To further understand the current fintech ecosystem and to seek advice on future policies, the Financial Supervisory Commission (FSC) has engaged the Fintech Co-Creation Platform (hereinafter referred to as the Co-Creation Platform) for solicitation of a research project to survey the "Current State and Future Prospects of the Fintech Ecosystem in Taiwan." The Co-Creation Platform will start to accept project proposals after the details of the solicitation process have been approved by the review committee on April 26. The research results will be used as reference for the formulation of future fintech-related policies. Given the essential role the research outcome will play in future policy development, all fintech ecosystem stakeholders are encouraged to provide their insights and recommendations during the course of the research.
    The Co-Creation Platform was jointly established on November 19, 2019 by the FSC and the Taiwan Financial Services Roundtable in accordance with the "Fintech Development Roadmap". Four working groups —the Capacity Building Group, Data Governance Group, RegTech Group, and Publicity & Exchange Group — have been established under the Co-Creation Platform to assist in implementing various measures of the Roadmap with an aim to deploy relevant policies in a more forward-looking and comprehensive way.
     The FSC stated that various measures have been implemented as planned and have achieved a number of concrete milestones since the launch of the Roadmap. The major ones include the following:

1. Launching of the "Guidelines for Data Sharing between Financial Institutions", which specify the cross-institutional data sharing mechanism among financial institutions;
2. Development of the financial FIDO mechanism by formulating technical standards, defining service and transactions that can be handled, and developing guidelines to ensure information security, on the basis of which a number of financial institutions have proposed related business trials; and
3. Structuring of the FinTech capability certification mechanism and related courses, which are scheduled to be deployed and promoted in the fourth quarter of this year.

    Considering the rapid development of fintech, it is crucial to retain the momentum of innovation. In order to gain insight into the current status of each participant in the ecosystem, the challenges they face, and recommendations they would make for future policies, so as to continuously advance on existing achievements, the FSC has engaged the Publicity & Exchange Group and the RegTech Group of the Co-Creation Platform to jointly assist with the research project solicitation.
    The FSC recognized the two Groups’ assistance and affirmed that it wouldn't be possible to enhance innovation without a concerted effort from the Co-Creation Platform and the participation of various ecosystem participants. During the course of the upcoming research, project teams will visit and interview various participants in the ecosystem, including but not limited to financial institutions, fintech startups, investors, and technology providers. The FSC encourages all ecosystem stakeholders to provide their insights and recommendations as much as possible in order to help create new value for the financial market and achieve the goal of inclusive finance.

Contact: Financial Technology Development and Innovation Center
Telephone: (02)8968-0088
If you have any questions, please send an email to FSCmail