of financial services. After the publication, all measures have been implemented according to plans with a number of tangible results, including the establishment of the "Guidelines for Data Sharing between Financial Institutions", implementation of the second phase of "Open Banking", issuance of restricted licenses, relaxation of the qualifications of the responsible persons of financial institutions, introduction of the "FinTech Proficiency Certification Mechanism", promotion of Financial FIDO mechanism, hosting of the first FinTech Taipei Awards, establishment of the "Financial Innovation Test Field in FinTechSpace", continuous organization of FinTech Taipei expositions for the public or FinTech Taipei forums for professionals, and hosting of the first "Taiwan RegTech Challenge".
The "FinTech Development Roadmap (1.0)" is a 3-year plan that expires in August 2023. To maintain the momentum for innovation and continue to improve and enhance development based on existing results, the FSC requested the FinTech Co-creation Platform (RegTech Group and Promotion and Communication Group) to conduct a research project namely " Surveying Current State and Future Prospects of the Fintech Ecosystem in Taiwan" in June 2022. In addition to gathering the recommendations of stakeholders in the ecosystem regarding FinTech development, it also referenced international practices and provided concrete recommendations for the next phase of FinTech development.
Based on the review of the FinTech development policies in recent years, implementation results, issues for which improvements can be made, and opinions from academia and industry, the FSC has developed the "FinTech Development Roadmap (2.0)" in line with the current development and regulatory policy goals. The Roadmap provides a new blueprint for FinTech development in the next 3 years.
The "FinTech Development Roadmap (2.0)" includes 4 major goals and 4 implementation strategies:
I. Goals
(I) Inclusiveness: Create a FinTech ecosystem where all individuals with needs or willingness can participate.
(II) Fairness: Share the progress and achievements of FinTech development fairly while actively protecting consumer interests and supporting innovative companies and innovators to facilitate competition and innovation.
(III) Sustainability: Incorporate sustainability into the core values and practices of FinTech while adhering to the high standards of governance and ethical principles for FinTech and ensuring data security and privacy protection.
(IV) Internationalization: Create an ecosystem in line with global FinTech development and promote cross-border cooperation and connections. Promote international cooperation and exchange ideas with partners in the FinTech ecosystem in different countries and regions to share resources and know-how while enhancing the international visibility of Taiwan's financial system.
II. Implementation strategies: Optimizing legislation, Enhancing resources, Expanding technologies, and Increasing inclusiveness.
With the goals and implementation strategies, the "FinTech Development Roadmap (2.0)" is implemented with 4 major implementation aspects, 15 implementation measures, and 65 detailed implementation items in 3 years.
Aspect 1: Optimizing FinTech legislation and policies with measures including Feasibility study of the amendment of the "Financial Technology Development and Innovative Experimentation Act", Establishment of the "FinTech Regulatory Adjustment Platform", Enhance data sharing, and Establishment of guidelines for the financial industry's use of AI.
Aspect 2: Enhancing supporting resources and talent development with measures including Diversify funding for FinTech innovation, Promote advanced programs for FinTechSpace, Train future FinTech talents, and Enhance international cooperation and overseas business development.
Aspect 3: Expanding FinTech technologies and applications with measures including Launch the Financial FIDO V2 project, Continue to promote open finance, Promote green (sustainable) FinTech, and Promoting digitalization of corporate financial services.
Aspect 4: Increasing financial inclusion and digital finance adoption with measures including Launch of phase 2 RegTech, Implement the "Accessible Digital Finance Promotion Program" and others [including ongoing items in of the "FinTech Development Roadmap (1.0)"].
The FSC indicated that the "FinTech Development Roadmap (2.0)" is formulated based on the experience gained in the past three years of implementation and further refined and deepened on the existing foundation, while also investing additional resources to support the development of FinTech. Of the 65 detailed implementation items, 39 are enhancements of the results of Roadmap 1.0 and 26 are innovative initiatives (detailed in Attachment - List of Detailed Implementation Items for Roadmap 2.0). For example, the "FinTech Regulatory Adjustment Platform" and promotion of electronic signature for corporate financial services will be launched in 2023, measures for allowing legal persons with more than 3 shareholders to open accounts online will be introduced in 2024, the cross-system "Financial FIDO authentication and connection hub" will be established in 2025, and the space and functions of FinTechSpace will be expand in 2026.
The FSC stated that due to the rapid development of FinTech, it will continue to pay attention to international development trends and practices, review the needs for the domestic industrial development and the opinions of stakeholders, and continuously review related mechanisms, regulations, and other initiatives on a rolling basis to maintain the healthy development of the financial system. The FSC also stated that the implementation items listed in the Roadmap are items with specific plans and schedules. The future tasks for promoting FinTech will not be limited to the items listed in Roadmap 2.0. The FSC will continue to listen to opinions from various stakeholders and, as appropriate, study adjustment to the related measures to facilitate more innovation, progress, and inclusiveness in the financial service industry, and thereby creating new value for Taiwan's financial industry and achieve the goal of financial inclusion.
Attached are the "FinTech Development Roadmap (2.0)", the List of Detailed Implementation Items for Roadmap 2.0, a presentation deck, and a information pack.
Contact person: Financial Technology Development and Innovation Center
Telephone: (02)8968-0088
If you have any questions, please send an email to
https://fscmail.fsc.gov.tw/swsfront35/SWSF/SWSF01014.aspx
The FSC states that it published the "FinTech Development Roadmap (1.0)" in August 2020 to support FinTech innovation and increase the competitiveness of the financial market. The Roadmap included 60 implementation measures in 8 major aspects to form a friendly FinTech development ecosystem and improve the efficiency, accessibility, and quality of financial services. After the publication, all measures have been implemented according to plans with a number of tangible results, including the establishment of the "Guidelines for Data Sharing between Financial Institutions", implementation of the second phase of "Open Banking", issuance of restricted licenses, relaxation of the qualifications of the responsible persons of financial institutions, introduction of the "FinTech Proficiency Certification Mechanism", promotion of Financial FIDO mechanism, hosting of the first FinTech Taipei Awards, establishment of the "Financial Innovation Test Field in FinTechSpace", continuous organization of FinTech Taipei expositions for the public or FinTech Taipei forums for professionals, and hosting of the first "Taiwan RegTech Challenge".
The "FinTech Development Roadmap (1.0)" is a 3-year plan that expires in August 2023. To maintain the momentum for innovation and continue to improve and enhance development based on existing results, the FSC requested the FinTech Co-creation Platform (RegTech Group and Promotion and Communication Group) to conduct a research project namely " Surveying Current State and Future Prospects of the Fintech Ecosystem in Taiwan" in June 2022. In addition to gathering the recommendations of stakeholders in the ecosystem regarding FinTech development, it also referenced international practices and provided concrete recommendations for the next phase of FinTech development.
Based on the review of the FinTech development policies in recent years, implementation results, issues for which improvements can be made, and opinions from academia and industry, the FSC has developed the "FinTech Development Roadmap (2.0)" in line with the current development and regulatory policy goals. The Roadmap provides a new blueprint for FinTech development in the next 3 years.
The "FinTech Development Roadmap (2.0)" includes 4 major goals and 4 implementation strategies:
I. Goals
(I) Inclusiveness: Create a FinTech ecosystem where all individuals with needs or willingness can participate.
(II) Fairness: Share the progress and achievements of FinTech development fairly while actively protecting consumer interests and supporting innovative companies and innovators to facilitate competition and innovation.
(III) Sustainability: Incorporate sustainability into the core values and practices of FinTech while adhering to the high standards of governance and ethical principles for FinTech and ensuring data security and privacy protection.
(IV) Internationalization: Create an ecosystem in line with global FinTech development and promote cross-border cooperation and connections. Promote international cooperation and exchange ideas with partners in the FinTech ecosystem in different countries and regions to share resources and know-how while enhancing the international visibility of Taiwan's financial system.
II. Implementation strategies: Optimizing legislation, Enhancing resources, Expanding technologies, and Increasing inclusiveness.
With the goals and implementation strategies, the "FinTech Development Roadmap (2.0)" is implemented with 4 major implementation aspects, 15 implementation measures, and 65 detailed implementation items in 3 years.
Aspect 1: Optimizing FinTech legislation and policies with measures including Feasibility study of the amendment of the "Financial Technology Development and Innovative Experimentation Act", Establishment of the "FinTech Regulatory Adjustment Platform", Enhance data sharing, and Establishment of guidelines for the financial industry's use of AI.
Aspect 2: Enhancing supporting resources and talent development with measures including Diversify funding for FinTech innovation, Promote advanced programs for FinTechSpace, Train future FinTech talents, and Enhance international cooperation and overseas business development.
Aspect 3: Expanding FinTech technologies and applications with measures including Launch the Financial FIDO V2 project, Continue to promote open finance, Promote green (sustainable) FinTech, and Promoting digitalization of corporate financial services.
Aspect 4: Increasing financial inclusion and digital finance adoption with measures including Launch of phase 2 RegTech, Implement the "Accessible Digital Finance Promotion Program" and others [including ongoing items in of the "FinTech Development Roadmap (1.0)"].
The FSC indicated that the "FinTech Development Roadmap (2.0)" is formulated based on the experience gained in the past three years of implementation and further refined and deepened on the existing foundation, while also investing additional resources to support the development of FinTech. Of the 65 detailed implementation items, 39 are enhancements of the results of Roadmap 1.0 and 26 are innovative initiatives (detailed in Attachment - List of Detailed Implementation Items for Roadmap 2.0). For example, the "FinTech Regulatory Adjustment Platform" and promotion of electronic signature for corporate financial services will be launched in 2023, measures for allowing legal persons with more than 3 shareholders to open accounts online will be introduced in 2024, the cross-system "Financial FIDO authentication and connection hub" will be established in 2025, and the space and functions of FinTechSpace will be expand in 2026.
The FSC stated that due to the rapid development of FinTech, it will continue to pay attention to international development trends and practices, review the needs for the domestic industrial development and the opinions of stakeholders, and continuously review related mechanisms, regulations, and other initiatives on a rolling basis to maintain the healthy development of the financial system. The FSC also stated that the implementation items listed in the Roadmap are items with specific plans and schedules. The future tasks for promoting FinTech will not be limited to the items listed in Roadmap 2.0. The FSC will continue to listen to opinions from various stakeholders and, as appropriate, study adjustment to the related measures to facilitate more innovation, progress, and inclusiveness in the financial service industry, and thereby creating new value for Taiwan's financial industry and achieve the goal of financial inclusion.
Attached are the "FinTech Development Roadmap (2.0)", the List of Detailed Implementation Items for Roadmap 2.0, a presentation deck, and a information pack.
Contact person: Financial Technology Development and Innovation Center
Telephone: (02)8968-0088
If you have any questions, please send an email to
https://fscmail.fsc.gov.tw/swsfront35/SWSF/SWSF01014.aspx
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