At the Cabinet's weekly meeting Thursday, Premier Lai Ching-te pledged government efforts to work with businesses in promoting responsible innovation and financial controls for financial technology (fintech), which he said will create greater prosperity for the people of Taiwan.
In remarks following a briefing by the Financial Supervisory Commission (FSC) on fintech development efforts, the premier said the government should emphasize consumer protection as well as the stability of the financial sector when promoting financial technology. As the FSC pushes for greater fintech innovations, therefore, it should at the same time scale up the use of financial regulatory technologies.
Fintech has not only transformed business models around the world but also revolutionized the way financial services are provided. Nurturing the sector and encouraging innovation will be the keys to Taiwan's economic growth and a more competitive financial market, and are also the main directions laid out in the Executive Yuan's financial development action plan introduced in June, he said.
The premier also applauded the FSC for its efforts to construct a supportive environment for fintech innovation. In addition to promoting product development, personnel training and a development-friendly environment as central strategies for the transformation and upgrading of the financial sector, the commission has created a regulatory sandbox for fintech innovations, set up a fintech coworking space, and reinforced fintech cybersecurity measures.
The FSC indicated that the coworking space, FinTechSpace, is scheduled to open on September 18, with a themed design embodying the spirit of fintech innovation. The facility offers partners an innovation lab, digital sandbox, global connections, regulatory clinics, and an alliance of innovators, all with the goal of creating a comprehensive environment for financial technology, and cultivating new talent and startups well versed in the industry. A total of 64 teams have submitted applications to join, with 37 so far approved, including 22 international teams from such countries as Singapore, the U.S., Japan, and the Philippines.