Taiwan’s 16 major banks are collaborating to develop their own financial AI model to decrease dependence on international platforms that may not align with local regulatory and market needs. This initiative, led by CTBC Financial Holding Co and the FinTech Industry Alliance, aims not only to create a banking model but also plans for future phases that will include insurance, securities, and other financial services. The Financial Supervisory Commission Chairman, Peng Jin-lung, emphasized the importance of this model in enhancing sovereign AI supported by local regulations and practices.

Taiwan’s major banks: Taiwan’s 16 major banks, led by CTBC Financial Holding Co, are collaborating through the FinTech Industry Alliance to develop localized AI technologies tailored to the domestic financial sector. This joint initiative focuses on creating a large language model embedded with local regulations, supervisory practices, and industry expertise to minimize dependence on foreign AI platforms. The first banking-focused version is slated for release by year-end, with plans to expand into insurance and securities.

{“Expansion Plans”: “After the initial banking model, future phases will incorporate insurance, securities, and other financial services.”, “Regulatory Support”: “Financial Supervisory Commission Chairman Peng Jin-lung highlighted the model’s benefits in bolstering sovereign AI with embedded local regulations and practices.”, “Initiative Leadership”: “Led by CTBC Financial Holding Co and the FinTech Industry Alliance, the project pools resources from 16 major financial holding companies.”}