Written by Richard Wee, Muhammad Anwar, Ng Chin Yang, Lim Zhi Ying, Ashleshaa
Introduction
Financial technology, or mainly known as Fintech has been a booming industry ever since the strike of Covid-19 when contactless transactions were the only means of dealing. It has become more convenient for every one of every age as everything is mostly one tap away. However, with how simple Fintech has become it can very easily get out of hand without proper supervision. Hence come into play the regulations governing financial technology. Different countries regulate on different playbooks.
This seven part series will highlight Fintech Regulations in several countries within Asia Pacific, namely:
Series: Taiwan
In Taiwan, except for the types of businesses exempted by the Financial Technology Development and Innovative Experimentation Act (‘the Sandbox Act’), the financial services industry which includes fintech businesses is regulated by the Banking Act, the Act Governing Electronic Payment Institutions, the Act Governing Issuance of Electronic Stored Value Cards, the Trust Enterprise Act, the Act Governing Bills Finance Business, the Securities and Exchange Act, the Futures Trading Act, the Securities Investment Trust and Consulting Act, the Insurance Act, etc., as applicable.
Published on 20 October 2023