Business Weekly Co-hosted the 2023 CTBC FinTech Summit to Show Prosperous Perspectives for the Future of Fintech in Taiwan

Jul 26, 2023

TAIPEI, TAIWAN (Merxwire) – The 2023 CTBC Fintech Summit, being the first of its kind, showcased the vibrant innovation scenes in local fintech ecosystem. Co-organized by Business Weekly Taiwan and CTBC Financial Holding Co., Ltd. (CTBC Holding), the summit, taking place on July 6th, focused on topics of financial innovation and sustainable development with “Fintech for Good” as the theme. During the event, Business Weekly and CTBC Holding extended a special invitation to international fintech and independent market analyst Chris Skinner to share his views on the future trends in fintech. Other industry, government, and academic specialists also participated enthusiastically. Overall, the event was a great success with over 2,500 in-person and online participants attending the event.

Among the guests of honor to the summit, Business Weekly Taiwan is proud to have the Deputy Minister of National Development Council, Shien-Quey Kao; Director General of Administration for Digital Industries, Jang-Hwa Leu; Director of Fintech Research Center, College of Commerce, National Chengchi University, Professor Jennifer L. Wang; President of CTBC Financial Holding, James Chen; Chief Technology Officer of CTBC Financial Holding, Titan Chia, all of whom attended the summit with the goal of strengthening and supporting fintech innovation. Shien-Quey Kao, the Deputy Minister of National Development Council, expressed that the dual transitions to a Net Zero carbon footprint and digitalization are a matter of national competitiveness, and even more so, are a lifeline for the operations of all Taiwan’s enterprises. Domestic financial and technological enterprises play a crucial role in leading all other industries in this dual transformation, and among them, CTBC is a model and standout enterprise among all of Taiwan’s businesses.

In his opening remarks, President of CTBC Financial Holding, James Chen, stated that as the most internationalized financial institution in Taiwan, CTBC strives hard from multiple angles to comply with the government’s policy to promote the digital transformation of Taiwan’s financial sector, bringing Taiwan in line with international banking standards. In the post-COVID era, industrial digitalization not only refers to the ability to transform and to innovate, but more importantly, it refers to adaptability and the need to conceptualize in terms of sustainability. Technology has had a massive impact on the financial sector and CTBC Financial Holding has welcomed these challenges quickly and with open arms, hoping to incorporate the concept-driven core tenets and spirit put forth by global financial tech trend development specialist Chris Skinner in his work Digital for Good, advancing CTBC Financial Holding with the company putting forward its own ideas and starting the conversation, leading Taiwan’s financial sector through the company’s continued contribution towards digital transformation as well as sustainable development issues.

Chris Skinner, who has travelled to Taiwan all the way from Poland to have insightful discussions on how financial organizations can consolidate technology and sustainability, believes that “banks aren’t going to disappear.” Future technologies will be a force for good. Through supervisory mechanisms, they will possess far more improved protective mechanisms, guaranteeing consumer rights and interests and continuing to maintain competitive market advantages. Skinner’s remarks attracted lots of enthusiastic engagement between him and the audience. During the panel discussion, CTBC Financial Holding Chief Technology Officer, Titan Chia, sat down with National Chengchi University Fintech Research Center Director Jennifer L. Wang, General Manager of Microsoft Taiwan Sean Pien and Partner at McKinsey & Company Charles Tan to explore topics such as the feasibility and implementation of global trends in digital innovation; the impact of AI on the financial sector, and ESG goals and financial innovation from the perspectives of different sectors and industries.

The second half of the CTBC Financial Holding Fintech Summit was dedicated to remarking on innovative results, with the special invitation of Jang-Hwa Leu , Director General of Administration for Digital Industries. Director Leu shared his expertise on government policies concerning the importation of third-party payment laws and regulations and the latest adjustments to electronic signature regulations and also made special mention of CTBC Financial Holding’s enthusiastic participation via the company’s example of its support and promotion of the digital transformation of small and medium enterprises through the Tcloud Marketplace. To date, Tcloud Marketplace has already helped grow more than 40,000 businesses, effectively raising the level of entrepreneurial digitalization, aiding the government and financial sector in launching the best demonstration of innovative financial services.

In focusing on concrete results in innovation, CTBC Financial Holding has created its own “Tech Innovation Arsenal”, utilizing more than 50 AI models such as video verification, facial recognition and augmented ID comparison for automated user registration of buy-now-pay-later feature. “ROBO GO”, another popular application, can recommend personalized products and offers; other applications share anti money-laundering and anti-fraud news, and send anti-counterfeit user protection notifications. Additionally, CTBC Financial Holding has gone to great lengths to build a highly efficient and safe-to-use value supply chain, working from its block chain technology, integrating the Enterprise Resource Planning (ERP) of its enterprise customers. All of the processed data is encrypted and unable to be changed at random. Enterprises can transfer data across organizations and financial institutions, and can also trust the veracity of said data, quickly providing financing options to companies. Through automatic analysis and auditing, pairing process robots, and trade volume exceeding more than five times its past amount, CTBC Financial Holding is fulfilling the needs of an ever-growing number of enterprise customers.

In integrating international innovations, CTBC Financial Holding has come out with six scenarios for use in tandem with the exclusive Apple Messages for Business app, including branch smart guidance, charity smart ambassador, store smart services, stadium smart assistant, conference smart reception, marketplace smart guidance. CTBC Financial Holding also extended an invitation to Carl Wegner, CEO of the leading digital trade finance platform, Contour, to give a talk explaining CTBC Financial Holding’s experience in pairing with 20 international banks to create the world’s largest blockchain trade and finance platform. CTBC also invited Carl-Johan von Uexkull, Chief Commercial Officer of the green tech startup, Doconomy, to discuss the carbon footprint-reducing services performance of both CTBC’s ATM X LINE Personalized Service and Renewables Trading Blockchain Platform with Chih-Shan Luo, Senior Vice President of CTBC Bank.

As the partner of CTBC Financial Holding, Business Weekly Taiwan is happy to see the advancement of its future-facing fintech technology as it strides towards sustainable development, receiving international recognition and accolades. CTBC has been bestowed with the honors of The Asset’s digital finance award, Global Finance’s “Best Bank” ranking for all of Taiwan, and over 135 domestic and international award nominations for 2023. Such accomplishments demonstrate CTBC’s international standard of performance in financial innovation. CTBC will continue on its path of promoting digital transformation and the use of fintech in the future, with a spirit of sustainable development at its core, achieving a bright future for everyone.