DEVELOPMENT GOALS:
The three-year plan consists of permitting information sharing to facilitate threat assessments and implementing a licensing examination to develop fintech expertise
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By Kao Shih-ching / Workers reporter
The Monetary Supervisory Fee (FSC) on Thursday unveiled its fintech growth roadmap for the approaching three years, stress-free its rules on client information sharing and company account opening whereas introducing a brand new fintech license.
From subsequent yr, monetary holding corporations’ subsidiaries can be allowed to share client information with each other if they’ve obtained their prospects’ consent, Division of Planning Deputy Director Brenda Hu (胡則華) advised a information convention in New Taipei Metropolis.
This is able to assist corporations in assessing dangers in doing enterprise with new purchasers, Hu added.
Photograph: Kao Shih-ching, Taipei Instances
It might additionally allow monetary holding corporations to construct greater databases and threat evaluation models for frequent use by its subsidiaries, which might be more practical and cost-saving than having particular person models arrange their very own databases and models, Hu added.
For instance, Cathay Monetary Holding Co (國泰金控) might arrange a client database for its models, reminiscent of Cathay Life Insurance coverage Co (國泰人壽) and Cathay United Bank (國泰世華銀行), so the subsidiaries might know their prospects higher, the fee mentioned.
“However, companies should share consumer data to a reasonable degree and the FSC would implement a new mechanism to ensure that they only share data for the purpose of risk management and not marketing,” Hu mentioned.
Whereas client information sharing marks a milestone within the nation’s transfer into open banking, the fee would leverage the UK’s Monetary Conduct Authority expertise in selling such a observe to keep away from unhealthy outcomes, reminiscent of improper use of client information or buyer discrimination, the fee mentioned.
The FSC would take into account broadening the scope of client information sharing to non-affiliated monetary corporations, reminiscent of start-up fintech corporations in 2022 or to non-financial corporations, reminiscent of telecoms and digital commerce corporations, in 2022 or 2023, it mentioned.
In the meantime, as extra companies are establishing a presence on-line amid the COVID-19 outbreak, the fee is contemplating permitting extra sorts of corporations to open on-line company bank accounts by 2022.
At the moment the fee solely permits sole proprietorships or single-shareholder corporations to open on-line company accounts to stop potential disputes.
The fee is contemplating increasing the measure to incorporate corporations with three shareholders or fewer, Banking Bureau Deputy Director-Common Lin Chih-chi (林志吉) mentioned.
Whereas the usage of company seals may appear an uncommon customized in lots of overseas international locations, it’s nonetheless in style in Taiwan and a few Asian international locations, but when extra corporations are allowed to open on-line accounts, they may grow to be redundant, Lin mentioned.
The fee would research the problem additional and would chill out its rules on company on-line accounts by phases, Lin mentioned.
Given an absence of fintech expertise in Taiwan, the fee would introduce a brand new fintech license by 2022, rewarding corporations which have extra licensed fintech employees by prioritizing their purposes to conduct fintech companies, Hu mentioned.
“Some talent in the technology field are interested in changing careers and transferring to the financial industry, but they do not know how to do that. If they pass the exam and obtain a license, it could be their ticket” to the finance trade, Hu mentioned.
What subjects ought to be included within the fintech license examination has not been finalized, she added.
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