The Asia FinTech Alliance (AFA) made its debut at the FinTechOn 2024 Annual Forum hosted by the Taiwan FinTech Association on November 4, where AFA members representing 14 Asian economies announced the signing of a Memorandum of Understanding (MOU) for anti-fraud cooperation, both remotely and on-site. (Background: The Taiwan FinTech Association's annual forum FinTechOn makes a strong return: focusing on virtual asset regulation and anti-fraud) (Supplementary background: FinTechOn2024 highlights) Peng Jinlong: Anti-fraud mechanisms must be integrated into all banks and VASP operational layers! This article is a press release written and provided by TFTA. A survey published by the Global Anti-Scam Alliance (GASA) found that more than 40% of people in Asia encounter scams every month, with Hong Kong and Thailand reaching as high as 90%. The most common types of scams are 'personal information theft,' 'investment fraud,' and 'shopping fraud,' with financial losses from scams in 2024 estimated to reach as high as $688 billion. Criminal groups' scamming techniques are constantly evolving, utilizing the latest technologies such as AI and blockchain, while illicit financial flows continue to cross borders. Only by forming effective cross-border cooperation can unlawful funds be effectively blocked, and scams accurately targeted. Given that rampant fraud is a common challenge for all countries, the members of the Asia FinTech Alliance (AFA), comprising 14 Asian economies, signed a Memorandum of Understanding (MOU) for anti-fraud cooperation. The Asia FinTech Alliance (AFA) made its debut at the FinTechOn 2024 Annual Forum on November 4, where, recognizing that rampant fraud is a common challenge for all countries, AFA members representing 14 Asian economies signed a Memorandum of Understanding (MOU) for anti-fraud cooperation, agreeing to form a working group to enhance public awareness of financial and investment-related fraud, jointly develop and implement best practices for anti-fraud, and establish a consistent anti-fraud mechanism across nations to more effectively address related cases of cross-border organized fraud. Financial Supervisory Commission Chairman Peng Jinlong stated: "Regulation of virtual assets and anti-fraud efforts require not only public-private cooperation but also international collaboration. Events like AFA and FinTechOn, which are international annual forums, help promote exchanges and cooperation among countries to collectively tackle the new challenges brought by financial technology." The Ministry of Justice also expressed high recognition of this event, with Deputy Minister Huang Shijie emphasizing in his speech: "The Taiwan government has completed the amendments to the 'Four Anti-Fraud Laws' and the 'Anti-Money Laundering Act,' symbolizing the strengthening of Taiwan's regulations. To enable the public to trust the virtual currency industry and to enhance confidence in the industry, it is necessary to work together to establish a healthy communication platform between the government and industry players." AFA was established just one year ago, with Taiwan FinTech Association Honorary Chairman Tsai Yuling serving as the first chairperson. Members include: Taiwan FinTech Association, Korea FinTech Industry Association, Elevandi Japan, Fintech Alliance.Ph from the Philippines, FinTech Association of Malaysia, Thai FinTech Association, FinTech Association of Hong Kong, Singapore FinTech Association, Fintech Indonesia, Mongolian Fintech Association, Cambodia Association of Finance and Technology, FinTech Alliance Nepal, Vietnam Fintech Club, and Fintech Convergence Council from India. The Asia FinTech Alliance (AFA), composed of 14 economies, attended the FinTechOn annual forum for the first time, with representatives from Korea, Malaysia, Hong Kong, Cambodia, and Taiwan discussing the current state of fraud in Asia and anti-fraud methods both online and offline. Taiwan High Prosecutor's Office Chief Prosecutor Zhang Douhui stated: "International cooperation, tracing and cutting off sources, and technological law enforcement are currently the targeted directions for fraud punishment. Cross-border fraud cases, with their servers located abroad, are difficult to investigate, thus relying more on international cooperation, including judicial assistance between countries, contacts with foreign prosecution agencies and police, and collaboration with the private sector, such as cooperation with foreign exchanges providing virtual asset trading services." Zhang Douhui also mentioned in his speech at FinTechOn 2024: "International cooperation, tracing and cutting off sources, and technological law enforcement are currently the targeted directions for fraud punishment." "Regulation" and "anti-fraud" are the two major themes of this year's FinTechOn Annual Forum, which serves as Taiwan's most representative platform for discussions on financial technology policies. AFA's participation symbolizes Taiwan's important leadership role in promoting coordinated consistency in Asian financial technology policies. About the Taiwan FinTech Association (TFTA) The Taiwan FinTech Association (TFTA) is a non-profit organization aimed at promoting the development and innovation of fintech in Taiwan. Established in 2017, it has since become one of the leaders in Taiwan's fintech industry. TFTA advocates for regulatory policies and measures that support domestic and international fintech innovation. TFTA maintains close ties with government agencies, industry stakeholders, and international organizations. TFTA serves as an important platform for connection, cooperation, and development within Taiwan's fintech community. TFTA is an official member of the Asia FinTech Alliance (AFA), an alliance composed of fintech associations from various Asian countries and regions. The strategic partnership between TFTA and AFA enables Taiwan to actively engage in the broader Asian fintech community, aligning with regional trends and expanding Taiwan's influence in the global fintech landscape. Related Reports "Fintech associations from 14 Asian countries sign MOU for anti-fraud cross-border cooperation; the Financial Supervisory Commission and the Ministry of Justice welcome the outcome" was first published on BlockTempo (the most influential blockchain news media).