Three internet-only banks which have been granted approvals to establish by the FSC in 2019 were in the preparatory phase and were expected to open for business soon. Last year (2020), the FSC granted a banking license to Rakuten International Commercial Bank (RICB), which is the first internet only bank to obtain a banking license in Taiwan, and RICB has launched its business on December 30 of 2020. Next, the FSC granted another banking license to LINE Bank Taiwan Limited (LINE Bank Taiwan) this February, and LINE Bank Taiwan also has opened for business on March 24, 2021.

The FSC also leverages technology to support supervision over internet only banks. Now, the suptech solutions have been adopted to conduct real-time monitoring of internet-only banks' liquidity risk as well as material financial and business indicators.