Although just month into his new role as Chairman of the Financial Supervisory Commission (FSC), Huang Tien-Mu (黄天牧) has a clear vision for his organization. On June 29, the former FSC Vice Chairman Huang spoke at an AmCham joint committee luncheon about the agenda FSC would cover on his watch.
As Taiwan faces numerous financial issues, including challenges arising from the aging of the society and the need for its financial institutions to embrace fintech, Huang listed four main goals for his mission statement: strengthen financial resilience, push for innovation, develop a long-term financial strategy, and diversify a low-barrier entrance market. To achieve these goals, he laid out a six-step plan:
- Long-term business planning – increase the availability of English-language information and reports on companies with listed stocks.
- Green finance – a new version is in the works to drive greater contributions from the financial sector.
- Fintech advancement blueprint – FSC will propose a new development plan that targets the foundations of open banking, information sharing, etc.
- Insurance and debt – motivate Taiwan’s insurance industry to comply with international standards.
- Trust industry – beyond money trusts, trust service providers are encouraged to offer a variety of programs.
- Financial security – reinforce information security, which is critical to the development of Fintech.
Huang said he will follow a business model that includes gaining respect, building trust, and enabling transparency between the financial sector and the public. The overall goal is to be sustainable and financially inclusive.
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