National Chengchi University
  • 2021 Jan 05
  • NCCU Holds Symposium on the Prospects of Financial Services in Taiwan: Assisting Taiwans Financial Industry in Digital TransformationUpgrading

Considering the impact of the pandemic on 2020, Taiwan's financial and technology industries have expedited digital transformation so that they can provide innovative products and services to customers. In view of the circumstances, the NCCU Global Research Industry Alliance (NCCU GLORIA), NCCU FinTech Research Center, Financial Information Service Co., Ltd., and Global Views Monthly magazine jointly organized the Symposium on the Prospects of Financial Services in Taiwan: Digital Finance, Open Banking, and FinTech. Experience on these topics was shared to assist the financial industry in Taiwan as it undergoes digital transformation and upgrades.
 
Three main topics of the seminar includes: "Forum on the Prospects for Digital Finance," "Exchange on Innovation and Practices of Open Banking in Taiwan," and "Announcement of Results from the NCCU FinTech Laboratory." The symposium began as, Ms. Lin Rang-jun, deputy editor-in-chief of Global Views Monthly magazine, announced the winner of the "Global Views Monthly 2020 Best Bank in Digital Financial Services," She then analyzed Taiwan's digital financial services and consumer usage situations, and invited award-winning leaders of the financial industry to participate in the "Forum on the Prospects for Digital Finance." Participants included Taipei Fubon Bank Senior Vice President, Brian Chou, Next Bank General Manager, Liu I-cheng, Chief Technology Officer at CTBC Financial Holding, Titan Chia, and Executive Vice President of the Digital Banking Division at Bank SinoPac, Yan Guo-rui, who all shared digital transformation trends as well as challenges and outlooks in these trying times.
 
“Exchange Innovation and Practices of Open Banking in Taiwan” followed the conclusion of the forum. NCCU and Financial Information Service Co., Ltd. have been active in promoting the "Open API Ecosystem" since 2019. They established Open API business categories, specifications, and schedules, made clear the needs of banks and third-parties as well as the overall market operation, and assisted in the application and trial operation of technology and financial industries' joint participation in open banking. At present, open banking has entered its second stage. The benefits of Taiwan's open API infrastructure and innovative services were described, and three applicant companies for the second-stage open banking trial were invited to share their positioning and development.
 
Wang Lee-ling, Director of NCCU GLORIA mentioned that: "Second-stage open banking is a critical period for establishing a solid open banking system in Taiwan. Open banking must quickly establish technical standards, information security and risk control, technical verification, legal compliance, auditing and examination, dispute mediation, responsibility attribution, and cyber-insurance. Only then can it keep its momentum moving forward. In addition, the Financial Supervisory Commission (FSC)'s open banking policy can help accelerate Taiwan’s digital financial transformation and achieve financial inclusion."
 
In the final session, the NCCU GLORIA FinTech Pilot Laboratory announced their research results and the highlights of future digital services. This includes block chain, Artificial Intelligence, InsurTech, digital finance, RegTech, IoT bots, and innovative FinTech application scenarios. Director Wang emphasizes: "NCCU gives its full support for the digital transformation of industries. It endeavors to construct a healthy FinTech ecosystem in terms of government policy, demand, talent, and funding. At the same time, NCCU assists in the establishment of international FinTech in Taiwan and promotes the sustainable development of the domestic financial industry and the creation of high-quality financial services. NCCU is determined to show the world what Taiwan has got for FinTech.’

Group photo of the NCCU FinTech Pilot Laboratory: (from left) NCCU GLORIA CEO, Wang Shi-fang, deputy CEO, Chien Shih-yi, CEO, Peng Jin-lung, CEO, Chen Kung, NCCU FinTech Research Center Director, Wang Lee-ling, CEO, Hsieh Ming-hua, deputy CEO, Lee Yi-hsi, and CEO, Tsang Cheng-yun


Group photo of experts sharing open banking innovation and practices in Taiwan: (from left) Far EasTone Telecommunications Vice President, Deng Ai-ying, Financial Information Service CO., Ltd. Vice President, Chen Xiao-mei, NCCU FinTech Research Center Director, Wang Lee-ling, Taiwan Depository & Clearing Corporation manager, Xu Chuan-chang, and Moneybook CEO, Aaron Chen


▲The Forum on the Prospects for Digital Finance in progress: (from left) Deputy Editor-in-chief of Global Views Monthly magazine Lin Rang-jun, Taipei Fubon Bank Senior Vice President, Brian Chou, Chief Technology Officer at CTBC Financial Holding, Titan Chia, Executive Vice President of the Digital Banking Division at Bank SinoPac, Yan Guo-rui, and Next Bank General Manager, Liu I-cheng

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