Small Countries Struggle to Keep Up with Fintech

Note from the Publisher:  This headline grabbed our attention today……..”FinTech development short of talent, law compliance”.  I just wrote how I did a double take on stats on VC blockchain investments published in TheMerkle, and I did another double take again when I read that headline, too.  To me, that reads that fintechs are lacking smarts and integrity (and they may be on to something there!), but the article (from a Taiwan-based website) goes on to state that there is a SHORTAGE of talent, not that fintechs are SHORT of talent.  The results were from a survey conducted by the Taiwan Stock Exchange at a recent summit on fintech.  We found this all quite interesting, as their neighbor China is moving at blinding speed on fintech development and investments, and is also a major hub for digital currency innovation and bitcoin mining.  Seems the little island next door is struggling to keep up, and this is really something that we all need to think about.  How do smaller (and developing) nations keep up with the pace of fintech growth and innovation, and what does that mean for their economies in the future? 

“A talent shortage and a lack of sense of law compliance have become two major obstacles to the local financial sector, at a time when the sector has been gearing up to develop financial technology (FinTech), according to a survey conducted by the Taiwan Stock Exchange (TWSE)…….

The survey also showed that the seminar participants raised concerns over violation of money laundering regulations resulting from poor law compliance. The respondents said that the local financial sector should take poor law compliance seriously.

The TWSE said that the survey respondents from the financial sector prefer to develop FinTech in a steady manner, while their counterparts in the information technology sector have a relatively more aggressive approach.

Read Full Article at FocusTaiwan