Executive Yuan passes bill on fintech innovation and experimentation

  • Date: 2017-05-04
  • Source: Department of Information Services, Executive Yuan

The Executive Yuan today approved a bill that would allow businesses in Taiwan to experiment with innovative technologies for financial services. The bill was drafted by the Financial Supervisory Commission (FSC) and will be forwarded to the Legislature for review.

 

The FSC said the bill is designed to create a mechanism for financial technology (fintech) innovation and experimentation. To provide a safe space where businesses can develop and test fintech products and services, the bill exempts developers from applicable rules and liabilities during the experimentation period and within a specified scope. Measures will also be taken to protect consumers and minimize any potential disruption of the market order.


Premier Lin Chuan said fintech innovation is an inevitable trend of the future that will have a broad impact on industrial activities. If Taiwan falls behind the curve, the nation’s competitiveness and overall industrial development will suffer as a result.


The bill will establish an environment for innovative experimentation while creating the legal basis for other controls and regulations, the premier said. He asked the FSC to actively communicate with Legislative caucuses of all parties to have the bill passed as soon as possible.