First sandbox experiment approved

CREDIT SCORES: The 4,000 participants can apply for credit cards and personal loans online, while KGI is to create a microcredit strategy based on telecom bill payments

Taipei Times
Date: Sep 19, 2018
By: Kao Shih-ching  /  Staff reporter

The first experiment in the nation’s “regulatory sandbox” is to begin on Dec. 5, Financial Supervisory Commission Chairman Wellington Koo (顧立雄) said yesterday.

KGI Bank (凱基銀行) and Chunghwa Telecom Co (中華電信) are collaborating on the experiment, whose loan and credit lines are to be limited to NT$200 million (US$6.49 million), Koo said at the opening ceremony of FinTechSpace in Taipei.

The commission gave the green light to the experiment earlier yesterday, Koo said, adding that 4,000 people are to take part.

Through the experiment, KGI Bank is to gain access to new customers, including people without any bank accounts or records, Department of Planning Director-General Lin Chih-chi (林志吉) said.    [FULL  STORY]

Leave a Reply

Your email address will not be published. Required fields are marked *

I accept the Privacy Policy

This site uses Akismet to reduce spam. Learn how your comment data is processed.