Featured Product

    FSC Taiwan Grants License to Internet-Only Banks in Taiwan

    February 09, 2021

    FSC Taiwan has granted a banking license to LINE Bank in February 2021. LINE Bank is the second internet-only bank to obtain a banking license in Taiwan. In December 2020, FSC Taiwan had granted the banking license to Rakuten International Commercial Bank, which was the first internet-only bank to obtain the banking license in Taiwan. Going forward, FSC Taiwan will collaborate closely with the Central Bank and Central Deposit Insurance Corporation to strengthen supervision of various aspects of the operational risk management framework of internet-only banks, including liquidity risk monitoring, credit risk management, reputation risk management, and cyber security risk control. Internet–only banks will be also required to implement sound corporate governance and consumer protection.

    In addition, FSC Taiwan has approved applications of six banks to cooperate with a third-party service provider—that is, Taiwan Depository and Clearing Corporation—in conducting Phase 2 on customer information inquiries of the Open Banking Initiative of Taiwan. These banks are Hua Nan Commercial Bank, Yuanta Commercial Bank, CTBC Bank, Mega International Commercial Bank, First Commercial Bank, and Cathay United Bank. FSC Taiwan has also approved an application by the Far Eastern International Bank to conduct Phase 2 of Open Banking Initiative in cooperation with a telecom operator, also acting as a third-party service provider. A 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 third-party service provider to apply for open banking services. 

     

    Related Links

    Keywords: Asia Pacific, Taiwan, Banking, Licensing, Open Banking, Line Bank, Rakuten, Digital Banks, FSC Taiwan

    Related Articles
    News

    EC Rule on Contractual Recognition of Write Down and Conversion Powers

    The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.

    September 17, 2021 WebPage Regulatory News
    News

    APRA Issues Further Guidance on Application of Securitization Standard

    The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.

    September 16, 2021 WebPage Regulatory News
    News

    SRB Provides Update on Approach to Prior Permissions Regime

    The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.

    September 16, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQs on Capital Treatment of Overseas Subsidiaries

    The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.

    September 15, 2021 WebPage Regulatory News
    News

    EBA Finalizes Guidance to Assess Breaches of Large Exposure Limits

    The European Banking Authority (EBA) published the final report on the guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures needed for institutions to return to compliance.

    September 15, 2021 WebPage Regulatory News
    News

    PRA Finalizes Changes to Consolidated Prudential Rules Under CRD5/CRR2

    The Prudential Regulation Authority (PRA) issued the policy statement PS20/21, which contains final rules for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies.

    September 15, 2021 WebPage Regulatory News
    News

    EBA Revises Guidelines on Stress Tests of Deposit Guarantee Schemes

    The European Banking Authority (EBA) revised the guidelines on stress tests to be conducted by the national deposit guarantee schemes under the Deposit Guarantee Schemes Directive (DGSD).

    September 15, 2021 WebPage Regulatory News
    News

    Nordea Bank and EIB Sign Agreement to Fund Green Projects in Nordics

    The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.

    September 15, 2021 WebPage Regulatory News
    News

    HKMA Endorses Industry Guidance to Support LIBOR Transition

    The Hong Kong Monetary Authority (HKMA) issued a circular, for all authorized institutions, to confirm its support of an information note that sets out various options available in the loan market for replacing USD LIBOR with the Secured Overnight Financing Rate (SOFR).

    September 14, 2021 WebPage Regulatory News
    News

    OCC Issues Booklet on Supervision of Problem Banks

    The Office of the Comptroller of the Currency (OCC) issued a new "Problem Bank Supervision" booklet of the Comptroller's Handbook. The booklet covers information on timely identification and rehabilitation of problem banks and their advanced supervision, enforcement, and resolution when conditions warrant.

    September 13, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7481