Development of Fintech and Regulatory Environment

The development of financial technology (fintech) is designed to enhance the competitiveness of the financial sector, but is accompanied by potential risks that give rise to new regulatory challenges.

To enhance members’ understanding of Taiwan’s fintech development strategies, AmCham Taipei’s Asset Management, Banking, Capital Markets and Insurance Committees jointly invited Wellington L. Koo, Chairman of the Financial Supervisory Commission, to explain the government’s policy measures and their relation to global regulatory trends. Nearly 100 Chamber members and guests gathered to attend the event at The Regent Taipei on April 20.

In a presentation delivered in Chinese, Koo provided an overview of the current status of Taiwan’s financial sector and noted that regulators and supervisors around the world are promoting the growth of fintech while seeking to ensure the safety and soundness of the financial system.

Chairman Koo cited the tasks facing regulators around the world as they respond to the fintech revolution:

  • Providing interactive supervision and responding to the changes in technology
  • Encouraging the development of fintech innovation
  • Fostering new fintech startups by offering training and resources
  • Developing consistent standards and assisting new ventures in transnational development
  • Implementing regulatory technology to provide real-time monitoring of financial operators’ operating activities
  • Combining non-governmental forces to build a comprehensive information sharing and security system

Speaker Wellington L. Koo, Chairman of the Financial Supervisory Commission; William Foreman, AmCham Taipei President; Leo Seewald, AmCham Taipei Standing Vice Chairman; and AmCham Taipei Committee Co-Chairs

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Note: AmCham events are intended primarily for AmCham members and their guests. Many events are open to members’ guests and other non-members, but the attendance of any non-member must be approved in advance. AmCham reserves the right not to admit a non-member to any event without explanation.

Cross Cultural Leadership and Blind Spots

The presentation at an AmCham Special Luncheon on April 18 at Shangri-La’s Far Eastern Plaza Hotel focused on the role of effective leadership in enhancing employee engagement. The speaker, Gerard Hei, is CEO of Dale Carnegie Taiwan.

The presentation, “Uncovering Leadership Blind Spots and Discovering the Pathway to Motivating Your Employees,” first established why engagement is so important. It significantly impacts absenteeism, turnover, productivity, profitability, sales, and quality. There are three kinds of employees: fully engaged, partially engaged, and disengaged. According to a global study, in Taiwan only 8% of employees are rated as fully engaged, compared to 29% globally, while 44% are disengaged, much more than the 24% globally.

The way to increase employee motivation and business results is to provide employees with more effective leaders, said Hei. When employees are very satisfied with their immediate supervisor and with senior leaders, many more are fully engaged and very few are disengaged.

Leaders need to do four key things to inspire and motivate their employees:

  • Express sincere praise and appreciation
  • Demonstrate honesty and integrity
  • Freely admit when they are wrong
  • Listen to and value employees’ opinions

From left to right: AmCham’s Public Health Committee Co-Chair Joyce Lee, General Manager, Bristol-Myers Squibb (Taiwan) Ltd.; AmCham Taipei President William Foreman; Speaker Gerard Hei, CEO of Dale Carnegie Taiwan; AmCham’s HR Committee Co-Chair Monica Han, Country HR Leader, 3M Taiwan Ltd.

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Note: AmCham events are intended primarily for AmCham members and their guests. Many events are open to members’ guests and other non-members, but the attendance of any non-member must be approved in advance. AmCham reserves the right not to admit a non-member to any event without explanation.

Embracing Disruption: Mapping Out the Future

A wave of change has hit the financial services sector. Banks, insurers and wealth management firms will face greater regulatory uncertainty, tightened profit margins, increasingly empowered consumers, and the entrance of disruptive competitors.

To help financial service firms understand the process of digital transformation, AmCham Taipei’s Banking Committee invited Fred Giron, VP and Research Director at Forrester Research, to share his insights at a seminar held at the Chamber’s Lincoln Room on April 11.

In his presentation entitled “The Future of Financial Services,” Giron gave an overview of how digital technologies have changed the way consumers and businesses interact with each other. In a recent survey conducted by Forrester, 50% of North American and European companies said they believe technological changes (digital transformation) will dominate business decision-making in the near future. Giron noted that financial services firms need to digitize their business strategies and choose how they will adapt to the market in order to stay competitive.

From left to right: Speaker Fred Giron, VP and Research Director at Forrester Research and AmCham Taipei President William Foreman

Giron outlined the four rules of digital transformation:

  • Digital experience: deliver experiences that are easy, effective, and emotional
  • Digital operations: reconceive products and capabilities to deliver better outcomes
  • Digital innovation: continuously improve and break through at the digital frontier
  • Digital ecosystems: build platforms and partnerships to accelerate and scale up

The speaker gave several case studies to demonstrate how financial service and insurance companies have digitized their service models. In these examples, successful companies leveraged their assets to generate insights and value for their businesses. He also emphasized the importance of “being the integrator” and creating value-added services that solve customers’ immediate needs rather than merely providing service add-ons.

The Lincoln Room is made possible by the generosity of a number of sponsoring companies:

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Note: AmCham events are intended primarily for AmCham members and their guests. Many events are open to members’ guests and other non-members, but the attendance of any non-member must be approved in advance. AmCham reserves the right not to admit a non-member to any event without explanation.