FinTechOn 2024: FinTech Associations from 14 Asian Economies Sign MOU to Enhance Collaborations in Anti-Fraud

TAIPEI,Nov. 5, 2024/PRNewswire/ -- According to theAsian Scam Report 2024published by the Global Anti-Scam Alliance (GASA), over 40% of Asians encounter scams monthly.Hong KongandThailandface scams most frequently, with up to 90% of its citizens facing scams once per month or more. Identity theft, investment fraud, and online platform scams are among the most common threats, bearing the brunt of a$688 billionscam burden in 2024 alone.

Scammers are constantly evolving their techniques and utilizing new technologies such as AI and blockchain. Additionally, illicit funds are moving across borders. To effectively intercept these funds and combat fraud, a robust cross-border joint defense network is essential.

Taiwan'sFinTechOn 2024 forum took place on 4th November and the Asia FinTech Alliance (AFA) made its debut at FinTechOn this year, where representatives of FinTech associations from 14 Asian economies signed a memorandum of understanding (MOU) on anti-fraud collaboration. The goals include raising public awareness of FinTech-related fraud; establishing channels for sharing information and insights on anti-fraud; developing and promoting best practices in anti-fraud; and creating a unified cross-border approach to handle reported fraud incidents internationally.

"Virtual asset regulation and fraud prevention require both public-private collaboration and international cooperation,"saidJin-Lung Peng, Chairman ofTaiwan'sFinancial Supervisory Commission (FSC)."AFA and international platforms like FinTechOn facilitate partnerships and exchanges among countries to address the most pressing FinTech challenges."

"Taiwanhas completed amendments to four anti-fraud laws and the Money Laundering Control Act to enhance its regulatory framework. To build public trust in the virtual asset industry and bolster industry confidence, it is essential to foster smooth dialogue between the government and industry stakeholders,"saidShih-Chieh Huang, Deputy Minister ofTaiwan'sMinistry of Justice,who expressed strong support for AFA's anti-fraud initiative.

AFA was formally launched last year and recently marked its first anniversary. Jalcyn Tsai, Honorary Chairwoman of Taiwan FinTech Association (TFTA), serves as the founding Chairperson of AFA, which comprises association members from 14 Asian economies, including TFTA, Korea FinTech Industry Association (KORFIN), Elevandi Japan,Philippines'Fintech Alliance.Ph, FinTech Association ofMalaysia(FAOM), Thai FinTech Association (TFA), FinTech Association ofHong Kong(FTAHK), Singapore FinTech Association (SFA), Fintech Indonesia, Mongolian Fintech Association (MFA), Cambodia Association of Finance and Technology (CAFT), FinTech Alliance Nepal, Vietnam Fintech Club, andIndia'sFintech Convergence Council (FCC).

"International cooperation, tracking and eliminating the source, and law enforcement via technologies are key priorities in combating fraud,"statedTou-Hui Chang, Chief Prosecutor of Taiwan High Prosecutors Office."It's challenging to combat cross-border fraud as the operation centers of illicit actors are always set overseas. With this backdrop, it's critical to build international cooperations, including mutual legal assistance and coordination among law enforcement, police, and the private sector, such as partnerships between virtual asset exchanges across different countries."

Regulation and anti-fraud are the two major topics in FinTechOn forum this year. FinTechOn isTaiwan'smost authoritative FinTech policy discussion platform. AFA's participation in this forum underscoresTaiwan'sleading role inAsia'sFinTech regulatory harmonization

About Taiwan FinTech Association (TFTA)

The Taiwan Fintech Association (TFTA)is a non-profit organization that aims to promote the development and innovation of financial technology (fintech) inTaiwan. It was established in 2017 and has since become one of the leading voices in the fintech industry inTaiwan.

TFTA advocates for regulatory policies and measures that support fintech innovation both domestically and internationally. TFTA has strong connections with government units, industry stakeholders, and international organizations. TFTA serves as a crucial platform for connecting, collaborating, and facilitating development within theTaiwanfintech community.

TFTA is an official member of the Asia Fintech Alliance(AFA), which is an alliance comprising FinTech associations from various Asian countries and regions.

This strategic partnership between TFTA and the AFA enablesTaiwanto actively engage with the wider Asian FinTech community, aligning with regional trends and amplifying the country's influence in the global FinTech landscape.

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SOURCE Taiwan FinTech Association (TFTA)