National Chengchi University1.0
In order to help Taiwan develop an open banking ecosystem, National Chengchi University Global Research and Industry Alliance and FinTech Research Center (FTRC) invited Financial Information Service Co. Ltd. (FISC) on May 26th to co-host a presentation on the measures and testing details for second-stage open banking. This presentation focused on how to conduct technical compliance testing between third-party service providers (TSP) and banks so that businesses interested in open banking have a full understanding of cooperation methods at this stage. Many practical examples and cooperation settings between TSP and banks were also presented. Through establishing technical testing standards and providing innovative cooperation settings for TSP and banks, NCCU hopes to enhance the synergy between them, and accelerate reaping of benefits in the second-stage open banking ecosystem.
The launch of second-stage open banking will speed up innovation in digital financing. Through bridging financial information and the participation of TSP, information will be analyzed and utilized in a more efficient way. Moreover, consumers will get better financial services, and therefore enjoy a high quality consumer experience. In terms of cooperation between TSP and banks, FISC and NCCU have jointly promoted the NCCU Global Research and Industry Alliance testing and verification platform to offer a cloud-based testing environment. NCCU offers guidance for several TSP and actively cooperates with banks in coordination with FISC, aiding businesses in developing innovative applications of open banking.
Currently, second-stage open banking in Taiwan is still in its promotional stage. NCCU Global Research and Industry Alliance will continue to help in building a sound legal environment by establishing a technical compliance standard, an application programming interface (API) co-verification testing standard, and an information security and risk control technical verification, and providing a certified cloud-based information security compliance environment, follow-up audit, examination on information security and legal compliance, dispute mediation and responsibility attribution, and introducing cyber-insurance. Experience of open banking in the UK tells us that once the ground for Open API infrastructure and information security standards is laid, this will quickly connect various TSPs, speed up bank digital transformation, and yield innovative business models. We hope that more banks and TSPs will join this effort in the future to supply Taiwan with more valuable and innovative services in open finance, and strengthen the domestic financial service ecosystem.

An image from the event during live streaming via YouTube. Enthusiastic discussion with participants (from left to right), specialist Shi Wei-qian and section head Hong Guo-jun from FISC; Wang Lee-ling, director of NCCU's FTRC; Steve Sun, Chief Information Officer of Taishin Holdings; and Chen Ming-Wen,assistant vice president of Kingway Media.
Group photo after the event