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Attended the Polish International Financial Technology Conference and Met with the Swiss Financial Market Supervisory Authority

The FSC was invited by the Polish Financial Supervisory Authority (KNF) to participate in the Polish International Financial Technology Conference for the purpose of strengthening bilateral cooperation and showcasing Taiwan''s policy of fintech development. The representatives of the FSC also paid a courtesy call on the Swiss Financial Market Supervisory Authority (FINMA) to understand its policies and measures for promoting fintech.

Representatives from the FSC and KNF shared their experiences on fintech development through a meeting organized by the KNF. The KNF also arranged a representative from the FSC to speak on the main stage and accept media interviews during the international fitech conference. The issues discussed by the two parties include the operation of the regulatory sandbox, open banking, mobile payment, challenges encountered and the construction of a global network.  The FSC also introduced the current situation of Taiwan''s fintech development, which strengthened Polish representatives’ understanding of Taiwan market and deepened bilateral cooperation. In addition, it was the first time that the FSC exchanged ideas and experience of fintech development issues with the FINMA. The two sides discussed issues such as approaches facilitating fintech startups, licensing exemption mechanism, and initial coin offerings, which helps bridge the two sides for future information sharing and mutual cooperation.

The ideas and suggestions put forward by the report include: 1. It is advisable to increase exchanges with financial authorities of other countries, and to seek opportunities for future cooperation by understanding the background and experience of their supervisory philosophy; 2. It is advisable to consult opinions from various outsiders when making policies so as to ensure policy stability when implementing them; 3. In the future, the small services providers may be given business flexibility or be exempted from certain regulations depending on the market maturity so that new forms of financial services can be developed; and 4. We shall take reference of the experience of the EU on promoting “open banking” and assist our financial institutions to plan in advance.
Visitor: 142   Update: 2019-10-29