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FSC to Implement Stricter Regulations on AI Usage in Taiwan Financial System

 Taiwan's Financial Supervisory Commission (FSC) is set to implement stricter regulations on the usage of Artificial Intelligence (AI) in the country's financial system. This move comes after concerns were raised over the potential risks posed by the increasing use of AI in the industry, including data privacy and security issues.

According to the FSC's plan, the process of regulating AI usage in the financial system will include the following steps:

DateAction
MarchSent out a notice to financial institutions, cautioning them of the potential risks
AprilTasked the Banking Association with studying the feasibility of including AI usage guidelines
AugustAnnounce new regulations as part of the updated Fintech Development Plan

The new regulations, which will be announced in August as part of the FSC's updated Fintech Development Plan, are expected to include a set of general principles that financial institutions must abide by when using AI technology. These principles will emphasize the importance of fairness, ethics, accountability, and transparency.

Moreover, in order to keep up with international trends, the FSC has been collecting information on AI regulations implemented by governments around the world. The commission plans to continuously review and revise its management policies based on the latest developments in the field.

Through these measures, the FSC aims to strike a balance between promoting the use of AI in the financial sector and ensuring its safe and responsible application.

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