Far Eastern International Bank invited to attend FinTechOn 2024 Virtual Asset Development Forum

        On November 4th, the Taiwan Fintech Association held the 2024 "Fintech Trends Forum: Towards Dawn: Virtual Asset Regulation and Anti Fraud Action", focusing on the three major topics of "virtual assets, regulation, and anti fraud". Far Eastern International Bank, which is responsible for more than 70% of the virtual asset trading flow in Taiwan, is the only local bank invited to attend. Dai Songzhi, Vice President of the Digital Finance Business Group, shared with the audience the two major opportunities and challenges for the development of virtual assets in traditional financial services, including derivative financial products and creating "qualitative disruptive changes". One of the major features of digital finance is 24/7 operation, and virtual assets are 24/7 (24 hours a). 7 days a week) Disrupting traditional products. On the other hand, the financial industry belongs to the franchising industry, and compliance with regulations is quite important. There is currently no complete regulation, and anti money laundering and anti fraud are the two major challenges. When a bank's AI model monitors a deposit account suspected of fraud without warning or belonging to a non derivative controlled account, although the bank can verify the illegal activities, or take measures such as temporarily suspending the account function or politely refusing transactions in accordance with money laundering prevention regulations, when customers complain or appeal, the bank may need to choose to lift the ban or compromise, so it is necessary to obtain more authority through regulations.

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