CODDLED SHEEP:The digitization of Taiwan’s financial services has been ignored for too long as they push for growth to keep up with global change, analysts said
Date: Nov 03, 2015
By: Ted Chen / Staff reporter
Members of the Financial Technology Consulting Committee yesterday clashed over an initiative aimed at accelerating development to ensure that the nation is prepared for changes as the global market increases the digitization of financial services.
The Financial Supervisory Commission in September formed a new office, along with a consulting committee made up of 15 to 20 experts drawn from the financial and technology sectors, to oversee the integration of resources for boosting development of financial technology (fintech), a crucial emerging industry that would enable the nation to maintain its competitiveness amid the “Bank 3.0” shift.
As of yesterday, NT$200 million (US$6.11 million) of a planned NT$1 billion fund earmarked for the endeavor had been collected from financial-sector companies, the commission said. [FULL STORY][