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FSC works with TFSR to set up FinTech Co-Creation Platform

The Financial Supervisory Commission (FSC) has collaborated with the Taiwan Financial Services Roundtable (TFSR) to establish the FinTech Co-Creation Platform (FTCP), which is an important milestone in Taiwan''s FinTech development.

The FSC indicated that in order to integrate opinions regarding the FinTech ecosystem and implement FinTech policies in a more forward-looking and comprehensive way, it has worked with financial peripheral organizations to set up the FTCP, which aims to assist them in promoting FinTech development. After discussion with the TFSR and other peripheral organizations, the FTCP will structure four working groups (the Capacity Building Group, Data Governance Group, RegTech Group, and Publicity & Exchange Group), and will invite at least 25 financial peripheral organizations, experts and scholars to serve as working group members. The follow is these groups conveners’ missions and short-term goals, which shall be reached before the end of August 2021:

1. Capacity Building Group: The Taiwan Academy of Banking and Finance (TABF) will serve as convener. This group''s short-term goals are to plan a FinTech certification system and corresponding supporting measures, such as training courses, books, and publicity.

2. Data Governance Group: The Joint Credit Information Center (JCIC) will serve as convener. This group has the following four short-term goals:

(1)establish an information disclosure system for cooperation between financial institutions and third-party service providers (TSP);

(2)build a mechanism for customer data sharing between a financial holding company and its subsidiaries;

(3)promote a standardized mechanism for financial mobile identity authentication (Financial Fido); and

(4)set up the JCIC''s second credit information database.

3.RegTech Group: The Taiwan Depository & Clearing Corporation (TDCC) will serve as convener. This group will have the following three short-term goals:

  (1)establish digital supervision mechanisms for internet-only banks;

  (2)build digital supervision mechanisms for bills finance companies; and

  (3)complete an outsourced research project on digital financial service management regulations.

4.Publicity & Exchange Group: The TFSR will serve as convener. This group''s short-term goals will be to organize FinTech competitions, select three to five international FinTech teams, and provide these teams with landing guidance and legal consultation to assist them expand overseas markets.

In the future, the FSC will actively participate in the meetings of FTCP and looks forward to jointly stimulating FinTech innovation, nurturing FinTech professionals, and promoting the development of digital finance and RegTech. By doing so, the FSC expects to create new value in the financial industry and achieve financial inclusion.

Contact: Chiao Hung Huang, Section Chief of the Fintech Innovation Center

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  • Update: 2020-12-04