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According to the "Asia Fraud Investigation Report" published by the Global Anti-Scam Alliance (GASA), it was found that more than 40% of Asian people encounter fraud every month, with Hong Kong and Thailand reaching as high as 90%. The most common types are "personal information theft", "investment fraud", and "shopping fraud". The financial loss from fraud in 2024 alone is estimated to reach $688 billion. The fraudulent methods of criminal groups are constantly evolving, not only using the latest technologies such as AI and blockchain, but also constantly cross-border money laundering. Only by establishing an effective cross-border joint defense can illegal funds be effectively intercepted and fraud accurately cracked down.
Caption: Given that rampant fraud is a common challenge for all countries, members of the Asia FinTech Alliance (AFA), representing 14 Asian economies, have signed a Memorandum of Understanding (MOU) for anti-fraud cooperation.
The Asia FinTech Alliance (AFA) made its debut at the FinTechOn 2024 annual forum hosted by the Taiwan FinTech Association. Given that rampant fraud is a common challenge for all countries, the AFA members representing 14 Asian economies signed a Memorandum of Understanding (MOU) for anti-fraud cooperation, agreeing to establish a working group to raise public awareness of financial and investment-related fraud, jointly formulate and implement best practices against fraud, and establish a consistent cross-border anti-fraud mechanism to more effectively address cross-border, organized fraud cases.
Financial Supervisory Commission Chairman Teng Chung-lung stated: "Virtual asset regulation and anti-fraud efforts require not only public-private cooperation, but also international cooperation. Forums like AFA and FinTechOn help facilitate exchanges and cooperation between countries to jointly address the new challenges brought by financial technology."
The Ministry of Justice also highly affirmed this event. Deputy Minister of Justice Huang Shih-chieh emphasized in his speech: "The Taiwan government has completed the revision of the 'Four Laws Against Fraud' and the 'Money Laundering Prevention Act', symbolizing the strengthening of Taiwan's regulation. To build public trust in the virtual currency industry and strengthen confidence in the industry, we need to establish a good communication platform between the government and the industry."
AFA was established just over a year ago, with Taiwan FinTech Association Honorary Chairman Tsai Yu-ling serving as the first chairperson. Members include: Taiwan FinTech Association, Korea FinTech Industry Association, Elevandi Japan, Fintech Alliance.Ph (Philippines), FinTech Association of Malaysia, Thai FinTech Association, FinTech Association of Hong Kong, Singapore FinTech Association, Fintech Indonesia, Mongolian Fintech Association, Cambodia Association of Finance and Technology, FinTech Alliance Nepal, Vietnam Fintech Club, and Fintech Convergence Council (India).
Prosecutor General of the Taiwan High Prosecutors Office Chang Tou-huei stated: "International cooperation, tracing the source and cutting off the root, and technology-based law enforcement are the current directions for fraud prevention and punishment. For cross-border fraud cases, as the command center is located overseas, it is difficult to investigate, so international cooperation is more necessary, including international judicial assistance, liaison with foreign prosecutors and law enforcement agencies, and cooperation with the private sector, such as cooperation with offshore virtual asset trading platforms."
"Regulation" and "anti-fraud" are the two main themes of this year's FinTechOn annual forum, which is Taiwan's most representative platform for financial technology policy discussions. The participation of AFA symbolizes that Taiwan plays an important leading role in promoting the coordination of Asian financial technology policies.
About the Taiwan FinTech Association (TFTA)
The Taiwan FinTech Association (TFTA) is a non-profit organization aimed at promoting the development and innovation of financial technology (Fintech) in Taiwan. It was established in 2017 and has since become one of the leaders in Taiwan's Fintech industry.
TFTA advocates for and supports regulatory policies and measures that foster domestic and international Fintech innovation. TFTA maintains close connections with government agencies, industry stakeholders, and international organizations. TFTA is an important platform for connecting, collaborating, and advancing the development of Taiwan's Fintech industry.
TFTA is an official member of the Asia FinTech Alliance (AFA), which is an alliance composed of Fintech associations from various Asian countries and regions.
The strategic partnership between TFTA and AFA allows Taiwan to actively participate in the broader Asian Fintech community, align with regional trends, and expand Taiwan's influence in the global Fintech landscape.
〈Fintech Associations from 14 Asian Countries Sign Cross-Border Anti-Fraud MOU, Welcomed by Taiwan's Financial Supervisory Commission and Ministry of Justice〉 This article was first published on NONE LAND.
