James Liu was invited to be a guest speaker at the 5th Investment Summit held by the Asset Magazine on June 18 in Taipei.
He described to the audience of hundreds of institutional investors about two types of FinTech model. One is Disruptive type of model, which attempts to replace or take away some of the businesses of the incumbent financial institutions. For example, a P2P loan platform, or a P2P insurance platform.
The other one is Collaborative type of model, which supports the distribution or operation of the incumbents. For example, PruWell as an InsurTech startup providing digital tools such as patented Insurance Chatbots as well as Data Genius to empower insurance agents/brokers of the incumbents and to enhance efficiency in digital distribution and marketing. PruWell works with incumbents in digital marketing, including with banks in digital bancassurance.
In his capacity as an Advisor to FinTech Committee of Taiwan Financial Services Roundtable, James urged the Taiwanese government to continue building an ecosystem that would be attractive and friendly to entrepreneurs and investors. Taiwan has all of the right elements in place: the relevant laws, the regulatory sandbox, the enthusiasm to innovate by incumbents and startups, and numerous training programs in universities and academies for Fintech, Blockchain, and AI to develop talents.
In the past decades, Taiwan has always been strong in financial services industry and also in the Tech industry, respectively. There are financial giants such as Cathay and FuBon, and tech giants such as FoxConn, Acer, and TSMC.
What would be needed is to combine/integrate the Fin and the Tech so as to nurture and to accelerate more and more innovation startups in FinTech, InsurTech, and in HealthTech in order to make Taiwan a competitive innovation hub.