The Financial Supervisory Commission (FSC) would soon approve three financial technology (fintech) sandbox experiments involving insurance sales, blockchain technology and fund management, FSC Chairman Wellington Koo (顧立雄) said yesterday.
The commission would allow ezTravel Co (易遊網) to sell travel insurance policies provided by Cathay Life Insurance Co (國泰人壽) on its Web site, exempting it from regulations on selling insurance, Koo said.
People can only purchase policies online from insurers’ Web sites, but in the experiment, they would be able to choose policies and pay the premiums directly to EzTravel, Koo said.
However, EzTravel cannot spend the premiums freely and must deposit them in a dedicated bank account and transfer them to Cathay Life on a regular basis, he said.
EzTravel would not be allowed to sell other kinds of insurance, he added.
If the experiment makes it more convenient for people to purchase travel insurance online, the commission would amend regulations to allow more institutions to cooperate with insurers, Koo said.
Second, the FSC would allow Taipei Fubon Commercial Bank (台北富邦銀行) and Taishin International Bank (台新銀行) to use blockchain technology in their domestic fund transfer and payment services, and to address information flows, Koo said.
As domestic fund transfer and payment services are already fast and convenient, they are not expected to be any faster in the experiment, but the banks could check if the blockchain technology is viable, Department of Planning Director-General Lin Chih-chi (林志吉) told the Taipei Times by telephone.
Only clients of the two banks can take part in the experiment, Lin said.
If the technology is proven to be reliable, the commission might allow the banks to adopt the technology in their remittance service, he said.
Remittances, which usually take a few days if conducted through banks, are expected to be faster with the help of blockchain technology, Lin added.
Third, the commission said it would allow How-Investech Inc (好好投資科技), a financial technology company, to partner with Far Eastern International Bank (遠東商銀) to provide new fund management services, Koo said.
Customers who have purchased fund products offered by the bank would be able to exchange their products with those of other customers without paying redemption fees, Koo said, adding that the company would also use blockchain technology in the experiment.
The commission has approved the applications for the experiments and would make an official announcement soon, including the number of participants and the amount of exposure, Koo said.
The arrival of Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) in Japan’s Kumamoto Prefecture marks the regaining of the area’s pivotal position established during the Meiji Restoration in the 19th century, a local business leader said in an interview with CNA. The first fab of Japan Advanced Semiconductor Manufacturing Inc (JASM), TSMC’s majority-owned manufacturing subsidiary in Kumamoto, is set to open today. After the 1868 Meiji Restoration, Kumamoto was of key importance as it was home to a major garrison national defense. However, that position was ceded to Fukuoka after World War II as Japan turned to foreign trade for post-war economic development,
AI EFFECT: Nvidia CEO Jensen Huang moved up to 21st on the Bloomberg Billionaires Index on Thursday after his wealth skyrocketed by US$9.6 billion to US$69.2 billion The artificial intelligence (AI) mania sparked by Nvidia Corp’s sterling results has given a lift to Asia’s major chipmakers, but it has not closed the valuation gap with their US peers. A Bloomberg gauge tracking Asia’s top semiconductor firms, including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and Samsung Electronics Co, widened its under-performance against the Philadelphia Semiconductor Index this week. While the Asian index trades at 17 times forward earnings, the US measure is at 27 times, pushing the gap close to a record after Nvidia’s blowout revenue outlook reinforced investor conviction in the boom in generative AI use. Nvidia’s 8 percent
SEMICONDUCTORS: Under India’s chipmaking incentive plan, the government would bear half the cost of any approved project, with an initial budget of US$10 billion for the task The Indian government, after years of watching from the sidelines of the chips race, now has to evaluate US$21 billion of semiconductor proposals and divvy up taxpayer support between foreign chipmakers, local champions or some combination of the two. Israel’s Tower Semiconductor Ltd is proposing a US$9 billion plant, while India’s Tata Group has put forward an US$8 billion chip fabrication unit, people familiar with the matter said. Both projects would be in Indian Prime Minister Narendra Modi’s home state of Gujarat, the people said. Semiconductors have grown into a key geopolitical battleground, with the US, Japan and China investing heavily in
The sound of gentle tapping filled a jewelry workshop in southern China as a craftsman hammered pine-leaf patterns onto a soft slab of gold in the style of old ink paintings. Elaborate traditional pieces created by master goldsmiths have always been popular in China, bought as gifts for special occasions such as the Lunar New Year or simply as investments. But jewelers are now having to consider a new and fast-growing consumer base — younger people, who are increasingly keen to buy gold, seeing it as a safe investment in uncertain economic times. Key to gold’s popularity is China’s lackluster post-COVID-19 recovery, which