The FSC explained the policy with regard to internet-only banks establishment in aiwan on April 26, 2018 and heard suggestions about planning of the establishment from the public. During the consultation period, financial institutions, fintech businesses, telecom businesses, e-commerce business operators, law firms, CPA firms, business management consulting firms and social welfare groups put forward suggestions on four main aspects, including requirements of founders, application for establishment, physical presence and internet-only bank’s business and practice. The FSC also held a public hearing on internet-only banks establishment on June 29, 2018 during which each of the suggestions was discussed with various units. The FSC also collected feedback from the public to serve as reference for the following planning. It is hoped that related policies will encourage fintech development in Taiwan and provide the public with more complete financial services.
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