FinTechOn 2024: FinTech Associations from 14 Asian Economies Sign MOU to Enhance Collaborations in Anti-Fraud

TAIPEI, Nov. 5, 2024 /PRNewswire/ -- According to the Asian Scam Report 2024 published by the Global Anti-Scam Alliance (GASA), over 40% of Asians encounter scams monthly. Hong Kong and Thailand face scams most frequently, with up to 90% of its citizens facing scams once per month or more. Identity theft, investment fraud, and online platform scams are among the most common threats, bearing the brunt of a $688 billion scam burden in 2024 alone.

Scammers are constantly evolving their techniques and utilizing new technologies such as AI and blockchain. Additionally, illicit funds are moving across borders. To effectively intercept these funds and combat fraud, a robust cross-border joint defense network is essential.

Taiwan's FinTechOn 2024 forum took place on 4th November and the Asia FinTech Alliance (AFA) made its debut at FinTechOn this year, where representatives of FinTech associations from 14 Asian economies signed a memorandum of understanding (MOU) on anti-fraud collaboration. The goals include raising public awareness of FinTech-related fraud; establishing channels for sharing information and insights on anti-fraud; developing and promoting best practices in anti-fraud; and creating a unified cross-border approach to handle reported fraud incidents internationally.

"Virtual asset regulation and fraud prevention require both public-private collaboration and international cooperation," said Jin-Lung Peng, Chairman of Taiwan's Financial Supervisory Commission (FSC). "AFA and international platforms like FinTechOn facilitate partnerships and exchanges among countries to address the most pressing FinTech challenges."

"Taiwan has completed amendments to four anti-fraud laws and the Money Laundering Control Act to enhance its regulatory framework. To build public trust in the virtual asset industry and bolster industry confidence, it is essential to foster smooth dialogue between the government and industry stakeholders," said Shih-Chieh Huang, Deputy Minister of Taiwan's Ministry of Justice, who expressed strong support for AFA's anti-fraud initiative.

AFA was formally launched last year and recently marked its first anniversary. Jalcyn Tsai, Honorary Chairwoman of Taiwan FinTech Association (TFTA), serves as the founding Chairperson of AFA, which comprises association members from 14 Asian economies, including TFTA, Korea FinTech Industry Association (KORFIN), Elevandi Japan, Philippines' Fintech Alliance.Ph, FinTech Association of Malaysia (FAOM), Thai FinTech Association (TFA), FinTech Association of Hong Kong (FTAHK), Singapore FinTech Association (SFA), Fintech Indonesia, Mongolian Fintech Association (MFA), Cambodia Association of Finance and Technology (CAFT), FinTech Alliance Nepal, Vietnam Fintech Club, and India's Fintech Convergence Council (FCC).

"International cooperation, tracking and eliminating the source, and law enforcement via technologies are key priorities in combating fraud," stated Tou-Hui Chang, Chief Prosecutor of Taiwan High Prosecutors Office. "It's challenging to combat cross-border fraud as the operation centers of illicit actors are always set overseas. With this backdrop, it's critical to build international cooperations, including mutual legal assistance and coordination among law enforcement, police, and the private sector, such as partnerships between virtual asset exchanges across different countries."

Regulation and anti-fraud are the two major topics in FinTechOn forum this year. FinTechOn is Taiwan's most authoritative FinTech policy discussion platform. AFA's participation in this forum underscores Taiwan's leading role in Asia's FinTech regulatory harmonization

About Taiwan FinTech Association (TFTA)

The Taiwan Fintech Association (TFTA) is a non-profit organization that aims to promote the development and innovation of financial technology (fintech) in Taiwan. It was established in 2017 and has since become one of the leading voices in the fintech industry in Taiwan.

TFTA advocates for regulatory policies and measures that support fintech innovation both domestically and internationally. TFTA has strong connections with government units, industry stakeholders, and international organizations. TFTA serves as a crucial platform for connecting, collaborating, and facilitating development within the Taiwan fintech community.

TFTA is an official member of the Asia Fintech Alliance (AFA), which is an alliance comprising FinTech associations from various Asian countries and regions.

This strategic partnership between TFTA and the AFA enables Taiwan to actively engage with the wider Asian FinTech community, aligning with regional trends and amplifying the country's influence in the global FinTech landscape.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

FinTechOn 2024: FinTech Associations from 14 Asian Economies Sign MOU to Enhance Collaborations in Anti-Fraud

BANGKOK, Nov. 5, 2024 /PRNewswire/ -- CKPower Public Company Limited (SET: CKP), one of Southeast Asia's largest producers of electricity from renewables, reported that in the first half of 2024, the company further reduced energy consumption by 2,883 MWh (equivalent to reducing greenhouse gas emissions by 1,313 tCO₂e), or the equivalent of turning off lights in Bangkok for 119 hours, through innovations to reduce energy consumption and enhancing the efficiency of electricity production.

Mr. Thanawat Trivisvavet, Managing Director, CKPower Public Company Limited, said, "We made a serious commitment to becoming a Net Zero company.  This reduction marks significant progress on that journey and reinforces our position as having one of the lowest carbon footprints of all major electricity producers in the region."

He said that CKPower's initiatives to become a Net Zero company include making further improvements to its power generation efficiency across the 18 power plants at which it generates electricity.  The company currently releases around 0.0691 tCO₂e of greenhouse gases per megawatt-hour (MWh) of electricity produced, as compared to Thailand's national average that is more than seven times higher at 0.4999 tCO₂e/MWh.

In addition to managing its greenhouse gas emissions and improving it power generation efficiency, CKPower also reported that it has been successful in boosting the proportion of its power generation capacity that is renewables-based to be 93%, as compared to around 89% two years ago.

Among the large power producers of Thailand, CKPower has the greatest proportion of power generation capacity that is renewables-based.

According to Mr. Trivisvavet, in order to further reduce greenhouse gas emissions, the company is also studying an electricity generation project utilising hydrogen fuel mixed with natural gas in combined cycle power plants, in line with Thailand's energy transition plan laid out in the draft Power Development Plan of Thailand 2024 - 2037 (PDP2024).

CKPower's renewables-based power plants supplied Thailand with around 8.5 million megawatt-hours of clean electricity, or around 17% of the total clean electricity used in Thailand during 2023 and thereby helped avoid the creation of around 4.4 million tonnes of carbon dioxide equivalent of greenhouse gas emissions per year.

"CKPower – Renewable Electricity for a Sustainable Future"

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Leading Thai sustainable energy producer CKPower cuts greenhouse gas emissions