With the aim of assisting banks to keep up with the trend of digitization and take advantage of business opportunities, as well as to encourage financial innovation and deepen financial inclusion in order to meet the needs of younger consumers, on April 26, 2018, the FSC announced a policy of allowing the establishment of internet-only banks in Taiwan. After the FSC received applications from three consortiums, the review panel has completed the review process in July, 2019, then the FSC announced on July 30, 2019 that the three applicants had been granted approval to set up internet-only banks.
The Development of Internet-only Banks Establishment in Taiwan
2018-08-29 FSC and the Taiwan Academy of Banking and Finance hold the Conference on the Outlook of Internet-only Banks: Implications of International Developments for Taiwan
2018-11-14 FSC announced related regulations regarding internet-only banks establishment and started to accept applications
2019-02-12 FSC introduced guidelines on establishment of an application review panel for Internet-only banks
2019-08-16 Granting of Internet-only Bank Approval
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