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
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