At the Cabinet Meeting on September 6, 2018, the FSC reported the “promotion situation of FinTech development”. Premier Lai Ching-te gave his affirmation and said that FinTech and innovation are important elements for enhancing the competitiveness of financial market, and also assist other industries’ development and enhance economic growth. The important results at present of the FSC’s three main FinTech development strategies are as follows:
1.Upgrading of the financial industry: An environment for FinTech innovative application has been built from the three dimensions of product R&D, talent nurturing and development environment.
2.Innovative development of FinTech: The FSC encourages to use new technology or business models in the financial market by establishing the FinTech innovative experimental mechanism and FinTechSpace, and holding the “FinTech Taipei 2018”.
3.Information security and supervision: The FSC promotes information security information early warning, response and joint defense of information security to upgrade overall response and defense capability by establishing the Financial Information Sharing and Analysis Center (“F-ISAC”). Also, the FSC continues to deepen international supervisory cooperation to jointly respond to international development trends and exchange experience.
The FSC said that the aforementioned three strategies will continue to be promoted and, taking the actual implementation situation and market needs into consideration, the FinTech development policies will be reviewed on a rolling review basis and measures will be renewed as required. In addition, the FSC will continue to adjust financial regulations and formulate differentiated management mechanisms for financial innovation, and will encourage startups and financial institutions to cooperate, by providing their necessary assistance; at the same time, the FSC takes both consumer rights and interests and stability of the financial system into account to achieve the objective of financial inclusion.