At the Cabinet meeting held today, Premier Mao Chi-kuo pledged government efforts to promote financial innovation conducive to the development of Taiwan's financial sector.
After hearing the Financial Supervisory Commission's (FSC) report on a plan to create a digitized financial environment, the premier requested the FSC to remain attentive to the progress of the project, reviewing and amending relevant measures in a timely manner to facilitate the sector's development.
"The rise of Internet and the advent of the mobile communications era have led to business model innovation. Financial services thus need to stay on top of scientific and technological developments to grasp business opportunities," said Premier Mao.
According to the FSC, the plan targets innovation of online financial services, analysis and application of financial big data, as well as popularization of mobile payment and third-party payment. The purpose is to keep abreast of the development of digitization so as to enhance the financial sector's competitiveness.
Measures that have been implemented include amending relevant laws and regulations, opening up online loan applications and insurance purchases as well as mobile payments, allowing establishment of electronic payment institutions, and greenlighting the launch of equity crowdfunding platforms.
The FSC will also consider relaxing restrictions on financial institutions' re-investment in FinTech (financial technology) industries and allowing operations of pure e-banks, and continue promoting big data and financial open data. By the end of August 2015, regulations are to be enacted to allow the 100-percent re-investment of banking, securities and insurance institutions in FinTech industries closely related with the financial sector's core businesses.