Asia Express - Consumer Electronics
Taiwan's MODA and FSC Join Hands for Fintech
March 03, 2023

Taiwan's MODA (Ministry of Digital Affairs), a new ministry set up in 2022 for digital development in Taiwan, and FSC (Financial Supervisory Commission) recently announced at an inter-ministerial meeting convened on March 2 that they will cooperate in Fintech, the Economic Daily News reported on March 3. The meeting focused on two areas. The first is to expand the collection of personal data from MyData platform. MyData is a personalized digital services platform established by Taiwan's NDC (National Development Council) and now run by MODA that allows people to download and use their personal data. FSC said that banks have proposed the need to obtain personal data from the platform with owners' consent for data analysis. The second is to provide counseling and subsidy measures for Fintech startups. MOEA said that Taiwan currently has two national subsidy projects in place for Fintech startups: DigiStar and AI Pilot Project.

The investment of the Taiwanese banking industry and the financial holding industry in Fintech totaled NT$59.67 million (approx. US$2 million) in 2021, focusing mainly on digital banking and supervision/legal compliance technology, according to Taiwan's MIC (Market Intelligence & Consulting Institute). Established in 1987, MIC is a division of III (Institute for Information Industry), a major government think tank, and one of the leading IT research institutes in Taiwan.