Finance | 15 October 2019

The Taiwan government has been actively promoting fintech development and there have been several major developments recently. The primary regulator of the financial services industry, the Financial Supervisory Commission (FSC), introduced the ‘regulatory sandbox’ in 2018 and several fintech experiments have been launched since. In June 2019, the FSC announced that it will regulate security token offerings (STOs) as ‘securities’. On 30 July 2019, the FSC granted internet bank licences to three consortia, which are led by Chunghwa Telecom, Line and Rakuten respectively. The competition between the different new technologies in the Taiwan market is expected to be the next hot topic. [Continue Reading]

Global Outlook: Disputes | 02 October 2018

As reported in KPMG’s 2016 Global Profiles of the Fraudster, more than half of the frauds were uncovered by whistleblowers and tip-offs. So to more effectively root out corporate malfeasance and corruption, some countries have promulgated laws to make internal reporting channels in both the public and private sectors mandatory. The laws include the Whistleblower Protection Act (1989) and the Sarbanes-Oxley Act (2002) of the United States, the Public Interest Disclosure Act (1998) of the United Kingdom, and the Public Interest Disclosure Protection Act (2004) of Japan. [Continue Reading]