FSC to introduce "Fintech Development Plan 2.0" in August, incorporating AI technology and establishing guiding principles

With the rapid development of AI technology, industries are gradually integrating AI products into their workflows to enhance work efficiency. However, not every industry may be suitable for adopting AI technology, and whether the financial industry in Taiwan can embrace related products like ChatGPT remains to be seen. In response to this, Huang Tien-mu, Chairman of the Financial Supervisory Commission, stated that in order to prevent new technologies from impacting the financial industry, it is expected that AI will be regulated starting in August of this year.

Financial Supervisory Commission to Introduce "Fintech Development Plan 2.0" in August

According to a report by China Times, due to the rapid development of AI technology and in order to prevent the impact of new technologies on the financial industry, Huang Tien-mu, the chairman of the Financial Supervisory Commission (FSC), revealed on the 19th that the "Fintech Development Plan 2.0" expected to be introduced in August this year will include the regulation of AI. The FSC will start with guiding principles and align them with the current self-regulatory norms of the banking industry. If the self-regulatory norms are found to be insufficient in the future, the consideration of elevation will follow.

Regarding the use of ChatGPT in the financial industry, does it require application? Huang Tien-mu stated that it is similar to outsourcing operations; if you want to use it, you must take on the risk and responsibility. They will first understand the current situation and refer to overseas regulatory agencies to establish some basic principles. The reference regulatory agencies may include Singapore, South Korea, Japan, etc., all of which currently have some abstract principles in place.

In addition, the FSC sent a letter to the Bankers Association at the end of March to investigate the use of AI new technologies such as ChatGPT in various banks within a month. Currently, no banks are using ChatGPT, but some banks are already utilizing AI technology for precision marketing, machine recognition, and intelligent customer service. Huang Tien-mu also pointed out that most financial institutions are not using ChatGPT at this stage mainly because they are concerned about data input issues and the leakage of personal information.