The roadmap features a new fintech examination and licensing system, to be launched by 2022, and consent-based knowledge sharing as a part of an open banking push.
Taiwan’s FSC (Monetary Supervisory Fee) has revealed a brand new fintech improvement roadmap for the approaching three years.
The roadmap is geared toward selling inclusiveness, innovation, resilience, and sustainability within the fintech sector, the FSC stated.
Beneath the roadmap, subsidiaries of monetary holding firms will likely be allowed to share client knowledge with each other from subsequent 12 months offered they’ve buyer consent. It will assist them to evaluate the dangers of doing enterprise with new purchasers. The info shared between models of the identical group can be utilized for the aim of threat administration however not advertising and marketing.
Monetary holding firms may even give you the option construct greater databases and threat evaluation models for widespread use by subsidiaries, enhancing effectiveness and saving prices. Beneath present guidelines, particular person models should arrange their very own databases and models.
Beneath the roadmap, the FSC will think about broadening the scope of client knowledge sharing to non-affiliated monetary companies, together with start-up fintech companies in 2022 or non-financial firms in 2022 or 2023 – as a part of an open banking push.
The FSC can be contemplating permitting extra sorts of firms to open on-line company bank accounts by 2022. Presently, solely sole proprietorships and single-shareholder firms can open on-line company accounts. This may be expanded to embody firms with three shareholders or fewer.
A brand new fintech examination and licensing system may even be launched by 2022. In keeping with the FSC, purposes to conduct fintech enterprise will likely be prioritised for firms with extra licensed fintech employees.
The roadmap is printed right here.
Extra reporting from Taipei Occasions.