| Summary: | 碩士 === 東吳大學 === 法律學系 === 104 === “The Internet Finance” is defined as a new type of financial business model whereby internet start-ups make use of internet technology to provide innovative financial services. These non-banks have posed a threat to banks by providing online and convenient financial services. Banks have also been aware of the emerging innovation is challenging their business model of traditional financial services, many are turning to FinTech solutions to enhance the competitive advantage. In response, Financial Supervisory Commission (FSC) began to advance “Digital Financial Environment 3.0” program in 2014. Banks are allowed to provide various mobile payment services, as well as online services including applying credit loan and credit card. Meanwhile, banks are also allowed to engage in electronic payment institution businesses with FSC’s approval. Moreover, Banks and financial holding companies could invest in Fintech industry and could hold the equity shares of the companies up to 100%.
Risk Management of banks has been seen as their principal competitive advantage. Banks in Taiwan are developing new products to facilitate e-commerce, some are investing in creating faster and better online lending experiences for customers, offering convenient mobile payment services, the others are applying to become an authorised electronic payment institution pursuant to Article 39 of The Act Governing Electronic Payment Institutions. Banks should strengthen the overall security of e-commerce transaction to ensure proper protection of consumers.
In order to promote the use of mobile payment services in Taiwan, Executive Yuan has approved Apple Pay’s introduction of to Taiwan. The clearing and settlement of transactions with cards issued domestically will have to be done in Taiwan. However, the token service provider, the authenticating entity for the service, may be operated by institutions based either abroad or in Taiwan. Consumer protection issues and effective financial regulation will be discussed in this research.
Banking industry in Taiwan can become an authorised electronic payment institution, the research will focus on the suitability of The Act Governing Electronic Payment Institutions, and provide comments for FSC on specific issues in the regulation to strengthen policy direction and establish effective supervision.
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