TDCC hosted a penal discussion with a focus on FinTech
2016/08/24
A panel discussion in “FinTech development and inspiring objectives of the Capital Market services” was taken place in the Sungreat International Convention Hall and Li-Chih Learning Center of National Taiwan University College of Management on August 22, 2016, TDCC invited all participants to talk about how new technologies and innovative concepts can be better implemented, what the obstacles ahead, how creativities and personnel should be further cultivated, and how the future market segments can be broadened.
The honorable panelists included Mr. Yang Ren-Dah, Chairman of Taiwan Innovative DigiTech-Enabled Applications & Services Institute (IDEAS), Mr. Ho Ming-Hong, Chairman of Yuanta Securities, Professor Hu Shing-Yang, Associate Dean, National Taiwan University College of Management. Sherman Lin, Chairman and CEO of TDCC, emphasized the unprecedented challenges and perspectives this new trend of FinTech has brought upon us in his address. “All the existing management models, concept developments, market differentiation strategies will be put to test.” Chairman Lin continued, “In order to face these issues head on, we must make the best of Big Data, take full advantages of cross platform co-operations, and encourage unprohibited innovative approaches, so that some executable measures can be advised.” Lin also introduced all the latest FinTech services that were made available to the market by TDCC, such as the Automatic Smart Fund Platform of FundRich Securities, The Securities PassBook of TDCC featuring the new digitized mobile finance data portal, the Anti-money laundering black lists incorporating the cloud computing, and the in depth informative collaborations in the possible applications of Big Data among all the interested parties presented; TDCC exhibited both in ambition and vision of being the leader in our FinTech development.
The FSC Taiwan has been aggressively building a digitized finance climate since 2014 in full spectrum of ways. Some pertinent policies include providing assistance needed for the financial service sector to induce all necessary fresh perspectives in expending the industry, aggrandizing the coverage of on-line financing services, popularizing the e-pay penetration, elevating the availabilities of e-pay channels, broadening Big Data analyses and applications, promoting establishment of FinTech centers within the entities, and instituting a FinTech authority.
Four primary approaches were unanimously recognized with priority in the discussion. They are Applications, Administrations, Resources and Infrastructures. For the applications, the FinTech integrations should be encouraged for all banks, securities, insurance and e-pay platforms. For the administrations, the advancements should be supported in terms of loosening the rigid regulations and tightening the risk managements. As for the resources, the allocation for a FinTech development funds is in demand to tend the needs for innovations and educations. Last but not least, more Blockchain infrastructure utilizations should be implemented as well as the identity verification algorithms.
All participants also agreed on the importance and the course of FinTech development. In addition, suggestions were made in various aspects such as Big Data implementations in Taiwanese Capital Market, digitization of the process, reinvention of the outdated infrastructures, and inspiration for innovations; so that a fully digitized finance climate can be steadily actualized in Taiwan.