ROOM TO EXPERIMENT:The changes allow for exemptions on regulatory rules and legal liabilities during tests in a bid to encourage the development of new services
Date: Feb 11, 2017
By: Ted Chen / Staff reporter
The Financial Supervisory Commission yesterday said it has finalized a draft bill for a “regulatory sandbox,” with additions aimed to address concerns voiced by several financial technology (fintech) developers.
The commission said the Executive Yuan is expected to send the draft bill to the legislature for review before the end of this month and that it hopes it will be passed into law before the end of this year.
The regulatory sandbox is to give financial institutions and technology firms room to experiment with new fintech ideas.
The experimentation with innovative technology is aimed at speeding up development of new services by allowing for exemptions on regulatory rules and legal liabilities during tests conducted within a limited scope to prevent widespread adverse effects to consumers. [FULL STORY]