Fintech associations in 14 Asian countries signed the "Anti-fraud Cross-border Joint Defense MOU", and the FSC and the Ministry of Justice are happy to see its success

The Asia FinTech Alliance (AFA) made its appearance at the FinTechOn 2024 annual forum hosted by the Taiwan FinTech Association on November 4th. Representatives from AFA, which consists of 14 Asian economies, announced the signing of a Memorandum of Understanding (MOU) for anti-fraud cooperation through remote and on-site participation. The Global Anti-Scam Alliance (GASA) released an 'Asian Fraud Investigation Report,' revealing that over 40% of Asians encounter scams every month, with Hong Kong and Thailand reaching as high as 90%. The most common scams include personal information theft, investment fraud, and shopping scams, with estimated financial losses from fraud in 2024 reaching as high as $688 billion. To effectively combat fraudulent activities, it is essential to establish effective cross-border cooperation to intercept illegal funds and combat scams precisely. Recognizing the rampant fraud as a common challenge for all countries, AFA members, representing 14 Asian economies' FinTech Associations, signed an MOU for anti-fraud cooperation, agreeing to establish a task force to raise public awareness of financial and investment-related scams, jointly develop and implement best practices for anti-fraud, and establish a consistent cross-border anti-fraud mechanism to more effectively address cross-border organized fraud cases. Chairman of the Financial Supervisory Commission, Huang Shi-Jie, emphasized the need for international cooperation in virtual asset regulation and anti-fraud efforts. The Ministry of Justice also expressed strong support for the event, highlighting Taiwan's strengthened regulations, including the amendment of the 'Four Laws Against Fraud' and the 'Money Laundering Prevention Law.' AFA, established for just over a year, with Taiwan FinTech Association's Honorary Chairman, Tsai Yu-Ling, serving as the first chairman, has 14 members, including the FinTech Associations of Taiwan, Korea, Japan, the Philippines, Malaysia, Thailand, Hong Kong, Singapore, Indonesia, Mongolia, Cambodia, Nepal, Vietnam, and the Fintech Convergence Council of India. AFA, consisting of 14 economies, made its debut at the FinTechOn annual forum, with representatives from South Korea, Malaysia, Hong Kong, Cambodia, and Taiwan engaging in synchronous discussions on the current situation of fraud in Asia and anti-fraud methods. Chang Dou-Hui, the Chief Prosecutor of the Taiwan High Prosecutors Office, stated that international cooperation, tracing the origins, and technology enforcement are the current targets for combating fraud. 'Regulation' and 'anti-fraud' are the two main themes of this year's FinTechOn annual forum, serving as Taiwan's representative financial technology policy discussion platform. TFTA is a non-profit organization established in 2017, aiming to promote the development and innovation of Taiwan's financial technology (Fintech). It advocates for regulatory policies and measures that support domestic and international financial technology innovation and maintains close connections with government agencies, industry stakeholders, and international organizations. TFTA is a strategic partner of AFA, enabling Taiwan to actively participate in a broader Asian financial technology community, aligning with regional trends and expanding Taiwan's influence in the global financial technology field.