The roadmap features a new fintech examination and licensing system, to be launched by 2022, and consent-based info sharing as a part of an open banking push.
Taiwan’s FSC (Monetary Supervisory Cost) has revealed a model new fintech enchancment roadmap for the approaching three years.
The roadmap is geared in direction of selling inclusiveness, innovation, resilience, and sustainability all through the fintech sector, the FSC mentioned.
Beneath the roadmap, subsidiaries of monetary holding firms will most likely be allowed to share shopper info with each other from subsequent 12 months provided they’ve purchaser consent. It’s going to assist them to evaluate the hazards of doing enterprise with new purchasers. The information shared between models of the an an identical group might be utilized for the aim of danger administration nonetheless not selling and promoting and advertising and marketing.
Monetary holding firms may even present the selection assemble higher databases and danger evaluation models for widespread use by subsidiaries, enhancing effectiveness and saving prices. Beneath present suggestions, particular particular person models ought to organize their very private databases and models.
Beneath the roadmap, the FSC will take into accounts broadening the scope of customer info sharing to non-affiliated monetary firms, together with start-up fintech firms in 2022 or non-financial firms in 2022 or 2023 – as a part of an open banking push.
The FSC might be contemplating permitting additional sorts of firms to open on-line agency bank accounts by 2022. Presently, solely sole proprietorships and single-shareholder firms can open on-line agency accounts. This may be expanded to embody firms with three shareholders or fewer.
A model new fintech examination and licensing system may even be launched by 2022. In keeping with the FSC, features to conduct fintech enterprise will most likely be prioritised for firms with additional licensed fintech employees.
The roadmap is printed correct proper right here.
Additional reporting from Taipei Occasions.