National Chengchi University
  • 2020 Feb 21
  • New Blue Ocean of the Digital Financial Services in Taiwan: Innovation & Challenges of Digital Certification, Online Banking & Open API

Chiou Chyou-huey, Director-General of the Ministry of Science and Technology delivered the opening remarks
 

With the upcoming launch of an Internet-only bank next year, the Open Banking policy proposed by the Financial Supervisory Commission (FSC) will enter its second stage. The goal of Inclusive Financing with consumers at its core will also make important progress thanks to efforts from all participating parties. Fruitful outcomes must rely on the joint efforts of the industry, the government and the academia. For this reason, the National Chengchi University (NCCU) Global Research and Industry Alliance (GLORIA), the NCCU FinTech Research Center and Global Views Monthly, a Taiwanese magazine, held the "New Blue Ocean of the Digital Financial Services in Taiwan: Innovation and Challenges of Digital Certification, Online Banking and Open API" forum on December 20th, 2019. Chiou Chyou-huey, Director-General of the Ministry of Science and Technology, Wang Li-hui, Deputy Director of the Insurance Bureau of the FSC and leading figures from academia and industry were invited to review the various progresses and outcomes obtained in the FinTech industry in Taiwan in 2019 as well as to discuss the prospective developments in digital financing in Taiwan.
       
The event was composed of a Digital Finance forward-looking forum, an Open Finance forward-looking forum, and a seminar on the application of digital identity authentication for improving information security. For the Digital Finance Innovation Trends Round-table forum, Taishin Holdings, Cathay Financial Holdings and LINE Bank were invited to share their views on the outcomes of their efforts put into financial developments in 2019 and future focuses in development and responses. In the second forum, the open finance forward-looking forum, Wang Lee-ling, Director of the NCCU FinTech Research Center was invited to share the macroscopic perspective brought about by innovation trends and effects of open finance in Taiwan. Director Wang then emphasized the importance of open API since every industry will depend on open API, through the connection and integration of data, to build a mutually beneficial open finance ecosystem. Director Wang also emphasized that account integration is the most urgent need in the market. It is only when account information is integrated may the users make comprehensive decisions on purchasing financial services. The second forum invited CRIF China Credit Information Service, Ltd., China Development Financial, SinoPac Holdings and the NCCU x MIC Open Finance Innovation Lab as guests to discuss ways of creating benefits and innovative services using open API in Taiwan. The four guest speakers all agreed that deregulation needs to be expedited so that the industry has a reference to effectively promote innovative services on the market.
 
The third part of the event, the seminar, was led by Peng Jin-lung, CEO of the NCCU Regulatory sandbox and Regtech Office and Chen Kung, Deputy Director of the NCCU FinTech Research Center. The seminar focused on the application of digital identity authentication for improving information security. CEO Peng introduced the audience to examples of practical applications of mobile ID authentication and shared the research outcomes of a biometrics authentication framework, which would allow for convenient and safe online insurance. Deputy Director Chen shared the application of blockchains on identity authentication and case analysis as well as autonomous digital identity management through a consortium blockchain of multiple authentication centers, which brought the audience a different set of image for future digital identity application scenarios.
 
The event was filled to full capacity. The communication and sharing by the experts in the industry, government and academia sectors provided valuable suggestions and viewpoints to the financial service industry and facilitated the drafting of precise transformation and development strategies by the industry under current digital trends.



The digital finance innovation trends round-table forum. (From left to right) Yang Ma-li, Vice President and Editor-in-Chief of Global Views Monthly, guest speaker Steve Sun, Chief Information Officer of Taishin Holdings, David P. Sun, Senior Executive Vice President of Cathay Financial Holdings and Hsu Wen-ling, Responsible Person of the LINE Bank Preparation Division Project Management Office


The open finance forward-looking forum. (From left to right) Hostess Wang Lee-ling, Director of the NCCU FinTech Research Center, guest speaker Alice Kuo, President of the CRIF China Credit Information Service, Ltd., Brian Chou, Executive Vice President of China Development Financial, Hsieh Ming-hua, CEO of the NCCU x MIC Open Finance Innovation Lab and Sean Lee, Head of President Office of SinoPac Holdings


Wang Li-hui, Deputy Director of the Insurance Bureau of the FSC, gave a VIP speech


Peng Jin-lung, CEO of the NCCU Regulatory sandbox and Regtech Office, gave a keynote presentation


Chen Kung, Deputy Director of the NCCU FinTech Research Center, gave a keynote presentation




 

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