FSC Taiwan Makes Headway in Suptech, Adopts API Reporting Mechanism
The Financial Supervisory Commission of Taiwan (FSC Taiwan) encourages banks to adopt application programming interface (API) reporting method from January 2023, to facilitate establishment of effective and accurate supervision mechanisms.
To accelerate the promotion of digital supervision reporting, FSC Taiwan expects the Taiwan branches of foreign banks and mainland banks in Taiwan to actively cooperate by fully adopting the API reporting method from January 2023, to realize the goal of digital transformation of supervision. After a three-year trial period, as of January 2022, all national banks have fully adopted API to automatically report all financial statements via the Financial Examination Bureau's "Financial Supervisory Report System for Banks and Bills Finance Companies." FSC Taiwan also encourages banks to actively integrate internal automation into their API reporting mechanism, to maximize the synergy generated by automated reporting, help realize smart regulatory reporting, and move toward a new era of supervisory technology. The API reporting mechanism provides a number of benefits for banks, including improvements in reporting efficiency, quality, and security. It will also contribute to the future adoption of granular data reporting operations by helping to improve data collection efficiency, reduce duplicate reporting, enable supervisory authorities to use data more flexibly, and facilitate prompt detection of abnormalities and risks.
Related Link: Press Release
Keywords: Asia Pacific, Taiwan, Banking, Basel, Reporting, API, Open Finance, Suptech, Regtech, FSC Taiwan
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