Taiwan’s Financial Supervisory Commission (FSC) made this announcement after Fintech companies held a meeting in June 2020 with FSC Chairperson Thomas Huang. During the discussions, it was reportedly suggested that the JCIC should make its data accessible to the Fintech firms, as this type of information could help with developing various financial products or services.
As reported by the Taipei Times, the JCIC offers its data to 426 financial sector companies including local banks, securities firms, credit cooperatives, insurance providers and credit card issuers. JCIC also provides data to government-managed agencies which includes the Central Deposit Insurance Corp and Chunghwa Post Co., however, it’s currently excluding the nation’s Fintech industry.
After obtaining consumers’ consent, the agency could begin providing their lending and repayment information to the Fintech firms. This data may include how much money the consumers may have borrowed, the type of loans they’ve taken out and whether they’ve been able to make repayments on time. This, according to Phil Tong, the Banking Bureau Chief Secretary, whose comments came during a recent news conference in New Taipei City.
The new database will not include consumers’ raw data and it will also adhere to personal data protection rules, Tong confirmed. Currently, the JCIC manages a system to give banking service providers access to small companies’ credit ratings without sharing their actual financial records, Tong added.
The Fintech firms will still be required to obtain consumers’ approval before they’re allowed to access their data, and the JCIC may provide additional criteria regarding the companies’ information security standards, Tong noted. The database may go live in October 2021, Tong revealed. He also mentioned that the Fintech firms would use the National Development Council’s open data service.