The banking sector in Taiwan is not the only business that covets financial technology (fintech) solutions to meet demand in the fast-growing financial environment.
Now, the securities industry has also spoken of its need for fintech to facilitate the pace of business expansion.
In a recent seminar on fintech development held by the Taiwan Stock Exchange, representatives from the securities industry expressed their hopes that fintech solutions will help their businesses upgrade. The TWSE operates the local main board.
Cheng Chia-ching (鄭嘉慶), a senior manager with Fubon Securities (富邦證), one of Taiwan’s leading brokerages, shared information with other meeting participants about how the foreign securities industry is developing fintech. He said that fintech in foreign financial markets has been developed in a manner of cooperation rather than competition.
Currently, many brokerages and their affiliates have certain fintech technologies in place, such as cloud technology-based services, big data analysis, the presence of social networks, to support cloud-based transactions, an advance warning system, virtual market places and anti-money laundering efforts.
In addition, FunRich Securities (基富通證券), set up by Taipei Exchange and the government-sponsored Taiwan Depository and Clearing Corp. (集保), is running an online platform to sell mutual funds through fintech.
To encourage cooperation in fintech development in the securities business, meeting attendees suggested that brokerages in Taiwan should work together based on the existing foundation to expand fintech development in a bid to provide its customers with better services.
The meeting participants said that financial authorities should ease regulations governing fintech solutions, such as relaxed rules on wealth management through robots.
They said that since securities and futures firms need to process a large amount of data for transactions, they should cooperate with each other in big data analysis to streamline their operations.
While gearing up to develop fintech, the meeting participants said, brokerages had better put investors’ interests at the top of their agenda by making transactions secure through better risk control and more convenient services.
Liu Kuo-an (劉國安), head of the Taipei International Financial Information Association (台北國際金融資訊協會), said that due to the fast pace of technology development, the local securities industry should team up with technology developers when the business eyes fintech development.
Liu said that to grow together with technology developers, local securities firms should build a channel in an attempt to strengthen communication with the technology sector and narrow the gap in technology development.
Source: Focus Taiwan News Channel