The Financial Supervisory Committee (FSC) announced this week that their application target for the first year of the regulatory sandbox has been achieved. So far, 11 applications for the experimentation or testing of new forms of fintech have been filed since the sandbox was launched under the Financial Technology Development and Innovative Experimentation Act in April 2018. Of these applications, three are from the financial sector, and include banking, securities, and insurance innovations; three are from outside the financial sector, but are related to banking and securities; and the other six applications have yet to be revealed to the public. Only one application has been rejected.
In addition, the FSC is considering implementing a separate “trial operation” track specifically for financial sector businesses. Those applicants who qualify can test out their new ventures on this track, as long as these do not involve amending the current laws and regulations, and would thus not be required to enter the sandbox.
These developments are welcome news for companies, both domestic and international, that are looking to take part in Taiwan’s push for innovation and growth. If you or your company would like to know more about the regulatory sandbox, take a look at our overview article from last year here.
If you have specific questions about whether your business qualifies for the sandbox and how to apply, please contact Christine Chen at firstname.lastname@example.org.Written May 10, 2019 By Christine Chen.