After the policy announcement for internet-only bank establishment last April, the FSC received applications from 3 consortiums in February 2019. Following the completion of the review process by the review panel, the FSC announced on July 30, 2019, that all 3 applicants had been approved to set up internet-only banks. The FSC expects that these 3 banks will drive market innovation and development, exert the catfish effect through new business models and technologies, and hence enhance financial inclusion. Also, the FSC requires that these internet-only banks must build solid risk management and data protection system in place while they develop technology innovation.