FSC and Arizona sign a FinTech Co-operation Agreement
In September, 2018, the Financial Supervisory Commission, Taiwan (FSC) and the Office of Arizona Attorney General (AAG) signed a financial technology (FinTech) co-operation agreement which lays out a framework for referral mechanism, information sharing and potential joint innovation projects, etc. The framework enables both regulators to refer startups to their counterparts, provide support to allow the regulatory regime in each jurisdiction to be better understood, and share related information on their respective markets and innovations in financial services. This agreement will enhance FinTech supervisory cooperation of both sides, as well as create more opportunities for FinTech businesses from Taiwan and State of Arizona to expand their activities into each other’s markets.
Arizona recently became the first state in the U.S. to create a “regulatory sandbox” program for FinTech in March, 2018, and the AAG is authorized to enter into agreements with other regulatory agencies. The sandbox went live in August this year and began accepting applications. The goal is to promote FinTech innovation in Arizona and to implement consumer protection by reducing the regulatory entry barrier and allowing startups to enter the Arizona financial market with limited authorization. The agreement between the FSC and the AAG is the first such agreement reached since Arizona''s sandbox launched.
Taiwan is the first country that has established a special law to provide experimental fields for FinTech startups. With the advantages of high-quality scientific and technological talents and sound financial services, Taiwan has enormous potential for FinTech development. In order to promote innovate financial services and the development of FinTech industry, “Financial Technology Development and Innovative Experimentation Act” was passed by the end of 2017. The FinTech sandbox mechanism was accordingly put into force on April 30th, 2018 and began accepting applications.
The FSC continues to strengthen financial technology exchanges and cooperation with other countries through various venues. In March of 2018, the FSC has signed the first official cooperation agreement with the Polish Financial Supervisory Authority (KNF). Following the Taiwan Financial Services Roundtable (TFSR) signed a memorandum of understanding on FinTech sector promotion and cooperation with the British Office Taipei in September this year. Moreover, the FinTechSpace, the first FinTech-focused co-working hub in Taiwan, held its grand opening on September 18th, 2018, providing startups with resources including co-working space, regulatory clinic, digital sandbox, cross-border collaboration to assist the startups in obtaining appropriate resources at different stages of development. A total of 37 innovation teams that got approval in the first wave recruitment covers seven major areas of FinTech, 6 of those are international startups.
On December 7th and 8th, the FSC will host the "FinTech Taipei 2018" symposium and exhibition, which is expected to attract international FinTech professionals and firms together to showcase latest achievements and seek for cooperation potentials with local partners.
Contact: Department of International Affairs, FSC
Visitor： 2282 Update： 2018-10-12