Financial Supervisory Commission convened a Discussion Meeting for the Financial Suggestion White Paper
2019-11-20
Taiwan Financial Services Roundtable (TFSR) issued the Financial Suggestion White Paper on August 2019 proposing financial development suggestions to assist financial institutions to catch up with global trends and boost the sound development of the local market. The Financial Supervisory Commission (FSC) convened the discussion meeting with TFSR, financial associations and peripheral units on Nov. 7. The valuable suggestions in white paper were fully considered and the feasible ones will be taken by the FSC as essential reference for policy-making in the future.
Main points of the suggestions taken are as the following:
1. For suggestions on facilitating open API and collaboration with 3rd parties on Fintech innovation, the FSC has asked the Bankers Association of the ROC and the Financial Information Service Co. to set related regulations and information security standards for banks to follow. The first phase of Open Banking was launched in September, 2019.
2. For suggestions on motivating life-insurance companies to fund long-term care institutions, the FSC lowered the annually required return rate for insurance firms who invest in real estate prepared for long-term care on Aug. 23th, 2019.
3. For suggestions on enabling banks and insurance companies to invest in ETNs, the FSC has given the green light to commercial banks and insurance companies to invest in ETN since June 2019. Also, the FSC agrees leverage transaction merchants to offer customer Contracts for Difference (CFDs) whose underlying assets are crude oil and gold.
4. For suggestions on lifting ceiling of payment amount restriction of on-line insurance purchase through “e-Bill”, the FSC recommends using financial chip card for certification which not only meet consumers’ need for lump sum payments but also secure their trades. Also, financial consumers can scan QR codes printed on the insurance premium bill while paying by mobile cards or using mobile banking.
The FSC will actively implement feasible suggestions and coordinate relevant issues with related ministries if necessary. The following suggestions needed further research or specific contents and will be carried out in due course：
1. Enabling professional investors to invest in foreign unrated bonds.
2. Permitting Offshore Securities Units (OSUs) to conduct lending business that has no restrictions on fund usage.
3. Allowing securities firms to be entrusted to manage private equity funds and introduce investment institutions to participate in investment.
4. Including bill finance companies in the scope of other financial institutions referred in the Offshore Banking Act.
5. Enabling FINI/FIDI with certain qualifications to use foreign securities or foreign currencies as collaterals to borrow fund, from securities firms.
6. Allowing securities firms to channel customers'' funds to securities firm''s settlement accounts to purchase high liquid and stable financial products and allowing credible 3-party institutions to establish a back-end system and manage the accountants.
Main points of the suggestions taken are as the following:
1. For suggestions on facilitating open API and collaboration with 3rd parties on Fintech innovation, the FSC has asked the Bankers Association of the ROC and the Financial Information Service Co. to set related regulations and information security standards for banks to follow. The first phase of Open Banking was launched in September, 2019.
2. For suggestions on motivating life-insurance companies to fund long-term care institutions, the FSC lowered the annually required return rate for insurance firms who invest in real estate prepared for long-term care on Aug. 23th, 2019.
3. For suggestions on enabling banks and insurance companies to invest in ETNs, the FSC has given the green light to commercial banks and insurance companies to invest in ETN since June 2019. Also, the FSC agrees leverage transaction merchants to offer customer Contracts for Difference (CFDs) whose underlying assets are crude oil and gold.
4. For suggestions on lifting ceiling of payment amount restriction of on-line insurance purchase through “e-Bill”, the FSC recommends using financial chip card for certification which not only meet consumers’ need for lump sum payments but also secure their trades. Also, financial consumers can scan QR codes printed on the insurance premium bill while paying by mobile cards or using mobile banking.
The FSC will actively implement feasible suggestions and coordinate relevant issues with related ministries if necessary. The following suggestions needed further research or specific contents and will be carried out in due course：
1. Enabling professional investors to invest in foreign unrated bonds.
2. Permitting Offshore Securities Units (OSUs) to conduct lending business that has no restrictions on fund usage.
3. Allowing securities firms to be entrusted to manage private equity funds and introduce investment institutions to participate in investment.
4. Including bill finance companies in the scope of other financial institutions referred in the Offshore Banking Act.
5. Enabling FINI/FIDI with certain qualifications to use foreign securities or foreign currencies as collaterals to borrow fund, from securities firms.
6. Allowing securities firms to channel customers'' funds to securities firm''s settlement accounts to purchase high liquid and stable financial products and allowing credible 3-party institutions to establish a back-end system and manage the accountants.
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Update：
2019-11-20