金融科技對金融市場、證券規範及公司治理之衝擊與影響

The Impact of FinTech on Financial Markets, Securities Regulation and Corporate Governance

金融科技對金融發展產生巨大之衝擊與影響，其中發展最快，也是金融機構目前感受最深的主要是支付服務一日千里的發展。挾行動裝置的普及與蛻變，支付服務早已深入一般人的日常生活，因此，支付服務業者可能控有極大之金流，包括資金移動及資金儲存。在此情形下，支付服務業者須具備良好之公司治理及完善的內控內稽制度方能確保使用者之資金安全。同時，支付業者良好公司治理之面向尚包括如何確保資訊安全及使用者個人隱私之保護及資料不被濫用。
除了支付外，金融科技對證券規範之挑戰在於加密資產之發行所涉及之籌資，及加密資產之轉讓可能具有有價證券之屬性，從而應屬證券規範之一環而有公開資訊等各種保護之必要。金融科技的區塊鏈技術顯然受到資本市場及公司監管機關之密切注意，特別是DAO所凸顯之股東民主及少數股東保護的設計引發大家對公司架構及股東直接參與之可能的極大興趣。
另一方面，由美國引發之股東名簿記載「失真」的情況發展至強調股東資訊透明化等需求，區塊鏈已開始發揮其功能，使股份交易與清算更形容易，但其對公司治理未來之影響仍有待觀察。

FinTech has a great impact on the development of financial markets and financial institution. Among them, electronic payment systems is the most advanced and changes our daily life substantially. For example, the innovative concept of M-Pesa has brought financial inclusion to Kenya and Africa, allowing people to use bank-like payment and remittance services. The PSD 2 lists the conducts that are subject to regulations or should be exempted. On the contrary, Taiwan’s Act Governing Electronic Payment Institutions promulgated in 2021 is conservatively constructed and leaves out some important activities.
Fintech is not only applied to payments, the famous blockchain is considered in many aspects of the capital market and can actually be applied to the registration and updating of corporate documents, such as stock ledgers.
Apart from that, The DAO is the first unincorporated organization, which wipes out directors and allow its members to vote directly on the blockchain to decide the investment projects. Although DAO failed because of its technology defects, it has attracted the attention and debate of modern corporate law theories. How blockchain can be used or to what extent it can be used to strengthen corporate governance remains to be seen. Therefore, the conflict between the application of blockchain and corporate theories needs to be resolved carefully.