金融科技之競爭法課題：以數位金融平台與限制競爭為中心

The Issues of Competition Law in FinTech: Focusing on Digital Financial Platforms and Anti-Competitive Practices

本文分析數位金融平台趨勢與金融科技所觸發之金融管制革新，並彙整美國與歐盟相關文獻及案例，據此探討我國法制下金融科技與數位金融平台相關限制競爭課題。首先，各類數位金融服務市場多具雙邊／多邊平台的特性。雙邊／多邊平台之市場力量評估及可能衍生之限制競爭風險，與金融科技相關限制競爭議題密不可分。次來，金融科技結合案審查應著重妥適援用雙邊／多邊平台相關理論、取得線上金融服務相關數據以界定市場與評估限制競爭風險，並考量數據所生競爭優勢且參考結合事業內部文件、客戶或競爭者觀點，分析結合案對金融創新之影響。另我國已有大型科技公司或非金融事業，透過電支機構、第三方支付、數位支付服務供應商或第三方服務提供者等方式，成為金融消費者接觸或使用各類金融服務的管道與門戶之趨勢，其相關垂直交易限制或對競爭者的排他行為，可能為我國未來重要限制競爭議題。惟於我國現行金融管制架構下，尚難以援引公平交易法第9條或第25條，處理個別銀行拒絕第三方服務提供者接取客戶數據等行為，相關金融管制與數位個人資料保護法制之調整與修正仍為關鍵，且如此方能避免銀行公會相關自律規範部分涉有違反聯合行為之疑慮。

This article scrutinizes the evolution of digital financial platforms, the reform of financial regulations stemming from FinTech, and surveys pertinent literature and cases from the United States and the European Union. Drawing on these findings, the study further dissects and suggests appropriate enforcement of the Taiwan Fair Trade Act (TFTA) concerning anticompetition issues associated with FinTech and digital financial platforms within the Taiwanese legal framework. Primarily, it is evident that numerous digital financial service markets possess the characteristics of two/multi-sided platforms. The assessment of these platforms' market power and related anticompetitive risks is deeply intertwined with anticompetitive issues associated with FinTech. Secondly, when evaluating fintech-related mergers, the Taiwan Fair Trade Commission (TFTC) should effectively apply the theory of two/multi-sided platforms and acquire data related to online financial services. This would enable it to define relevant markets and evaluate ensuing anticompetitive risk. Additionally, the TFTC should consider the competitive advantages created by data and analyze the impact of mergers on financial innovation, drawing references from merging enterprises' internal documents and the perspectives of their customers and competitors. Furthermore, large technology companies or non-financial enterprises in Taiwan, acting as or through electronic payment institutions, third-party payment providers, digital payment service providers, or third-party service providers, have gradually emerged as conduits and gateways for financial consumers to access or utilize a variety of financial services. Related vertical restrictions or exclusionary practices will pose significant anticompetitive issues in Taiwan. Nevertheless, under the current financial regulatory framework in Taiwan, the TFTC faces challenges in invoking Article 9 or Article 25 of the TFTA to prohibit any individual bank's unjust denial of third-party service providers' access to customer data. The refinement and revision of the associated financial regulations and legal systems protecting digital personal data will be the focal point, which could also avoid the risk that certain self-regulatory practices of the Taiwan Bankers Association may contravene the prohibition against illegal concerted actions.