Skip to main content

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.


Created by Bing Image

Labels:

Comments

Post a Comment

Popular posts from this blog

Taiwan's AI Action Plan 2.0: Pioneering the Future of Artificial Intelligence

Taiwan, known for its technological advancements and innovation, embarked on a new chapter on April 7th, 2023, with the unveiling of its ambitious "Taiwan AI Action Plan 2.0 (2023-2026)". This comprehensive roadmap sets the stage for Taiwan's continued journey towards becoming a global AI powerhouse. Building upon the success of the previous "Taiwan AI Action Plan 1.0 (2018-2021)", this strategic initiative seeks to leverage the expertise of industry, academia, and research experts to unlock the full potential of AI in Taiwan. One of the key highlights of Taiwan AI Action Plan 2.0 is the establishment of an AI Development Advisory Committee comprising eminent professionals from various sectors. Together, they will spearhead efforts to enhance Taiwan's AI ecosystem, with the goal of surpassing a staggering NT$250 billion increase in software and hardware value. Furthermore, Taiwan aims to secure a spot among the top three global leaders in specific AI chip do...
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

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