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Recent Regulatory Amendments

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Promulgation of the Operation Directions Governing Banks’ Applications for Pilot Programs

The FSC promulgated the aforementioned Directions on June 19, 2019 to encourage banks to develop new financial products and services through pilot programs under the precondition of controlling risks. The business activities which banks can apply for the pilot program must be as follows: (1) extension of approved business activities of a bank; (2) other relevant business activities which may be approved by the competent authority under the regulations; or (3) business activities related to under-development technical operations which characteristics are similar to electronic banking businesses and still have no related guidelines in place. The pilot business activities may be the same as those involved in innovation experiments that are approved in accordance with the Financial Technology Development and Innovative Experimentation Act.
However, banks shall apply for innovation experiments instead of pilot programs if the business activities involve anything prohibited by laws and regulations.
 
Visitor: 284   Update: 2019-10-23
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