Taiwan's fintech sector must grow more quickly: survey

2017-09-28 12:16:14 GMT2017-09-28 20:16:14(Beijing Time) Xinhua English

TAIPEI, Sept. 28 (Xinhua) -- The development of financial technology (fintech) in Taiwan has to pick up the pace as it faces challenges of regulatory restriction and a lack of professionals, according to an industry survey released Thursday.

Taiwan's fintech still has much to do in terms of growth, innovation and globalization, according to a survey of 108 senior professionals conducted by magazine Global Views and a fintech research center of Chengchi University.

The survey showed that Taiwan's fintech sector is still in the embryonic phase and improving infrastructure, including data connectivity, is the current priority.

Industrial players should work together to improve infrastructure and innovation in areas like online ID verification and blockchain, the survey found.

Regulatory restriction, especially in online transactions, is considered the biggest obstacle, followed by a lack of professionals and concerns over low returns on investment.

Taiwan's financial regulator established an office for fintech development in September 2015 and put forward objectives this year, including doubling the ratio of e-payments within five years and creating an integrated, secure online ID verification mechanism.

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