Taipei, July 14 (CNA) The Financial Supervisory Commission (FSC), Taiwan’s top financial regulator, on Wednesday signed a memorandum of understanding with the Israel Securities Authority (ISA) on future bilateral cooperation.
In a statement, the Taiwanese regulator said the MoU will provide a framework for cooperation and references in financial technology (Fintech), innovation and investments between the FSC and the ISA.
In a virtual ceremony, the agreement was signed by FSC President Huang Tien-mu (黃天牧) and ISA President Anat Guetta, along with Omer Caspi, the representative of the Economic and Cultural Office of Israel in Taipei, and Lee Ya-ping (李雅萍), the representative of the Taipei Economic and Cultural Office in Tel Aviv, also present.
A referral mechanism under the MOU should help referred innovative companies gain a better understanding of regulatory regimes in different jurisdictions, the FSC said.
He added that the MoU also aims to forge closer cooperation and information sharing on mutual innovations and investments, including potential cooperation in technologies, innovation activities and investments.
According to the statement, Huang said the MoU should strengthen fintech and capital markets cooperation between Taiwan and Israel, and create more opportunities for innovative companies from both sides to expand their reach.
Both ISA and FSC are members of the Global Financial Innovation Network (GFIN), the FSC said.
According to the FSC, the recently signed MoU with the ISA was the fifth of its kind for Taiwan to facilitate fintech innovations.
Similar MoUs have already been signed with financial regulators in Poland, the US state of Arizona, France and Canada.
The FSC said it is preparing to advance the development of Fintech in Taiwan, and its efforts included the inauguration of the FinTechSpace in Taipei in September 2018. So far, a total of 51 startups have worked from the FinTechSpace, including six foreign startups. , according to the FSC.
The FSC added that the FinTech Taipei 2022 expo is scheduled for Oct. 28-29 with activities such as an international technology forum and innovator showdown meetings. ISA and startups from Israel were invited by FSC to attend the expo.
The previous three FinTech Taipei expos had attracted more than 80,000 visitors combined, according to the FSC.