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

-Main points in the policy of internet-only banks establishment

-Granting approvals to internet-only banks

-Measures to strengthen the supervision of internet-only banks

-Current status of internet-only banks establishment

 

Related Information

2018-04-26  Policy announcement for internet-only bank establishment

2018-06-29  FSC held a public hearing on the policy of internet-only banks establishment

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
2020-12-08  FSC grants banking license to Rakuten International Commercial Bank
2021-02-04  FSC grants banking license to LINE Bank Taiwan Limited
2021-12-09  FSC grants banking license to NEXT BANK
2023-01-12  FSC Convenes Business Communication Meeting for Internet-Only Banks Banks