Focus Taiwan
Date: 2018/01/23
By: Tsai Yi-chu and Frances Huang

Taipei, Jan. 23 (CNA) The Financial Supervisory Commission (FSC) is studying the

FSC Chairman Wellington Koo CNA file photo

possibility of allowing the banking sector to open banks that operate exclusively online in a bid to strengthen financial technology in Taiwan, FSC Chairman Wellington Koo (顧立雄) said on Tuesday.

Speaking to the press, Koo said while many banks operating in Taiwan provide clients with online banking services, the country currently bans exclusive digital banks with no physical outlets.

However, in order to improve the competitiveness of the local banking sector, Koo said, the FSC needs to study the feasibility of opening pure digital banks in Taiwan, and has listed this as a priority policy for the commission in 2018.    [FULL  STORY]