National Chengchi University
    The summer session of the 10th Financial CIO Forum was co-organized by the National Chengchi University Global Research and Industry Alliance (NCCU GLORIA) and the CIO IT Manager Magazine. Information technology has innate advantages in FinTech and has facilitated the rapid development of FinTech in recent years. By inviting experienced practitioners and experts to conduct industrial and academic exchanges at the Financial CIO forum, it is hoped that the ideas for future development of FinTech in Taiwan can be inspired and studied.
    Lin Zhi-ji, Deputy Director of the Insurance Bureau of the Financial Supervisory Commission (FSC) delivered his remarks. He pointed out that, despite the tremendous impact brought by the COVID-19 pandemic in the last six months, it has been an opportunity for FinTech. Service providers have launched an increasing number of convenient FinTech services, and the public has become increasingly receptive towards these virtual services. He pointed out that, while continuing to provide oversight on relevant regulations, the FSC will also encourage service providers to offer novel financial services. The first seminar lecture of the event was given by Wang Lee-ling, director of the NCCU FinTech Research Center, who presented on the challenges and the new blue ocean brought by the innovations of open finance. In order to accelerate the industrial innovation of FinTech, NCCU GLORIA is committed to developing policies and platforms by drawing on successful international cases. Two years ago, NCCU started promoting open banking in collaboration with Financial Information Service Co. (FISC), guiding third-party service providers (TSP) in their collaborations with financial institutions. Although many cruxes of both banks and TSPs were found during the process, Director Wang believes that past examples and experiences in open banking in other countries can help accelerate the domestic progress.
    The second seminar lecture was presented by Peng Jin-lung, Executive Director of the NCCU InsurTech Application Lab, who analyzed the choice between a regulatory sandbox and trial operation. The development of FinTech is driven by market demand, and it requires active engagement from non-financial service providers to produce the maximum effect within the shortest period of time. On the other hand, innovation doesn’t come without risks, including potential dangers in technology outsourcing, information security-related operations, emerging systems, underlying risk for financial consumption by customers of inclusive finance; the collapse of traditional financial businesses, dysfunctions in technology supervision, and damaged reputation of supervision. Such risks must be avoided by regulatory sandboxes or trial operations. Executive Director Peng pointed out that, in addition to understanding the operating models of innovative technologies and seeking a balance between the risks and benefits of innovation, the focuses of FinTech supervision must also carefully adjust the existing framework of prudential supervision, behavioral supervision and actively collaborating with stakeholders. Lastly, as Executive Director Peng concludes, trial operation has the advantage of greater freedom and a better opportunity to truly promote FinTech.
    Chen Kung, Deputy Director of the NCCU FinTech Research Center was the next speaker. He opened his lecture by introducing the five characteristics of blockchains: 1. distributed shared ledger; 2. arbitrary changes to content are prevented; 3. transaction security; 4. tokenized value exchange; and 5. decentralized management. The slogan of blockchains used to be “information network.” Now it's the “Internet of value.” Deputy Director Chen went on to explain two industrial applications of the blockchain in Taiwan in detail. The first was electronic medical records (EMR); the other was confirmations in audits. Deputy Director Chen concluded on the common characteristics of financial confirmation and EMRs as follows: 1. transaction records are chained; 2. data certificates are chained; 3. data is stored and transmitted in a distributed manner. In general, blockchains are expected to be implemented, albeit in separate stages. Currently the focus is on blockchain-inspired applications, such as verifiable data exchanges. In the future, tokenization and decentralization will become more mainstream and complex topics and challenges of blockchains.
 
    In response to Initial Coin Offerings (ICO) and the development of crypto-assets, the European Securities and Markets Authority (ESMA) defined “crypto-assets” as private assets that utilize cryptography and distributed ledger technology (DLT) or other similar technologies to recognize their value. The fourth seminar lecture was presented by Li Zhen-hua, Senior Industrial Analyst of the Digital Transformation Institute (DTI) under the Institute for Information Industry (III), who further explained the three current methods of applying crypto-assets: 1. as currency; 2. as a certificate for services provided; and 3. as a certificate of stocks/bonds. Analyst Li mentioned that in recent years, the cryptocurrency economy has apparently taken off. Signs of this trend include the continuous growth in the scale of stable coins, the high-profile participation of social media software, many governments’ expressions of willingness to develop security token offerings (STO), and the Central Bank’s public discussions of the digitization of fiat money. However, people in various sectors are still skeptical of crypto-assets, and the development of its market is still in need of approval from regulations, the public, and traditional financial businesses. The cryptocurrency market is currently limited due to disorganized polices, high investment and entry barriers, and poor market liquidity, and must confront technical problems such as consensus and encryption algorithms. Nevertheless, Analyst Li still holds an optimistic outlook and believes that the cryptocurrency market will have better prospects in the future, such as their applicability in a variety of scenarios, the integration of blockchain technology, and cross-border circulation. It is hoped that the full regulatory compliance of the cryptocurrency market can be jointly promoted by the service providers and competent authorities.
    The finale of the forum was presented by Hsieh Ming-hua, Deputy Director of the NCCU Fintech Research Center. He started his speech off by asking in what ways do disruptive innovations reshape industries. He guided the attendees to reflect on the industrial transformations brought by technologies such as the Internet, smartphones, artificial intelligence, and blockchains, and went on to further explain why there is such a strong push for FinTech to develop digital transformation. According to PwC’s FinTech survey report for 2019, the boundaries between financial services, the telecommunications industry, the technology industry, and the media industry are fading. The question we all ask about FinTech has changed from whether FinTech will transform the financial industry to who can become an industry leader by suitably utilizing FinTech. Deputy Director Hsieh went on to point out that the core technologies of the digital transformation of finance, including artificial intelligence, machine learning, information science, blockchains, chatbots, and the basic framework of information technologies, are crucial to implementing FinTech.
    The event, which was filled to capacity, thus drew to a perfect close. During the free discussion section, questions for the speakers were raised and exchanges among companies were conducted continually. Through the Financial CIO Forum, the hottest FinTech topics were discussed, thus achieving the exchange of knowledge in the financial industry. In the future, NCCU GLORIA will continue to act as a platform for professional consultations and guidance for the financial industry in Taiwan, hoping that in doing so, it creates a mutually beneficial finance ecosystem.

▲Wang Lee-ling, Director of NCCU FinTech Research Center, speaking on the challenges and the new blue ocean in the innovation of open finance

▲Peng Jin-lung, Executive Director of NCCU InsurTech Application Lab, analyzing innovative FinTech

▲Lin Zhen-hui, General Editor of CIO IT Manager Magazine, giving a book as gift to Wang Lee-ling, Director of NCCU FinTech Research Center

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