{"id":25552,"date":"2019-07-19T00:42:27","date_gmt":"2019-07-19T00:42:27","guid":{"rendered":"http:\/\/asiallians.com\/zh-hans\/taiwan-legal-update-amendments-factory-management-act-taiwan-france-fintech-agreement\/"},"modified":"2019-07-22T08:28:45","modified_gmt":"2019-07-22T08:28:45","slug":"taiwan-legal-update-amendments-factory-management-act-taiwan-france-fintech-agreement","status":"publish","type":"post","link":"https:\/\/asiallians.com\/zh-hans\/taiwan-legal-update-amendments-factory-management-act-taiwan-france-fintech-agreement\/","title":{"rendered":"Taiwan Legal Update: Amendments to the Factory Management Act & Taiwan-France FinTech Agreement"},"content":{"rendered":"

[vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”center” background_image_as_pattern=”without_pattern” padding_top=”50″ padding_bottom=”50″ css_animation=””][vc_column css=”.vc_custom_1517373139965{background-image: url(http:\/\/asiallians.com\/wp-content\/uploads\/2018\/01\/Picture1.png?id=18554) !important;}”][vc_empty_space][vc_column_text]The Ministry of Economic Affairs predicts Factory Law will Boost Investment by approx. NT$2 Trillion<\/span><\/strong>[\/vc_column_text][vc_empty_space height=”70px”][\/vc_column][\/vc_row][vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” padding_bottom=”100″ css_animation=””][vc_column][vc_column_text]On the 27th of June, the Legislative Yuan passed amendments to the Factory Management Act. In a statement on Tuesday(15th), the Ministry of Economic Affairs(MOEA) anticipates in ten years, the new amendments will create up to NT$2 trillion (US$ 64.52 Billion) in investment and the number of registered factories will reach 45,000.<\/p>\n

The new amendments provide a path to legality for unregistered factories. Unlicensed low pollution factories have a two-year time frame to submit a proposal to the MOEA. This proposal must be aimed at improving pollution and strengthen safety within three years. The factories will then be considered “special factories”.\u00a0\u00a0 Complementary rules to provide further guidance are to be introduced by the MOEA later this year.<\/p>\n

It is also hoped that the amendments will solve problems arising from illegal factories. The MOEA expressed that many factories “hidden in the countryside” are “invisible champions” of Taiwanese Industry and have enormous potential to contribute to the economy.\u00a0 Thus, through management and guidance, these factories will be able to make a bigger contribution to the economy.<\/p>\n

It is estimated that there are 38,000 unregistered factories in Taiwan; 14000 hectares of farmland nationwide and 7,000 factories with temporary operational licenses. Some unlicensed factories in Taiwan, such as REPON, are well known and visible in the market. Each is expected to invest NT$30 million-NT$50 million over the next ten years, which amounts to 1 to 2 trillion investment.<\/p>\n

The amendments will ensure plants are better managed and improve working conditions and safety standards across Taiwan.\u00a0 They will also provide a path to legality, which is expected to encourage more investment, particularly from key market players who are already operating in the market.<\/p>\n

(MORE INFORMATION<\/a>)[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”center” background_image_as_pattern=”without_pattern” padding_top=”50″ padding_bottom=”50″ css_animation=””][vc_column css=”.vc_custom_1517373139965{background-image: url(http:\/\/asiallians.com\/wp-content\/uploads\/2018\/01\/Picture1.png?id=18554) !important;}”][vc_empty_space][vc_column_text]Taiwan and France ink fintech agreement to boost technology cooperation<\/span><\/strong>[\/vc_column_text][vc_empty_space height=”70px”][\/vc_column][\/vc_row][vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” padding_bottom=”100″ css_animation=””][vc_column][vc_column_text]The FSC has concluded its negotiations regarding the FinTech cooperation agreement. The agreement was signed by the Financial Supervisory Commission of Taiwan and French Prudential Supervision Regulation Authority of France, on July 9th<\/sup>. This marks the third agreement between the FSC \u00a0agreement with a foreign party since 2017, following Poland and U.S Arizona.<\/p>\n

Under the framework, Taiwan and France will share information with each other about their respective fintech institutions, services, and commercial opportunities. This will help secure a footing for both sides in a new era of fintech innovation. \u00a0The agreement includes a referral mechanism which enables information sharing between supervisory agencies of both parties. After signing, the two parties will be able to refer financial technology start-ups to each other through mutual financial technology departments.<\/p>\n

Providing assistance to understand the regulatory systems in both jurisdictions and sharing information on their respective market and financial services innovations will promote mutual supervision of financial technology and create more opportunities for financial technology players in Taiwan and France. This is also expected boost both France and Taiwan\u2019s involvement in the international market.<\/p>\n

FSC has also expressed their long-term desire to push for collaboration on financial regulation with Germany and the U.K. Taiwan and Germany have established presences in banking and insurance on each other\u2019s territories. Furthermore, Taiwan is expected to engage in talks with the UK about implementing measures as the country braces for Brexit.<\/p>\n

The Financial Management Association will bolster these efforts by promoting exchanges with financial supervision institutions of various countries on financial supervision and financial science and technology cooperation, promote the integration of Taiwan\u2019s financial regulations with international standards, and enhance the international competitiveness of Taiwan\u2019s financial industry.<\/p>\n

(MORE INFORMATION<\/a>)<\/p>\n

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Feel free to contact asiallians@asiallians.com<\/strong><\/a> for more information.<\/p>\n

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On November 11th, 2015, the sales volume of Taobao (a B2C platform owned by Alibaba Group) reached CNY 91.2 billion (around 14 billion USD), with around 680 million online deals completed and the packages delivered all across the country.<\/p>\n","protected":false},"author":5,"featured_media":20948,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[160],"tags":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n\t\n\t\n