PR85551

TAIPEI, Sept. 14, 2020 /PRNewswire=KYODO JBN/ --

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.

Photo - https://photos.prnasia.com/prnh/20200910/2913149-1 

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:

Topic

Sub-topic

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.

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.

2.2

Timely incident related information collection and analysis

2.3

Data sharing in compliance

3

Financial Crime Compliance & Fraud Detection

3.1

Suspicious transactions, accounts and behavior detection for money laundering,

financing of terrorism, employee misconduct, etc.

3.2

Fraud detection

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:

TRC Awards

PoC Prize

FinTechSpace resources:

Rent free for a hot desk in FinTechSpace for 12

(Final 3) / 6 months (runner-ups)

FinTechSpace mentoring including information security check, regulatory clinic,

free Baker McKenzie regulation checkup (1 hour), and free AWS cloud space

(FinTechSpace AWS JIB)*

2021 FinTech Taipei:

Free 2 standard booths for final 3 and 1 standard booth for 2 runner-ups

One Demo session

Business and venture capital matching

eKYC Theme Award:

TWCA will issue an EAPS report for the award-winning proposals.

After residing at FinTechSpace, the winning team can launch its API on eKYC

digital sandbox.

AWS

Bank SinoPac

Cathy United Bank

E. Sun Bank

Far Eastern International Bank

LINE Bank

Mega International Commercial Bank

Next Bank

Taishin International Bank

TDCC

Yunta Securities

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.

SOURCE:  FinTechSpace

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=371251

   Caption: Global innovators invited to participate in Taiwan’s Inaugural RegTech

Challenge, an inaugural international challenge in Taiwan. TRC2020 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. Registration starts today until October 16th, the Final will be

hosted on January 28 and 29, 2021.