The FSC has approved the applications of six banks (Hua Nan Commercial Bank, Yuanta Commercial Bank, CTBC Bank, Mega International Commercial Bank, First Commercial Bank, and Cathay United Bank) to cooperate with the Taiwan Depository and Clearing Corporation -- a third-party service provider (TSP) -- in conducting Phase 2 (customer information inquiries) of Taiwan’s Open Banking Initiative. In addition, the FSC has also approved an application by Far Eastern International Bank to conduct Phase 2 open banking in cooperation with a telecom operator also acting as a TSP. A specific consumer with internet banking or mobile banking account services at any of the aforementioned seven banks will be able to use an app issued by the said TSP to apply for open banking services. Once an applicant’s identity is verified and the applicant has provided consent for the provision of personal information, the applicant will be able to make inquiries about the balance and transaction data of the applicant’s bank accounts via apps of TSPs.