FinTech development short of talent, law compliance: TWSE

A talent shortage and a lack of sense of law compliance have become two major obstacles to the local financial sector, at a time when the sector has been gearing up to develop financial technology (FinTech), according to a survey conducted by the Taiwan Stock Exchange (TWSE).

The survey results were released after the TWSE conducted the survey during a seminar focusing on FinTech development in the local capital market at the end of August.

The TWSE, which operates the local main board, said that representatives from securities firms and information technology developers, which attended the seminar and answered a questionnaire, voiced support for the exchange's efforts to push for FinTech development.

However, the TWSE said that the meeting attendees remained worried that FinTech development could be hampered by a lack of talent.

The survey also showed that the seminar participants raised concerns over violation of money laundering regulations resulting from poor law compliance. The respondents said that the local financial sector should take poor law compliance seriously.

The TWSE said that the survey respondents from the financial sector prefer to develop FinTech in a steady manner, while their counterparts in the information technology sector have a relatively more aggressive approach.

In the seminar, the TWSE said, guest speakers shared their views about how to fend off money laundering by eliminating inappropriate use of gaming software and bitcoins, which have accelerated illegal fund transfer activities in the global market to skirt supervision.

The TWSE said that the seminar also briefed attendees about local anti-money laundering regulations and previous money- laundering cases, in a bid to allow the local financial and information technology sectors to get a better sense of how to strengthen law compliance.

In addition to the concerns over a talent shortage and a lack of law compliance, the TWSE said, the seminar attendees also focused on how to build safe online operations for the financial sector, and how to prevent invasion by hackers.

The TWSE said that it will continue to provide information supervision, artificial intelligence development, e-learning and big data use to develop FinTech in the local capital market, in hopes that the market will grow in line with high-tech progress.

Source: Focus Taiwan News Channel