Financial firms call for rule changesBy Kao Shih-ching / Staff reporterLocal financial firms yesterday called on the Financial Supervisory Commission to deregulate rules on consumer identity authentication, know-your-customer (KYC) data sharing and financial technology sandbox trials, saying that it would help boost their business development in Taiwan. Financial Supervisory Commission officials, led by Chairman Thomas Huang, and representatives from 39 financial firms hold a meeting in New Taipei City yesterday. “The commission should let companies decide which method to use to ward off fraudsters. It is important for us to figure out how to share KYC data without breaching personal information protections,” Yuanta Financial chief digital development officer Kuo Mei-ling (郭美伶) said. Regarding sandbox experiments conducted together by financial firms and non-financial companies, financial firms must take full responsibility if there are accidents or fraud under the current regulations, which has prevented many firms from getting involved, CTBC Financial president Daniel Wu (吳一揆) said.

Source: Taipei Times June 29, 2020 15:56 UTC