A Breakthrough for Open Finance: NCCU Offers Innovative Solutions to Financial Businesses
Events A Breakthrough for Open Finance: NCCU Offers Innovative Solutions to Financial Businesses

On September 29, the National Chengchi University Global Research and Industry Alliance (NCCU GLORIA), FinTech Research Center, and Business Weekly co-organized the "Conference on FinTech Policy Development and Product Service Innovation in Taiwan." The conference focused on three major topics, open banking, development of a new financial ecosystem via data sharing, and product innovation and transformation in the insurance industry. Delegates from the industry, government, academia and research sectors were invited to conduct exchanges and discuss on these topics. Over 400 FinTech professionals attended to the event, filling the venue to capacity.

 

Opening remarks for the event were given by distinguished guests including Chao Yi, Vice President of NCCU; Director-General Chiou Chyou-Huey from the Ministry of Science and Technology; Wu Tang-Chieh, Secretary-General of the Taiwan Financial Services Roundtable; and Zhu Ji-Zhong, Managing Director of Business Weekly Group. The opening lecture, titled "A Blueprint for the Innovative Development of Financial Technologies in Taiwan", was presented by Lin Zhi-Xian, Executive Secretary of the Financial Technology Development and Innovation Center, Financial Supervisory Commission. In addition, NCCU also invited leading companies in FinTech development, including Cathay Financial Holdings, Taishin Bank, Google, Taiwan Depository and Clearing Corporation, Cathay Life, BNP Paribas Cardif, Fubon Insurance, Systex Corporation, TCIC Global Certification, and Moneybook. These companies jointly discussed the development of the financial ecosystem and conducted in-depth analysis on market trends and industry needs, in hopes of collaboratively assisting the government in conducting timely reviews of relevant laws and regulations and promoting the innovation and growth of open finance. Wang Lee-Ling, Director of NCCU FinTech Research Center, pointed out that "open banking and data sharing will be keys to creating a new financial ecosystem. After overcoming two pain points, data can be concatenated to provide services, thereby creating higher commercial value and be applied in various scenarios. In doing so, financial services that better meet customer needs can be provided. By progressively realizing the visions of the financial ecosystem, inclusive finance will no longer be just a dream."

In addition, Director Wang Lee-Ling also suggested that "the insurance industry must innovate and transform itself in response to the aging Taiwanese society and climate change. It must offer more diverse and innovative insurance policies in order to create sustainable societal insurance to protect new values. Taiwan's life insurance industry should progress from interest-sensitive life insurance policies that provide short-term guarantees as an alternative to time deposits to long-term investments, retirement finance and health-promoting spillover policies, and create an ecosystem of health-promoting services. The property insurance industry should develop new types of insurance policies such as usage-based insurance (UBI), parametric insurance, climate and disaster-preventing insurance, agricultural insurance, green energy engineering insurance, and cyber insurance. More diverse and innovative services can also be provided for corporate insurance via IoT or the Internet."

Amidst the wave of financial technologies, Taiwan is currently facing population aging and a financial environment of low interest rates, while the industry is facing the diversification of customer demand. Industry transformation requires innovation from service providers, while promoting policies of open finance will facilitate a new model of "cross-industry alliances". The financial industry must collaborate more closely with technological service providers. Only by driving up the innovation of the financial industry through R&D and developing potential customer demands using big data analysis can the financial industry provide a wider range of financial value-added services. Such cross-industry alliances will encourage a new current of upgrades in industries such as banking, insurance, securities, and financial management. Since the promotion of the open banking policy, financial service providers and technological service providers have been facing challenges in technologies and policies.

NCCU GLORIA and FinTech Research Center have long been devoted to doing research on the FinTech industry, establishing a foundation for the innovative R&D of financial technologies as well as a platform for cross-industrial matchmaking and information exchange, and proposing effective solutions to the current difficulties facing the financial industry. NCCU GLORIA and FinTech Research Center hope that by doing so they can promote industrial upgrades, drive the innovation and transformation of Taiwanese industries, and facilitate economic growth. NCCU hopes to create a new financial ecosystem by promoting open finance and data sharing, thereby facilitating the continuous progress and sustainable development of Taiwan's financial industry.