The Financial Supervisory Commission (FSC) will amend laws to better regulate the increasingly complex financial service industry. That was the word from FSC Chairman Wellington Koo on Tuesday.
Koo was speaking at the opening of a local forum on Taiwan’s finance industry. He said that the FSC is looking to amend the Act Governing Electronic Payment Institutions early next year. The goal, he said, is to help integrate laws that govern electronic payments and digital receipts.
Koo said the current digital service branches will face increasing competition as a number of new service and technologies gain popularity. These include electronic payments, internet banks, and a faster 5G internet service.
Koo was also asked about whether traditional banking services will be affected by these new services. He said that a large number of traditional services, such as the sales of insurance and mutual funds, still rely heavily on face-to-face customer service. He said they likely won’t be affected in the short run.