Financial Supervisory Commission Chairman Peng Jinlong yesterday (7/16) announced a series of five strategies to accelerate the development of financial technology, aiming to promote financial innovation and digital transformation and bring new opportunities to Taiwan’s financial market. These strategies include expanding fault tolerance space, encouraging the establishment of financial technology alliances, allowing the financial industry to enter the field of virtual assets, restarting pure online insurance applications, and leading the development of financial technology. Peng Jinlong said that these measures will effectively promote the further development of Taiwan’s financial technology.
A more substantial sandbox: expanding fault tolerance and innovation
The first strategy of the Financial Supervisory Commission is to expand fault tolerance and encourage innovation. Peng Jinlong emphasized that the financial and technology industries will be able to conduct experiments more flexibly by relaxing the self-regulatory norms, administrative rules and regulatory orders of the Financial Association. He called this a "lightweight sandbox", which means that innovative trials can be carried out without challenging the law. Successful experiments will be directly applied to actual financial services. In addition, the Financial Supervisory Commission will also proactively contact international successful cases and invite international financial technology industry players to come to Taiwan for cooperation.
Encourage fintech alliances
The second strategy is to encourage the establishment of financial technology alliances and pool resources to jointly invest in new startups. Peng Jinlong said that financial industry players should break territorialism and promote the development of financial technology through collective investment and cooperation. This group strategy can not only break the problem of silos, but also promote a win-win situation between the financial industry and the technology industry.
Promote virtual asset custody
The third strategy is to allow the financial industry to enter the field of virtual assets to help financial transformation. This includes promoting the tokenization of real world assets and opening up the financial industry to handle virtual asset custody services. Bank Director Zhuang Xiuyuan pointed out that there are two main ways to keep virtual assets:
One is to store the customer’s private key in a physical safe deposit box
The second is to use algorithms to store private keys.
This will significantly enhance the trust of virtual asset platforms and open up new business opportunities for the banking industry.
Restart pure online insurance application
The fourth strategy is to support the development of online digital finance, including restarting pure online insurance applications at the end of the year. Peng Jinlong said that he hopes to see pure online insurance companies with the creativity and vitality of "wolf huskies" to break through the existing framework and bring more innovation.
Added "Financial Market Development and Innovation Division"
Finally, the Financial Supervisory Authority will add a "Financial Market Development and Innovation Division" to support inclusive financial innovators, optimize financial digital identity verification, improve data sharing mechanisms, and continue to promote the financial technology development roadmap. These measures aim to support entrepreneurs in a multi-faceted manner and promote continued innovation and development of the financial market.
New chairman Peng Jinlong strongly promotes the development of financial technology
Peng Jinlong launched a series of bullish policies just three months after taking office, demonstrating his determination to promote the development of financial technology. These five strategies not only inject new momentum into Taiwan's financial market, but also provide broad space for financial players to explore new business opportunities.
This article Banks will be able to take custody of virtual assets! Taiwan Financial Supervisory Commission Chairman Peng Jinlong: Five strategies to promote financial technology first appeared on Lian News ABMedia.
