You can see the rules and regulations in other jurisdictions.
In 2018, Taiwan's financial regulator, the FSC, issued regulations allowing for the establishment of 'digital-only' banks. These financial institutions don't have physical branches. Three applications to set up such banks had been filed with the FSC in early 2019, and were approved on July 30th in the same year. In December 2020, February 2021 and December 2021 respectively, banking licences were granted to these digital-only banks according to FSC press releases. It is proposed that the creation of these digital-only banks will stimulate horizontal combinations between industries as well as fintech applications that can be accessed on any device for everyday use all throughout a new fintech ecosystem.1
The FSC has readjusted its stance towards supervising digital-only banks, concentrating on topics like real-time liquidity risk assessment and other relevant digital bank issues. In addition, it has embraced the implementation of suptech (supervisory technology) and regtech (regulatory technology) in overseeing the operations of these virtual banks. As Taiwan's digital-only banking sector progresses, digitised onboarding is anticipated to become commonplace within the country and fintech collaborations amongst different industries should likewise be fostered in such an environment.1
