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The FSC promoted financial technology development and regulatory amendment annual report in 2018

I. Promoting FinTech development in 2018

 1.Promoting FinTech experimental mechanism

(1)Completed financial technology innovation experimental legal system, including Regulations Governing Financial Technology Innovative Experimentation, Regulations Governing the Operations of Financial Technology Innovative Experimentation Review Meetings and Evaluation Meetings, Regulations Governing Fees for Handling Civil Disputes Arising from Financial Technology Innovative Experimentation, and Regulations on Guiding and Assisting Financial Technology Development.

(2)Established “Finance Technology Development and Innovation Center” to promote financial technology development and implement innovative experimental mechanisms.

(3)Establishing a multi-counseling channel:

(a)Counseling Services of the FSC: The Innovation Center assists the applicants to prepare applications and consult relevant laws and regulations, improving the efficiency of application review.

(b) The FSC and the Ministry of Economic Affairs: if the applicants have a financial technology innovation concept, which is not mature yet, they can seek assistance from the Ministry of Economic Affairs “Innovative Regulation Sandbox Platform” for consultation.

(c) Regulation Clinic in FinTech Space:The FSC regularly sends staff to FinTech Space to help companies understanding regulatory laws.

2. Established FinTech Space

Six characteristics of FinTech Space:Theme space design, Co-creation Alliance, International Network, Digital Sandbox, Enterprise Laboratory, and Regulation Clinic.

 3. Hold FinTech Taipei 2018

(1) The FSC held "FinTech Taipei 2018-Taipei Financial Technology Exhibition" at the World Trade Center 1 on December 7 and 8. Successfully brought domestic and foreign financial institutions, information manufacturers, universities there , as well as 11 countries from the United States, United Kingdom, Australia, Poland, etc. 80 international teams, and 125 financial technology startups, with 32,303 participants.

4.Establishment of Internet-only Banks:Accepting applications for running Internet-only Banks from November 16, 2018 to February 15, 2019 and complete the audit by June 2019 and approve 2 Internet-only Banks.

5. Open Banking

Amendments to the regulations:Open Banking deals with issues such as the scope of information that banks willing to release, data specifications, open API standards, TSPs management, customer data ownership, information security, and dispute resolution mechanisms. The FSC has instructed the Bankers Association to research self-regulation with TSPs, and the FISC to study API technical standards and security standards, and review and amend relevant laws and regulations timely.

6.Encouraging financial institutions to innovate and develop

From 2006 to 2018, the financial industry applied for 1,383 financial patents and obtained 882 financial patents. Besides, the number of applications and the acquisitions in the year 2018 were 603 and 515, more than the sum of past 12 years, highlighting the results of financial innovation research and development.

7.Strengthening information security and joint defense in the financial markets

The establishment of the “Finance and Security Information Analysis and Sharing Center (F-ISAC)” helps strengthening the information security of the financial market and achieve the purpose of early warning, joint prevention and response. At the end of December, the number of F-ISAC members has reached 345. Major financial institutions such as banks, bills, insurance, securities and futures joined, and 344 reports have been provided to effectively strengthen the information security.

8.Deepening international supervision cooperation

1.The FSC Signed memorandum of cooperation on financial technology development and supervision with Polish Financial Supervision Authority (KNF) and the Office of Arizona Attorney General (AAG).

2.In order to accelerate the international cooperation of the FinTech Space, the FSC instructed Taiwan Financial Service Roungtable to sign a memorandum of cooperation on financial technology innovation with the United Kingdom, Australia and Poland. In the future, it will strengthen cross-border strategic cooperation, and assist the startups.

II. Financial technology innovation experiment results and law amendment.

1. Objective: The FSC has been set the target of 10 experimental applications accepted for the next 3 years from April 30, 2018.

2. Achievements::The Finance Technology Development and Innovation Center has accepted 6 applications, and approved 3, disallowed 1, and the rest 2 are being reviewed. Another 27 cases are being counseled. The first approved one was KGI Bank, who used the mobile identity certification to conduct online loan and credit card business, opened on December 5, 2018. The other companies approved were the EMQ and Welldone Company, who applied for running cross-border remittance for foreign workers.

III. Law amendment in the second half of the 2018.

1.Issue “Regulations on Guiding and Assisting Financial Technology Development " on July 2, 2018.

2. Adjusted "Regulations Governing the Security of Electronic Stored Value Cards" on November 5, 2018.

3. Declared "Regulations Governing Online Insurance Business and Online Insurance Services of Insurance Agent Companies and Insurance Broker Companies" on October 24, 2018.

4. Adjusted "Directions for Insurance E-Commerce" on January 10, 2019.

5. Instructed the Taiwan Securities Association and the Futures Association to amend "cloud computing, social media, mobile device information security self-regulation on August 8 and September 17 2018.

Visitor: 267   Update: 2019-10-29