Taipei, November 29 - 30, 2019
The CRIF Open Banking experience at FINTECH TAIPEI 2019
CRIF took part in Fintech Taipei, one of the most important events in the Fintech world, held in Taiwan on November 29 and 30 at the Taipei World Trade Center Exhibition Hall 1.
The event was brought to life by over 30,000 visitors, 200 stands and 20 keynote speeches, testimony to the significant interest in Fintech companies and the new opportunities offered by Open Banking.
Leading regional banks, virtual banks and Fintech companies coming from all over the world came together at the event, which was also attended by the President of Taiwan, Tsai Ing-wen.
CRIF participated with a talk on “Open Banking & Fintech Solutions - CRIF Experience and Use Cases”, and with the CCIS (China Credit Information Service) stand, the CRIF Group credit information agency based in Taiwan.
Federico Fontolan, CRIF Senior Business Consultant, and Giordano Giulianelli, CRIF Market Leader, presented CRIF’s experience in Open Banking in Europe, following the PSD2 legislation.
As an AISP (Account Information Service Provider) authorized to operate in 31 European countries, CRIF has expanded its range to include aggregation services and advanced analysis of current account data. During the presentation, Fontolan and Giulianelli demonstrated the ability of the CRIF categorization engine - based on machine learning technology - to read and correctly classify the huge amount of data coming from payment transactions. The CRIF categorization engine can also be combined with advanced analytics systems to improve creditworthiness assessment, as well as to identify consumer needs in a more targeted, faster and more accurate way.
CRIF then moved onto the subject of the ecosystem and how cooperation between market players with different backgrounds can lead to the offer of new services aimed at the customer, contributing to improving the customer experience. Specifically, CRIF cited its experience with the innovative INSP – Intelligence Network Services Platform, through which CRIF enables partners of its ecosystem to develop their relationship with consumers and companies - offering them the service most suited to their needs - as well as to acquire new customers.
“Taiwan is currently defining its Open Banking framework, and the European experience provides some important guidelines in terms of regulation, as well as use cases and solutions that can be easily adapted to the Taiwanese context. CRIF is ready to put its experience into practice and to support the market in seizing the opportunities that Open Banking can offer”, commented Federico Fontolan.
CRIF China Credit Information Service (CCIS) had a stand at the event and presented two innovative application services that can help improve the assessment of credit risk: the “KYC / AML compliance issue solution”, which uses artificial intelligence, and the “SME credit risk platform (MR Report)”, able to provide bankruptcy risk forecasts, business health diagnostics, credit scoring, and a white list of potential customers. Visitors to the stand could also put themselves to the test with the “CSI Interactive Game” (credit scoring intelligence agent), which lets players try out the financial sector loan process for SMEs and micro-enterprises through fun games.
Guo Xiaowei, CCIS General Manager, stated, “CRIF China Credit Information Service offers help to the financial sector to resolve the weaknesses of the KYC mechanism in the general process and in operational efficiency, as well as the lack of information when providing credit reports for small and medium-sized enterprises. We are committed not only to being the best partner to the financial sector, but also to performing the role of intermediary between consumers, companies and financial institutions, making the best technologies available to become pioneers in the area of credit reporting in Taiwan.”
Indeed, CCIS is continuing to expand its range of activities in Taiwan. As well as being the point of reference in the country for business information, the CRIF company has recently launched a credit bureau dedicated to leasing companies and it is aiming to become the reference for Open Banking solutions, leveraging the skills and use cases developed in other countries where CRIF is already active in this area.