Chairman Huang Tianmu of the Financial Supervisory Commission Reveals the 2024 Financial Technology Promotion Plan, Without Mentioning Blockchain Applications.
Financial Supervisory Commission (FSC) Chairman Huang Tien-mu publicly announced the key areas of financial technology (fintech) promotion for 2024 during the Spring Festival press conference on January 30th. However, the topics of blockchain and cryptocurrency, which the crypto community eagerly anticipates, were not included.
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Emphasis on cross-market data sharing
Focus on AI technology and cross-border, cross-institutional electronic payments
Promotion of financial FIDO authentication mechanism
What is FIDO?
Upgrade of cloud services and cybersecurity measures
Promotion of innovative insurance services
Prevention of fraud and financial crimes
Temporary suspension of corporate online account opening policy
According to the “Fintech Roadmap 2.0,” the FSC will release an important data governance guideline by the end of this year to promote cross-market data sharing. This is not only one of the important policies for 2024, but also a significant step towards a new era of data sharing.
The FSC will not only officially implement the “Operational Regulations for Financial Institutions’ Use of AI Technology” in the first quarter of this year, but also approve the cross-institutional shared platform for electronic payments with cross-border consumer functions in the second quarter, ushering in a new era of AI in the financial industry.
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The FSC is focusing on the Financial FIDO V2 project and plans to launch the establishment of the “Financial FIDO Authentication Referral Center” in the second quarter of this year. It also plans to expand the application of financial FIDO beyond financial institutions by 2025.
FIDO, which stands for Fast IDentity Online, represents a technical standard aimed at providing a fast and secure way of logging in, allowing users to access different websites and applications with a single set of credentials. With the development of digital technology, people often need to remember numerous and complex password rules when using various digital services. These cumbersome and numerous password combinations not only trouble users, but also increase the risk of account and data theft. FIDO was developed to address these issues and provide a more convenient solution.
This year, the FSC will officially implement the industry-developed self-discipline regulations for cloud services and arrange a series of cybersecurity drills, including DDoS attack and defense drills, as well as major cybersecurity incident scenario drills, to strengthen cybersecurity protection.
The FSC is focusing on promoting insurance technology and plans to complete the review of more than 10 innovative insurance service cases by the end of this year. It will also review and amend e-commerce-related regulations for the insurance industry in the third quarter to expand the business scope of online insurance services.
This year, the FSC will focus on preventing fraud and financial crimes and plans to enhance financial institutions’ response capabilities in this field through workshops, joint autonomous verification, and other activities.
Although digitalization of corporate finance is an important initiative, the FSC has not included online account opening for corporations with three or more individuals as a policy priority for this year. The FSC will first implement a trial run of online account opening for pure online banks, exploring the possibility of refining regulations.
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FIDO
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