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Ministry of Digital Affairs in Taiwan Proposes Electronic Signatures Act Amendment to Keep Up with AI Trend

AI technology plays a significant role in the progress of multiple industries. Ministry of Digital Affairs(MODA) in Taiwan plans to address this growth from four perspectives: promoting "AI integration in industries and AI industry expansion," devising AI product testing standards, and advocating for changes to the electronic signature law to enhance the fintech application environment.

The Legislative Yuan's Finance Committee will invite the Financial Supervisory Commission, Ministry of Finance, Ministry of Digital Affairs, and National Science and Technology Council to present a special report on "Strengthening Cross-ministerial Digital Infrastructure, Broadening Fintech Supervisory Pathways, and Enhancing Cybersecurity Regulations to Expedite Taiwan's Fintech Development in Response to AI Technology Adoption (e.g., ChatGPT) in the Financial Sector."

According to the special report submitted by the MODA, there are four primary areas: "AI integration in industries and AI industry expansion," AI legal concerns, fintech promotion, and cross-ministerial fintech cooperation.

In the realm of AI integration in industries and AI industry expansion, MODA is collaborating with international corporations to introduce AI courses in high schools and vocational schools, as well as partnering with companies and training institutions to offer industry-specific programs. The Ministry is also developing a comprehensive software system that allows businesses to create AI solutions with minimal data, conserving time and human resources for quicker AI adoption.

Regarding AI industry growth, MODA has established industry assistance service teams and selected public associations to form industry promotion groups (SIGs). These groups facilitate the implementation of AI technology across various sectors and carry out field tests to drive digital transformation. For AI evaluation and verification, the Ministry is constructing an AI evaluation mechanism to assist AI systems and products in going global, actively participating in relevant international organizations, and developing AI standards that align with international norms.

In terms of AI legal matters, the Digital Ministry is concentrating on establishing AI product testing standards and designing testing and verification mechanisms. The Ministry emphasizes the commonality of cybersecurity regulations and trust infrastructure related to signature technology, actively promoting personal data and privacy protection.

For fintech advancement, the Financial Supervisory Commission has been designated as the competent authority. The Digital Ministry can support businesses in communicating with the Commission regarding regulatory adjustments. This includes amending the electronic signature law to create digital trust mechanisms, integrating cross-industry resources and promoting incentive policies, and assisting software providers in applying for financial innovation sandbox experiments.

Furthermore, in cross-ministerial fintech collaboration,MODA set up a communication platform with the Financial Supervisory Commission in September, 2022. The Ministry will also advocate for changes to the electronic signature law and collaborate with the Commission to implement Fast Identity Online (FIDO) to enhance the fintech application environment.


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