The Asia-Pacific financial technology market is booming, and cross-border fraud has become a new issue.
At the 'FinTechOn 2024 Forum,' Yuling Tsai, Honorary Director of the Taiwan Fintech Association and Chairman of the Asian Fintech Alliance (AFA), stated that with the rapid development of fintech, cross-border fraud has become a new challenge faced by countries. She pointed out that by 2030, the Asia-Pacific region is expected to become the largest fintech market in the world, which brings unprecedented opportunities as well as severe challenges.
Cai Yuling stressed that the advancement of science and technology has brought us convenience and innovation, but it has also caused new problems, and fraud is one of them. The borderless nature of virtual assets not only creates cross-border business opportunities, but also leads to the breeding of cross-border fraud. In terms of regulation, countries must face up to the challenges of "cross-domain" and "cross-sovereignty" and formulate corresponding measures to deal with them.
AFA signed a memorandum of anti-fraud cooperation, jointly heading towards dawn.
To address this challenge, the Asian Financial Technology Alliance participated in FinTechOn for the first time and achieved two important milestones at the forum. First, AFA and its member countries jointly signed a memorandum of understanding (MOU) on anti-fraud cooperation, aiming to unite the forces of various countries to strengthen cross-border actions against fraud. Second, AFA and KPMG jointly released the White Paper 'Riding the Waves: Exploring the Frontiers of Financial Technology,' providing first-hand information on the Asian financial technology market.
Cai Yuling said that the establishment and growth of AFA can not only connect resources from various Asian countries, create more financial technology business opportunities, but also hope to establish a more suitable regulatory environment and a safer financial ecosystem through the power of the alliance, and achieve the goal of regulatory harmonization. She also feels honored to serve as the first chairman of AFA.
She introduced AFA representatives from Korea, Dongpyo, and from Malaysia, Vincent, who personally came to Taipei to participate in this event. Other members participated in different segments of the forum online. She emphasized that AFA will become a new force linking the Asian financial technology ecosystem, and anti-fraud will be the first example of this collective effort.
Image Source: Photo taken by the editor of 'Encryption City', all representatives of the Asian Financial Technology Alliance pose for a group photo.
Government support and future prospects, co-creating a new future of financial technology
The FinTechOn forum is now in its fourth edition. Tsai Yu-ling especially thanked the National Development Council for serving as this year's guiding unit, as well as the full support of the government. The attendance of many officials including the Financial Supervisory Commission, Ministry of Justice, National Development Council, and the High Prosecutors Office has added confidence to the forum. She looks forward to FinTechOn becoming the most authoritative policy discussion platform for financial technology in Asia, promoting in-depth dialogue among governments, regulatory agencies, law enforcement agencies, and industries, learning from each other's best practices, and further promoting industry innovation and improved regulatory mechanisms.
Finally, Tsai Yuling called on everyone to join hands and move towards the dawn, jointly explore the infinite possibilities of financial technology, and create a safe, stable, and vibrant future for financial technology. She stated that Taiwan will play an important role in this and expressed gratitude for the support of all partners and the participation of everyone. She believes that the heavyweight guests and rich content invited to the forum will be rewarding for everyone, making the trip worthwhile.
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FinTechOn 2024》Cai Yuling: Cross-border fraud becomes a new challenge, signing the Asian Anti-Fraud MOU
The Asia-Pacific financial technology market is booming, and cross-border fraud has become a new issue.
At the 'FinTechOn 2024 Forum,' Yuling Tsai, Honorary Director of the Taiwan Fintech Association and Chairman of the Asian Fintech Alliance (AFA), stated that with the rapid development of fintech, cross-border fraud has become a new challenge faced by countries. She pointed out that by 2030, the Asia-Pacific region is expected to become the largest fintech market in the world, which brings unprecedented opportunities as well as severe challenges.
Cai Yuling stressed that the advancement of science and technology has brought us convenience and innovation, but it has also caused new problems, and fraud is one of them. The borderless nature of virtual assets not only creates cross-border business opportunities, but also leads to the breeding of cross-border fraud. In terms of regulation, countries must face up to the challenges of "cross-domain" and "cross-sovereignty" and formulate corresponding measures to deal with them.
AFA signed a memorandum of anti-fraud cooperation, jointly heading towards dawn.
To address this challenge, the Asian Financial Technology Alliance participated in FinTechOn for the first time and achieved two important milestones at the forum. First, AFA and its member countries jointly signed a memorandum of understanding (MOU) on anti-fraud cooperation, aiming to unite the forces of various countries to strengthen cross-border actions against fraud. Second, AFA and KPMG jointly released the White Paper 'Riding the Waves: Exploring the Frontiers of Financial Technology,' providing first-hand information on the Asian financial technology market.
Cai Yuling said that the establishment and growth of AFA can not only connect resources from various Asian countries, create more financial technology business opportunities, but also hope to establish a more suitable regulatory environment and a safer financial ecosystem through the power of the alliance, and achieve the goal of regulatory harmonization. She also feels honored to serve as the first chairman of AFA.
She introduced AFA representatives from Korea, Dongpyo, and from Malaysia, Vincent, who personally came to Taipei to participate in this event. Other members participated in different segments of the forum online. She emphasized that AFA will become a new force linking the Asian financial technology ecosystem, and anti-fraud will be the first example of this collective effort.
Image Source: Photo taken by the editor of 'Encryption City', all representatives of the Asian Financial Technology Alliance pose for a group photo.
Government support and future prospects, co-creating a new future of financial technology
The FinTechOn forum is now in its fourth edition. Tsai Yu-ling especially thanked the National Development Council for serving as this year's guiding unit, as well as the full support of the government. The attendance of many officials including the Financial Supervisory Commission, Ministry of Justice, National Development Council, and the High Prosecutors Office has added confidence to the forum. She looks forward to FinTechOn becoming the most authoritative policy discussion platform for financial technology in Asia, promoting in-depth dialogue among governments, regulatory agencies, law enforcement agencies, and industries, learning from each other's best practices, and further promoting industry innovation and improved regulatory mechanisms.
Finally, Tsai Yuling called on everyone to join hands and move towards the dawn, jointly explore the infinite possibilities of financial technology, and create a safe, stable, and vibrant future for financial technology. She stated that Taiwan will play an important role in this and expressed gratitude for the support of all partners and the participation of everyone. She believes that the heavyweight guests and rich content invited to the forum will be rewarding for everyone, making the trip worthwhile.