FSC's Peng Jun-long introduces three new policies: promoting Asia's asset management center and lightweight sandbox.

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New Direction in Financial Markets: Emphasizing Security and Development

Chairman of the Financial Supervisory Commission (FSC), Thomas Huang, has completed his first month in office since assuming the role on May 20th, and he granted his first joint media interview on Monday. In the interview, Huang emphasized that establishing a financial market that balances "security" and "development" will be the focus of his governance and revealed plans to promote three important policies.

First Wave: Launching Action Innovation Regulatory Adaptation Plan

Huang announced the first wave of policies as the "Action Innovation Regulatory Adaptation Plan." Before officially taking office, he conducted visits with industry associations and stakeholders, gathering a total of 124 suggestions from the financial industry. After evaluation, 38 suggestions were confirmed to be implementable immediately to promptly address the industry's demands.

Second Wave: Platform for Financial Development and Innovation Regulatory Adjustment Recommendations

The second wave of policies involves the establishment of a new platform called the "Platform for Financial Development and Innovation Regulatory Adjustment Recommendations," which is divided into four main areas: banking, insurance, securities and futures, and technological innovation. Huang stated that the FSC will take proactive measures by setting up regulatory review teams composed of industry, government, and academic representatives, with a special emphasis on external leadership by scholars and experts to proactively identify issues in the market and implement regular adjustments.

Third Wave: Establishing Asia's Asset Management Center to Retain New Funds in Taiwan

The third important policy is the promotion of an Asia Asset Management Center. Huang emphasized the goal of retaining new funds in Taiwan. He will collaborate with the National Development Council to devise strategies, drawing insights from other countries that have established centers with a multi-city division model to overcome past restrictions of being limited to a single city.

New Investment Opportunities for Life Insurance Industry

Huang also mentioned the importance for life insurance companies to seek domestic investment opportunities. The Insurance Bureau has convened meetings with six major life insurance companies to discuss breakthroughs in public construction project sources, conditions, and methods. Huang proposed an "experimental case" approach to untangle obstacles, starting with successful cases and then persuading other ministries to fully implement, which is closely related to the promotion of the Asia Asset Management Center.

Taiwan's Unique Asset Management Center

While past FSC chairmen have aspired to establish an "Asia Asset Management Center," many attempts have been unsuccessful. Huang hopes to leverage the 20 years of preparation to create a unique asset management center with Taiwan's characteristics. He pointed out that Taiwan possesses abundant private wealth and numerous successful overseas Taiwanese businesses, which can be utilized to establish a distinctive asset management center.

Promoting a Light Regulatory Sandbox for Fintech

In terms of fostering openness in fintech, Huang emphasized Taiwan's strong technological background and dedicated financial industry. Therefore, there are plans to introduce a "light regulatory sandbox" in the future. This policy will expand the scope of trial experiments to regulations that can be decided by the regulatory authorities, facilitating a significant expansion of fintech experimentation and promoting collaboration between fintech companies and financial institutions.