| dc.description.abstract |
FinTech is promoting governments to face financial regulation reform worldwide. The UK government established Regulatory Sandbox system. Regulatory Sandbox allow players to experiment with innovative financial products or services in the production environment but within a well-defined space and duration. Many countries started to introduce Sandbox into regulation system as a response to FinTech. The Executive Yuan announced “Financial Technology Innovation Experiment Bill Draft” on 4, May, 2017 as the legislation source of FinTech regulation law in Taiwan. This Draft is the main discussion object in our study.
Our study compared four countries sandbox system, including UK （Regulatory Sandbox，2016）, Singapore（FinTech Regulatory Sandbox Guidelines，2016）and Australia （Regulatory Guide 257, 2016）, with Taiwan’s Draft. Analysing the system advantages and disadvantages between countries.
This study brought out several conclusions. First, although the Drift is more exhaustive than other countries system, the policy object of this Draft could have been defined more clearly in order to encourage FinTech innovation. Second, the Drift should draw up the floor terms after the sandbox process ends. It’s an essential procedure to guide FinTech products or services to enter reality market. Third, the consumer protection is not enough if only part of the financial consumer protection law article were placed in the Draft.
Thus, the advices to improve Taiwan’s FinTech legislation development, are defining the government FinTech policy, set up the floor term, stuck holders collaboration and increase consumer protections. | en_US |