The Taiwan FSC and JCIC Are Planning to Roll Out a Convenient Forwarding Mechanism for Personal Credit Score Data

The Financial Supervisory Commission (hereinafter, the “FSC”) and the Joint Credit Information Center (hereinafter, the “JCIC”) announced the rollout of a “convenient forwarding mechanism for personal credit score and data” so that eligible financial technology operators (“FinTech operator”) may, with the consent of their customers, obtain from the JCIC their credit score data, including credit card data, credit data, and credit scores obtained by calculating data such as their payment behavior and indebtedness.

This mechanism, which not only accelerates financial innovation but further realizes the autonomy of consumer data and enhances the efficiency and quality of financial services, is expected to be formally operated in the second quarter of 2022.[1] According to related news reports and the verbal confirmation with JCIC, the criteria required for an operator to participate in the convenient data forwarding mechanism, and the explanation of the points to note for personal information protection are summarized as below.

Qualifications for joining the convenient forwarding mechanism for personal credit scores and data are provided as follows:[2]

Organizational qualifications

  1. A juristic person organization legally incorporated and registered for at least three years.
  2. A paid-in capital of at least NT$100 million or a paid-in capital of at least NT$20 million with ISO20771 certification.

Cybersecurity qualifications There have been no personal data leakage incidents in the last three years.

Qualifications for the responsible persons and actual beneficiaries

  1. The responsible persons and managerial officers not subject to the circumstances set forth in Article 3, Paragraph 1, Subparagraphs 1 through 12 of the Regulations Governing the Qualification Requirements, Concurrent Service Restrictions, and Compliance Matters of the Responsible Persons of Banks
  2. Not a business in Taiwan that is invested by investors from mainland China (including Hong Kong and Macao).
  3. Willingness to accommodate the JCIC’s review to determine if the responsible person, shareholders holding over 10% of the total outstanding shares or total capital, and the ultimate beneficiary are persons or enterprises in mainland China (including Hong Kong and Macao).

Source: Lexology news