The roadmap includes a new fintech examination and licensing system, to be launched by 2022, and consent-based information sharing as part of an open banking push.
Taiwan’s FSC (Financial Supervisory Charge) has revealed a model new fintech enchancment roadmap for the approaching three years.
The roadmap is geared towards promoting inclusiveness, innovation, resilience, and sustainability throughout the fintech sector, the FSC said.
Beneath the roadmap, subsidiaries of financial holding companies will probably be allowed to share shopper information with one another from subsequent 12 months supplied they’ve purchaser consent. It’s going to help them to judge the hazards of doing enterprise with new purchasers. The data shared between models of the an identical group could be utilized for the purpose of risk administration nevertheless not promoting and advertising and marketing.
Financial holding companies may even provide the choice assemble better databases and risk analysis models for widespread use by subsidiaries, enhancing effectiveness and saving costs. Beneath current tips, specific individual models ought to prepare their very personal databases and models.
Beneath the roadmap, the FSC will take into consideration broadening the scope of shopper information sharing to non-affiliated financial corporations, along with start-up fintech corporations in 2022 or non-financial companies in 2022 or 2023 – as part of an open banking push.
The FSC could be considering allowing further kinds of companies to open on-line firm bank accounts by 2022. Presently, solely sole proprietorships and single-shareholder companies can open on-line firm accounts. This may be expanded to embody companies with three shareholders or fewer.
A model new fintech examination and licensing system may even be launched by 2022. In line with the FSC, functions to conduct fintech enterprise will probably be prioritised for companies with further licensed fintech workers.
The roadmap is printed proper right here.
Further reporting from Taipei Events.