Press Release
FSC to launch Green FinTech thematic campaign
2023-03-10
Green finance and FinTech have recently become key focal points of international financial market development, and their promotion has also been an important policy objective for the Financial Supervisory Commission (FSC) in recent years. The FSC has observed that FinTech has considerable potential to assist with the development of green finance. In particular, technology can be used to resolve the pain point of insufficient data. By combining consumer needs, supervisory policies, and related cooperative networks, new application fields can be created. Therefore, the FSC intends to launch Green FinTech thematic campaign this year in hopes of spurring development of Taiwan's Green FinTech ecosystem.
Making reference to the Green Digital Finance Alliance's Green Fintech Classification, the scope of Green FinTech will include: green digital payment and account solutions; green digital investment solutions; digital ESG data collection and analytics solutions; green insurtech solutions; green lending solutions; green digital asset solutions; and green regtech solutions, covering every aspect of the financial industry's march toward sustainability. For example, green digital payment solutions can help consumers to automatically calculate the carbon footprint of each purchase, provide consumers with a quantified carbon footprint summary, and help consumers become aware of their own impact upon the environment, thereby bringing about a low-carbon consumption pattern. Another example is digital ESG data collection and analytics solutions, which utilize artificial intelligence and machine learning to collect and analyze a large amount of information to perform automated ESG ratings analysis and assist in generating sustainability reports.
The FSC will launch a series of Green FinTech activities, including domestic and international conferences, business matching and proof-of-concept activities, and events to announce significant achievements. The following are examples of upcoming activities.
1. UK-Taiwan Green FinTech Forum: With strong support from the FSC, the Taiwan Financial Services Roundtable (TFSR) and the British Office Taipei are going to jointly hold the UK-Taiwan Green FinTech Forum on 8 March 2023. The UK Financial Conduct Authority, the London Stock Exchange, as well as Taiwan’s Joint Credit Information Center, Academia Sinica, and FinTech firms from both countries have been invited to share their experiences and take part in a panel discussion. Noting that the UK government has achieved remarkable successes in its efforts to promote green finance and FinTech, the FSC has been working with the UK to hold this event in order to strengthen cooperative ties between firms in the two countries, and to help financial institutions in Taiwan to keep abreast of the latest international green FinTech trends. The FSC also wants to use this event as an opportunity to familiarize international firms with the opportunities that exist in Taiwan’s financial markets. The FinTechSpace website is now accepting registrations to attend the Forum, so financial institutions, FinTech firms, and interested parties are welcome to sign up.
2. Participation in the Global Financial Innovation Network (GFIN) Cross Border Testing (CBT) Cohort 2.0: The GFIN is a network of over 70 organizations committed to supporting financial innovation in the interests of consumers. This year the GFIN will conduct its CBT Cohort 2.0 with a focus on the theme of “preventing greenwashing.” Through its CBT initiatives the GFIN seeks to encourage FinTech firms from around the world to develop regtech and suptech solutions that will prevent greenwashing in financial services. In the future, the GFIN will release its CBT Cohort 2.0 participation rules and begin accepting applications. Firms whose applications are approved will take part in the initiative, and the GFIN plans to hold “Showcase” event. The FSC, as a GFIN member, will take part in this initiative along with peer financial supervisory authorities and will release detailed information in due course. Taiwanese companies are encouraged to actively participate in this CBT initiative.
3. Provision of resources to encourage firms to take part in Green FinTech sandbox experiments, business trials, and proof-of-concept (PoC) tests: Financial institutions and FinTech firms can obtain regulatory consultations from the FSC's Fintech Innovation Center, and can engage in two-way communications with the Center. In addition, FinTechSpace (which is partially funded by the FSC) provides diversified resources, such as subsidies, regulatory consultations, business matching services, and a digital sandbox PoC environment to firms residing in the Space. A firm at FinTechSpace that intends to engage in a sandbox experiment, a business trial, or a PoC test can apply to FinTechSpace for subsidies. If an innovative company or FinTech company that has not stationed at FinTechSpace but wishes to take part in the thematic campaign, it may also register. FinTechSpace will then help the registrant to join FinTechSpace and obtain related advisory assistance and financial resources.
The FSC will continue holding various seminars both at home and abroad as well as events where firms can interact. By holding a series of such events, the FSC seeks to increase the application of technology in the field of green finance, not only to raise public awareness of the need for green sustainability, but also to encourage startups and financial institutions to engage in research and development of related technologies so that green technology can yield even greater benefits.
Contact: Financial Technology Development and Innovation Center
Tel: (02) 8968-0086
If you have any questions, please send an email to: https://fscmail.fsc.gov.tw
Making reference to the Green Digital Finance Alliance's Green Fintech Classification, the scope of Green FinTech will include: green digital payment and account solutions; green digital investment solutions; digital ESG data collection and analytics solutions; green insurtech solutions; green lending solutions; green digital asset solutions; and green regtech solutions, covering every aspect of the financial industry's march toward sustainability. For example, green digital payment solutions can help consumers to automatically calculate the carbon footprint of each purchase, provide consumers with a quantified carbon footprint summary, and help consumers become aware of their own impact upon the environment, thereby bringing about a low-carbon consumption pattern. Another example is digital ESG data collection and analytics solutions, which utilize artificial intelligence and machine learning to collect and analyze a large amount of information to perform automated ESG ratings analysis and assist in generating sustainability reports.
The FSC will launch a series of Green FinTech activities, including domestic and international conferences, business matching and proof-of-concept activities, and events to announce significant achievements. The following are examples of upcoming activities.
1. UK-Taiwan Green FinTech Forum: With strong support from the FSC, the Taiwan Financial Services Roundtable (TFSR) and the British Office Taipei are going to jointly hold the UK-Taiwan Green FinTech Forum on 8 March 2023. The UK Financial Conduct Authority, the London Stock Exchange, as well as Taiwan’s Joint Credit Information Center, Academia Sinica, and FinTech firms from both countries have been invited to share their experiences and take part in a panel discussion. Noting that the UK government has achieved remarkable successes in its efforts to promote green finance and FinTech, the FSC has been working with the UK to hold this event in order to strengthen cooperative ties between firms in the two countries, and to help financial institutions in Taiwan to keep abreast of the latest international green FinTech trends. The FSC also wants to use this event as an opportunity to familiarize international firms with the opportunities that exist in Taiwan’s financial markets. The FinTechSpace website is now accepting registrations to attend the Forum, so financial institutions, FinTech firms, and interested parties are welcome to sign up.
2. Participation in the Global Financial Innovation Network (GFIN) Cross Border Testing (CBT) Cohort 2.0: The GFIN is a network of over 70 organizations committed to supporting financial innovation in the interests of consumers. This year the GFIN will conduct its CBT Cohort 2.0 with a focus on the theme of “preventing greenwashing.” Through its CBT initiatives the GFIN seeks to encourage FinTech firms from around the world to develop regtech and suptech solutions that will prevent greenwashing in financial services. In the future, the GFIN will release its CBT Cohort 2.0 participation rules and begin accepting applications. Firms whose applications are approved will take part in the initiative, and the GFIN plans to hold “Showcase” event. The FSC, as a GFIN member, will take part in this initiative along with peer financial supervisory authorities and will release detailed information in due course. Taiwanese companies are encouraged to actively participate in this CBT initiative.
3. Provision of resources to encourage firms to take part in Green FinTech sandbox experiments, business trials, and proof-of-concept (PoC) tests: Financial institutions and FinTech firms can obtain regulatory consultations from the FSC's Fintech Innovation Center, and can engage in two-way communications with the Center. In addition, FinTechSpace (which is partially funded by the FSC) provides diversified resources, such as subsidies, regulatory consultations, business matching services, and a digital sandbox PoC environment to firms residing in the Space. A firm at FinTechSpace that intends to engage in a sandbox experiment, a business trial, or a PoC test can apply to FinTechSpace for subsidies. If an innovative company or FinTech company that has not stationed at FinTechSpace but wishes to take part in the thematic campaign, it may also register. FinTechSpace will then help the registrant to join FinTechSpace and obtain related advisory assistance and financial resources.
The FSC will continue holding various seminars both at home and abroad as well as events where firms can interact. By holding a series of such events, the FSC seeks to increase the application of technology in the field of green finance, not only to raise public awareness of the need for green sustainability, but also to encourage startups and financial institutions to engage in research and development of related technologies so that green technology can yield even greater benefits.
Contact: Financial Technology Development and Innovation Center
Tel: (02) 8968-0086
If you have any questions, please send an email to: https://fscmail.fsc.gov.tw
- Visitor： 1532
- Update： 2023-03-10
