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MODA, NDC, and FSC Jointly Host the “Fintech Industry Development Forum” to promote innovative applications in the Fintech industry

To assist the innovation and application development of Taiwan’s Fintech industry, the Minister of Digital Affairs (MODA), the National Development Council (NDC), and the Financial Supervisory Commission (FSC) co-hosted the "Fintech Industry Development Forum" at the National Chengchi University’s Center for Public and Business Administration Education on March 31, 2021. The forum started with a keynote speech titled "Fintech Supervision Development Trends" by Associate Professor Cheng-Yun Tsang from National Chengchi University Law School, followed by speeches from three government agencies on Fintech policies and developments. In addition, representatives of various Fintech associations were invited to the discussion panel that gave their opinion on the Fintech development issues such as “International Trends and Data Openness,” “Fintech and Financial Industry Collaboration,” and “New Fintech Innovation and Global Alignment.” This discussion panel builds a platform between government and industry to exchange opinions, leverage government resources, and improve the competence of the Fintech industry.

As known, Fintech is a pioneer in the services innovation of the international digital industry and an essential part of the digital economy. However, due to the multiple aspects of the Fintech industry, such as financial regulation and technological innovation, three Taiwanese government agencies collaborate for the Fintech industry development. In the first speech, FSC Director Brenda Hu shared the last three years’ execution overview and status of the “Fintech Development Roadmap.” “Fintech Development Roadmap” covers eight aspects of the Fintech Industry: (1). data sharing, (2).regulatory adaptation, (3).capacity building, (4).digital infrastructure, (5). innovation park, (6). RegTech, (7). international linkage, and (8). single contact window platform, to establish Fintech industry mechanisms, guidelines, governance, and issues resolution.

In the second speech titled "Taiwan's Startup Development and Policies,” NDC Director Zhan outlined the strategies and policies for related startup industries at the national level, including the development of digital economy and Fintech startups, government support for startup development strategies, startup highlights case sharing, and provision of funding resources for startups. The NDC also noted that the Fintech field has the highest number of unicorns being created globally and helps to inspire domestic Fintech startups to unleash their potential and start the next wave of growth momentum.

MODA’s Administration for Digital Industries (ADI) Director Leu explained how ADI acts as the role of digital technology empowerment in assisting digital industry development in the "Digital Industry and Technology Empowering Financial Application Promotion Strategies" speech. Director Leu explained ADI provides grant and subsidies programs to encourage Fintech companies to invest in emerging technology development and develop innovative digital financial services. Regarding agency collaboration, MODA built a communication platform that regularly discusses various digital financial issues, including Fintech development issues, with FSC closely right after MODA was established in August 2022.

To promote the innovative energy of Taiwan's Fintech industry, the forum invited representatives from three Fintech associations to participate in a discussion panel that covers the issues such as “International Trends and Data Openness,” “Fintech and Financial Industry Collaboration,” and “New Fintech Innovation and Global Alignment” with the government agencies. Through the discussion, participants aimed to understand the responsibilities, roles, strategies, and practices of government policy concerning the Fintech industry development and reach a consensus for the future development direction.

With the joint efforts of the ministries, Taiwan has great potential to become a vital Fintech hub. In the future, MODA, NDC, and FSC will continue to cooperate with Fintech associations and industries to promote the development of the Fintech industry jointly. It is hoped that Fintech companies can use digital technology to improve and develop more innovative digital financial applications, aligning with the international markets, to enhance Taiwan's Fintech industry's competitiveness.

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