‘BETTER LATE THAN NEVER’: The passage makes Taiwan the first in the world to have such a law, a legislator said, while another said that the nation still trails behind others
Taipei Times
Date: Dec 30, 2017
By: Sean Lin / Staff reporter
Lawmakers yesterday passed the Act on Financial Technology Innovations and
Legislators yesterday vote on Article 6 of the Act on Financial Technology Innovations and Experiments at the legislature in Taipei. Photo: Chen Chih-chu, Taipei Times
Experiments (金融科技創新實驗條例) in a bid to upgrade the nation’s financial sector by granting technology firms more leeway when experimenting with innovative financial services.
The act was inspired by a sandbox proposed by the UK Financial Conduct Authority for field-testing financial services by tech firms.
Firms that have passed an assessment to use the sandbox would be allowed to bypass — in part or in full — certain regulations after gaining the approval of the Financial Supervisory Commission (FSC), the act stipulates.
The FSC is to consult responsible agencies when it wants a test financial service to be exempted from certain rules, with the exception of the Money Laundering Control Act (洗錢防制法) and the Act Against the Threats of Hacking (資恐防治法), which cannot be exempted, it says. [FULL STORY]
