ABSTRACT
This chapter concludes this book by proposing a regulatory approach that truly promotes financial innovation, competition, and inclusion in the era of FinTech. This approach is based on the findings from our comparison of OB regulations in the EU, the UK, and Taiwan. To genuinely promote FinTech competition and innovation and to achieve financial inclusion, we propose that a governmental agency, specializing in FinTech-related tasks, should be established. Such a specialized agency could reduce the influence of the incumbent banking industry on Taiwan’s OB regulation, making the regulations more effective for achieving the public interest goals. The success of such an independent agency will still depend on various aspects of its arrangement. Specifically, this regulatory body must focus on the following—listen to more stakeholders, respect broader interests (including those of FinTech startups), ensure transparency in the decision-making process, involve more professionals less prone to be subject to certain private interests, and improve the coordination and collaboration between this regulator and other related government bodies. Though costs will be incurred to create such a regulator, further research could help balance the costs and benefits of establishing such a regulatory body.
