FSC introduces fintech roadmapDEVELOPMENT GOALS: The three-year plan includes allowing data sharing to facilitate risk assessments and implementing a licensing exam to develop fintech talentBy Kao Shih-ching / Staff reporterThe Financial Supervisory Commission (FSC) on Thursday unveiled its fintech development roadmap for the coming three years, relaxing its regulations on consumer data sharing and corporate account opening while introducing a new fintech license. The FSC would consider broadening the scope of consumer data sharing to non-affiliated financial firms, such as start-up fintech companies in 2022 or to non-financial companies, such as telecoms and electronic commerce firms, in 2022 or 2023, it said. Currently the commission only allows sole proprietorships or single-shareholder companies to open online corporate accounts to prevent potential disputes. The commission would study the issue further and would relax its regulations on corporate online accounts by phases, Lin said. Given a lack of fintech talent in Taiwan, the commission would introduce a new fintech license by 2022, rewarding companies that have more licensed fintech staff by prioritizing their applications to conduct fintech businesses, Hu said.

Source: Taipei Times August 28, 2020 15:56 UTC