Taiwan’s cabinet agency Financial Supervisory Commission (FSC) and Israel Securities Authority (ISA) concluded a memorandum on financial technology (fintech) cooperation via video conference on July 13, highlighting efforts by the ROC (Taiwan) government to promote global partnerships in the sector.

The agreement, signed by FSC Minister Thomas Tien-mu Huang and ISA Chair Anat Guetta, provides a framework for cooperation and information-sharing on fintech and investments between the two agencies, the FSC commented.

More specifically, the contract includes a referral mechanism to help innovative companies better understand the regulations in the partner country’s territory, the FSC added.

Describing the memorandum as a milestone in bilateral cooperation, Huang stressed that he expects companies from both sides to expand their presence in the partner country’s capital markets, and Guetta noted that the deal is part of ISA’s ongoing work to share knowledge and experience with to share with their global partners.

As fintech is a high priority in the development of Taiwan’s financial sector, the FSC established an innovative fintech experimentation mechanism in April 2018. The following year, a trial mechanism for firms was created to allow financial institutions to pilot new technologies.

Another key initiative is the fourth FinTech Taipei trade fair, scheduled to take place on October 28-29, which will include an international technology forum, conferences and an innovator marketplace. The previous three fairs had attracted a total of over 80,000 participants, the authority reported.

The memorandum is the fifth agreement of this kind that the FSC has signed with foreign partner organizations, after previously having signed successive agreements with authorities in Poland, the US state of Arizona, France and Canada (in that order).