After making the policy announcement for internet-only bank establishment in April,2018, the FSC received applications from three consortiums led by LINE, Chunghwa Telecom and Rakuten Bank in February, 2019. Following the completion of the review process by the review panel, the FSC announced on July 30, 2019 that the three applicants had been granted approval to set up internet-only banks.

 

The FSC expects that the three banks will drive market innovation and related industry development, bringing the "catfish effect" into play.