Partner Ted Mlynar, senior consultant Amelia Lin, Dr. Zheng-yi Shon, Dean of the School of Management of Tainan University of Technology, and representatives from Microsoft and Acer in Taiwan, visited Wellington Koo, Chairman of the Financial Supervisory Commission (FSC) and his staff to discuss accelerating the pace of development of Taiwan’s financial technology.
Dr. Shon noted that the Taiwan government should create a financial regulatory sandbox that extends beyond the traditional financial and economic framework and that Taiwan can learn about the latest development in foreign sandboxes, and avoid unnecessary mistakes in its own sandbox activities, through consultation with international law firms. Ted’s invitation to speak to the FSC was based on Hogan Lovells’ global expertise in regulatory sandbox issues.
Ted commented that in addition to sharing world-class sandbox design know-how with the FSC, we are able to provide particular insights regarding the success and failures experienced in sandboxes in other countries. Where the requirements of some countries are set too high, they may have not been able to attract truly disruptive financial innovators, but only encourage business model innovation and not real financial technology innovation.
Ted believes that Taiwan’s sandbox should be designed so that companies interested in international financial innovation will be interested in coming to Taiwan. Hogan Lovells will be introducing cross-border teams to assist in Taiwan and enhance its business opportunities.
Overall, Ted accentuated that although Taiwan is not a purely finance-centric economy, it can still play a key role on the world stage. Although it is starting later than others in the region, by learning from others’ experiences, Taiwan can proceed more quickly to develop and implement a world-class sandbox environment.