Allowing the private sector to operate equity-type crowdfunding is a very important measure to stimulate innovation and startups, providing innovative micro-businesses with more diverse channels to raise capital, Premier Mao Chi-kuo said today.
Such a measure is conducive to promoting the development of domestic science and technology, innovation, agricultural technology, and cultural and creative businesses. Those with creative ideas can raise capital via a more convenient platform online, helping youths fulfill dreams of starting their own businesses.
The premier made these remarks after a Financial Supervisory Commission (FSC) briefing on its program for opening equity-type crowdfunding businesses. The premier instructed the agency to complete and launch this program as scheduled.
Many innovative economies are developed via online platforms, the premier pointed out, and future industry trends place emphasis on innovation. In light of the new economic model of innovative businesses married to the online economy, the premier hopes that with the efforts of relevant government agencies Taiwan can become a capital hub for online enterprises and more of these companies can be publicly listed in Taiwan. In so doing, the nation will have a new foundation for its next phase of economic and social transformations.
The premier further pointed out that electronic commerce has brought demand for third-party payment services. Hence, the Executive Yuan has approved and the Legislature has passed the electronic payment processing institutions act to effect the sound management and development of such institutions. This law and relevant ancillary regulations will go into effect May 3, 2015. The premier instructed the FSC to ensure that relevant measures are implemented as scheduled.
The premier has asked the FSC to incorporate "innovative finance"—encompassing such items as the opening and application of big data, online transactions, third-party payment, crowdfunding, and securities and futures clouds—into the new Taiwan policy whitepaper on smart Internet that the Executive Yuan is presently drafting.
In addition, as crowdfunding and third-party payment will be formally implemented online at the end of this month and in early May, respectively, the premier has tasked the FSC to conduct rolling reviews three months after relevant laws and regulations are promulgated in order to understand their implementation results and conduct timely adjustments.