National Chengchi University
  • 2019 Jul 16
  • Creating a win-win in the financial ecosystem with an open API Chengchi University & Financial Information Service Co., Ltd. jointly establish an open API test platform

Group photo of guests prior to the event. (From left) Hsiao-Mei Chen, VP of the Financial Information Service Co., Ltd.; Chris Wang, VP of Cathay United Bank; Kuo-Liang Lin, Chairman of the Financial Information Service Co., Ltd.; E-Dawn Chen, the Director General of the Department of Banking of the Central Bank of the Republic of China (Taiwan); Chuang-Chang Chang, the Vice Chairman of the FSC; Lee-Ling Wang, COO of the Global Research & Industry Alliance; Chen Kung, Deputy Director of the FinTech Research Center, College of Commerce, National Chengchi University; Wu Dang-jie, Secretary General of the Taiwan Financial Services Roundtable; Cheng-Yun Tsang, Director of the Fintech Regulatory Innovation Laboratory; Chen-Jung Chen, CEO of Moneybook. (Source of photo: Operation Center of Industry/Academia Cooperation and Innovation Incubation)


Open banking is one of the key work items of the FSC in 2019. To help promote this important policy, the Global Research & Industry Alliance and the Financial Information Service Co., Ltd. jointly held the 2019 Open API Forward-Looking Policy and Innovative Applications Seminar on the morning of July 3. The event was kicked off by Chuang-Chang Chang, the Vice Chairman of the FSC. The event focused on the opportunities and challenges of Taiwan's financial industry promotion of the open APIs and invited experts and scholars to give lectures on the architecture, technology, and long-term planning of the open APIs. Also, roundtable forums were arranged to discuss in depth the application of open APIs, business opportunities, and how to build a financial ecosystem.
 
Lee-Ling Wang, COO of the Global Research & Industry Alliance, said that the spirit of open banking is to return the control of financial data to consumers to maximize the interests of customers, and through the cooperation of banks with third-party service providers (TSPs) and the use of open application programming interfaces (API) to share financial data will also enable consumers to obtain a variety of financial services. Thus, open banking can create new business models and make the financial services ecosystem more powerful. The benefits of promoting open banking include allowing banks to use open APIs to meet consumer needs more closely, improve customer experience, and increase customer stickiness for their financial services, allowing the financial industry to extend partnerships into what was previously out of reach. The implementation of the open API involves the diversity and compatibility of participating members outside of the financial industry. It is necessary to combine the concept verification of financial institutions and TSPs to plan the innovative applications. The Global Research & Industry Alliance has established the Open Banking Innovation Lab in May this year to study the implementation and operation method of the global open API. The Global Research & Industry Alliance also regularly holds open banking policy and regulations symposiums to discuss regulations relevant to domestic domestic open APIs, review the safety standards, and gather the requirements of banks and TSPs.
 
Lee-Ling Wang pointed out that the open banking policy of the FSC is an important milestone in accelerating the development of Taiwan's financial technology. To open up financial data, technology, security, and the protection of personal information must first be strengthened. Chengchi University and the Financial Information Service Co., Ltd. have jointly established an open API verification and innovation platform, providing TSPs with R&D and sandbox environments for APIs in Chengchi University’s Innovation Hub. It is hoped that with the secure sharing of financial data, the relationship between banks and financial technology companies will transform from competition to cooperation, forming a mutually beneficial financial ecosystem to enable the public to obtain higher quality financial services and promote the sustainable development of Taiwan's financial industry.




Chuang-Chang Chang, the Vice Chairman of the FSC, delivering a speech (Source of photo: Operation Center of Industry/Academia Cooperation and Innovation Incubation)



Lee-Ling Wang, COO of the Global Research & Industry Alliance, delivering a keynote speech (Source of photo: Operation Center of Industry/Academia Cooperation and Innovation Incubation)



Roundtable forum discussion hosted by Lee-Ling Wang, COO of the Global Research & Industry Alliance (first from left); guests (from left) Kuo-Liang Lin, Chairman of the Financial Information Service Co., Ltd.; Chris Wang, VP of Cathay United Bank; Chen-Jung Chen, CEO of Moneybook; Cheng-Yun Tsang, Director of the Fintech Regulatory Innovation Laboratory (Source of photo: Operation Center of Industry/Academia Cooperation and Innovation Incubation)
 
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