萬國法律事務所

The Vice Chairperson, Li-Ling Wang, of Financial Supervisory Commission delivered a lecture, “The Development and Prospective of Financial Supervision and Innovation”, held by Taiwan Academy of Banking and Finance on July 10, 2014. She indicated that digital capability would be the core of financial industry competition in five to six years, and the banking, insurance and securities industries would provide more on-line services in the future.

For the banking industry, the deregulation of business control includes cancelling the double certificate identification for opening an account over the counter, conducting wire transfer through mobile phones and applying for simple loans on-line.

For the insurance industry, on-line application for mandatory driving insurance, fix term life insurance for the insured amount under NTD 50,000, travel and safety insurance, accident injury insurance, housing fire insurance, and at-will car insurance are currently been discussed.

For the securities industry, the trend is raising the percentage of on-line order, and relaxing the regulations on identification for the application of the fund trading accounts.