Global innovators invited to participate in Taiwan's Inaugural RegTech Challenge
This public-private-partnership, executed by TDCC and FinTechSpace, is supported by over 20 financial institutes across all financial sectors.
TAIPEI, Sept. 11, 2020 /PRNewswire/ -- Supervised by Financial Supervisory Commission (FSC), organized by Taiwan Financial Services Round Table (TFSR) and hosted by Institute for Information Industry (III) and Taiwan Depository & Clearing Corporation (TDCC) have joined forces to host Taiwan RegTech Challenge (TRC) 2020, an inaugural international challenge in Taiwan. This public-private-partnership, executed by TDCC and FinTechSpace, is supported by over 20 financial institutes across all financial sectors. After 3 months of interview, practical issues from financial supervision to industrial digital supervision are identified. TRC 2020 calls for local and international solutions for accelerating the implementation of RegTech in industries. All participating teams get the chance to be mentored by local experts and the winning prize includes resources and services valued near US$300,000. TRC 2020 opens up a common platform for solution providers to meet and consult with Taiwan regulators and matching with financial institutes. Starting today until October 16th, challenge rounds include the Preliminary, the Semi-final and the Final, which will be hosted on January 28 and 29, 2021.
Taiwan RegTech Challenge 2020 proposes the challenge and seeks for solutions in three main areas
In response to FSC's policy, financial technology development needs and pain points are consolidated and discussed by experts via workshop. These are categorized into three main topics with seven sub-topics as the following:
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Topic |
Sub-topic |
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1 |
eKYC |
1.1 |
Primary and premium information process and collection for KYC purposes like electronic identification, strong authentication, etrust services (eIDAS), identity verification, etc. |
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2 |
Monitoring, Surveillance & Data Sharing |
2.1 |
Dynamic and automatic real-time data sharing for supervisors and regulators for surveillance relating to operational risk, market risk, sanction risk, etc. |
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2.2 |
Timely incident related information collection and analysis |
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2.3 |
Data sharing in compliance |
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3 |
Financial Crime Compliance & Fraud Detection |
3.1 |
Suspicious transactions, accounts and behavior detection for money laundering, financing of terrorism, employee misconduct, etc. |
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3.2 |
Fraud detection |
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3.3 |
Beneficial ownership identification |
To effectively promote application, TRC 2020 provides data partner/mentor and one-on-one evaluation mechanisms. Participating teams which are not familiar with financial industry in Taiwan may require relevant data or pairing up with an industry expert. During the Semi-final and the Final, TRC 2020 will provide regulations & compliance and information security/feasibility checkup to ensure information security and compliance. Furthermore, participating teams have the opportunity to obtain FSC regulatory clinic's counseling and Azure platform provided by Microsoft Taiwan as the development environment.
30 participating teams will be selected to enter the Semi-final. After matching and counseling, 15 will be selected to enter the Final competing for the TRC awards (final 3 and 2 runner-ups) and the PoC prize, awarded by the sponsoring organizations. The prizes include:
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TRC Awards |
PoC Prize |
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For more information: https://www.fintechspace.com.tw/trc2020-en/
*AWS credits must be applied directly to AWS through FinTechSpace. The winner must not have received past credits more than the offered credits at this time and also meet the Terms and Conditions (see https://aws.amazon.com/awscredits) of FinTechSpace and FinTechSpace Powered by AWS.
