Skip to main content

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.

Labels:

Comments

Post a Comment

Popular posts from this blog

SBIR Program Fuels Innovation in Taiwan: New Award Results and Impact

The Ministry of Economy's Small Business Innovation Research (SBIR) program recently released the latest award results, showcasing its continued commitment to fostering innovation and driving economic growth in Taiwan. With a focus on supporting small and medium-sized enterprises (SMEs), the SBIR program plays a crucial role in promoting sustainable development and building a thriving entrepreneurial ecosystem. One of the key highlights of the recent announcement is the allocation of a total of 9.75 million NT$ in grants, which will enable recipient companies to further their innovative research and development endeavors. These grants, provided by the SBIR program, serve as a catalyst for SMEs to enhance their capabilities, accumulate research talent, and contribute to the overall advancement of Taiwan's industries. The awarded projects span a diverse range of fields, including service innovation, information and communication technology, consumer products, and electronics. By ...
Post a Comment
Read more

Taiwan government release the National Core Critical Technologies

The Taiwan government has recently unveiled a comprehensive list of 22 National Core Critical Technologies. This initiative aims to enhance national security and uphold the nation's competitive edge in various sectors, including defense, space exploration, agriculture, semiconductors, and cybersecurity. Within the realm of semiconductors, Taiwan places a strong emphasis on its leadership in advanced manufacturing processes, particularly those with a feature size of 14 nanometers or smaller. This includes IC manufacturing technology and essential materials, gases, and equipment. Additionally, heterogeneous integration packaging technology, which encompasses wafer-level packaging and silicon photonics integration packaging technology, along with their specialized materials and equipment, is recognized as a National Core Critical Technology. Furthermore, Taiwan acknowledges the critical importance of information security and has included technologies such as chip security, post-quantu...
Post a Comment
Read more

TSMC Reevaluates Site for Its New 1.4nm Factory in Taiwan Amid Controversies

Taiwan Semiconductor Manufacturing Co. (TSMC) has recently stirred up public attention as it reconsiders the location for its planned 1.4nm factory in Taiwan. Initially set to be established in the Longtan Phase 3 Science Park, TSMC announced that it is now exploring alternative sites. According to a press release from TSMC, internal assessments concluded that current conditions are not favorable for proceeding with the original location in Longtan Phase 3 Science Park. This decision immediately sparked widespread discussions and debates. Interestingly, government bodies associated with the Longtan Science Park, including the Taoyuan City Government, National Science Council, and Ministry of Economic Affairs, have all clarified their positions and disassociated themselves from the change in plans. None have made efforts to retain TSMC's initial project in Longtan. Conversely, local governments from Kaohsiung, Tainan, and Taichung swiftly expressed their interest in hosting TSMC...
Post a Comment
Read more