As advanced technology plays an ever-larger role in the financial services sector, the types of skills once needed only in specific IT roles are now applicable to a wider variety of financial services jobs. Financial services will move towards a customer-oriented model requiring more fintech talent, and people with these skills will be in high demand. Emerging fintech sectors will be highly dynamic, and financial services professionals must plan carefully for the challenges to traditional business models.
In light of these trends, and in line with the government's policy planning, TABF is helping industry professionals improve their digital financial acumen in order to help them improve their competitiveness. In 2016, following consultation with industry experts, TABF published the first edition of the Fintech Knowledge Test (then called the Digital Finance Knowledge Test). This exam is fast becoming a standard in Taiwan for measuring digital financial literacy in both the public and private sectors. By 2020, over 25,000 people had taken the test.
The Fintech Knowledge Test covers the following 15 subjects:
- The history of fintech
- Cloud computing
- Market information services – big data and new market platforms
- Artificial intelligence
- Investment management with fintech
- Online-only banks and open banking
- Information security and risk management
- Digital transformation
As the field of FinTech continues its progress, financial institutions must not only enhance their digitization, but also make serious efforts to understand the resulting new opportunities it creates.
In line with these developments, TABF publishes the book Basic knowledge on FinTech, which was designed by us as a reference for the FinTech Knowledge Test. Co-authored by TABF staff and other experts, it features balanced and credible analysis, avoiding trivia and overly complex concepts while emphasizing readability. The content structure is based on the World Economic Forum (WEF)'s roadmap for FinTech development, adding in TABF's research findings plus other domestic and international trends and practices. Not only is Fin & Tech suitable for financial proficiency testing, but it can also be used as a textbook in university courses, supplementing theoretical knowledge with up-to-date practical knowledge in this rapidly changing field.