ABSTRACT
This chapter examines the OB regulatory policies in Taiwan and compares them with the EU’s and the UK’s counterparts. In contrast to the compulsory approach adopted in the EU and the UK, Taiwan adopted a self-regulation approach for OB developed by the BAROC, a private industry association. As such, the banking industry largely controls both the formulation and implementation of the OB policies by assessing and choosing the TSPs that can join OB as well as influencing the timeline of OB. OB in Taiwan is in practice subject to the participation of banks. Broadly speaking, such a regulatory trajectory or attitude in Taiwan has been reflected not only in the OB regulatory policies but also other FinTech-related regulations. Taiwan’s financial regulator, namely the FSC, has been criticized as it relies heavily on the banking industry and dismisses FinTech startups. In the next chapter, we draw upon our findings to propose a solution that truly promotes financial innovation and competition.
