Sound development of financial services sector urged

Taipei, The Taiwan Financial Services Roundtable (TFSR) issued a white paper Monday calling for adequate measures to catch up with global trends and boost the sound development of the local market.

According to the TFSR, it issued the white paper to urge the government to help address the difficulties facing the local financial services sector.

At a time when financial resources should be better integrated with the development of economic entities, the emergence of new financial technologies and diverse regulations in different countries -- including those targeted by the government's "New Southbound Policy" -- have put great pressure on Taiwan's financial services sector due to its small market scale, low effectiveness and lack of globalization.

The TFSR also urged the government to build a common platform of physiological markers to facilitate the verification of personal identities, boost the development of digital payment and establish universal standards for mobile payment platforms.

Under such circumstances, the government should further widen the scope of the sector by permitting retired workers to freely choose their channels for investment, helping public banks manage their platforms for bond business, and allowing bills finance companies to open branches overseas, the TFSR suggested.

In terms of boosting the local capital market, it said the government should set up a personal investment and deposit bank account system, allow securities firms to run private equity funds and allow insurance companies to invest in private equity funds to serve that end, it proposed.

Also, as part of efforts to cope with an aging society, it said that the government should follow Japan's method by devising incentives for the insurance, social welfare and public construction sectors to invest in the financial services industry.

Source: Focus Taiwan News Channel