Taiwanese government’s objectives for digitizing financial services are to develop the financial technology (FinTech) industry, gain firmer control over the domestic economy, and provide convenient and innovative digital services for the public, Premier Chang San-cheng said.
After being briefed by the Financial Supervisory Commission (FSC) on a draft white paper on FinTech development, Premier Chang said FinTech has become a key strategy for boosting national competitiveness. He directed the FSC to be flexible when interpreting and harmonizing domestic laws and to quickly align regulations and administrative orders with international standards. The FSC can also help FinTech businesses grow faster by training FSC staff to discard conventional thinking, apply practical experience and understand third-party payment operations, the premier added.
The FSC said it drafted the Fintech white paper as a national blueprint for promoting innovative financial technology services. The white paper’s vision for 2020 is to make full use of information and communications technology, build smart financial institutions, create innovative and convenient digital services, and strengthen risk management of virtual services.