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Main points in the policy of internet-only banks establishment

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  1. Minimum paid-in capital requirement: The minimum paid-in capital of an internet-only bank is NT$10 billion, which is the same as setting up a conventional commercial bank.
  2. Scope of business: The business scope is the same as a conventional commercial bank.
  3. Requirements of founders: At least one of an internet-only bank’s founders should be a bank or a financial holding company and the minimum shareholding held by the bank or financial holding company should reach 40%.
  4. Fit and proper requirement for major shareholders: Integrity and in compliance with regulations, as well as meeting qualification requirements for person in charge of banks; financial and business performance may enable the internet-only bank to operate soundly; able to concretely elaborate business strategy of the internetonly bank, types of cooperation with financial institutions, business plan, investment structure, etc; in cases where a major shareholder is from non-financial industry, i.e. with fintech, e-commerce or other expertise, must present a successful business model.
  5. Principle of supervision: Subject to the same set of supervisory requirements applicable to conventional banks, i.e. compliance framework, customer data protection, information security control standards, anti-money laundering system, corporate governance, etc.
  6. Physical presence: Apart from the head office and a customer service center to take care of customers’ needs face to face, an internet-only bank may not establish physical branches.
Visitor: 313   Update: 2020-07-14