Taiwan

FSC finalizes rules for Web-only banks

The Financial Supervisory Commission (FSC) is to allow non-financial enterprises a majority stake in Taiwan’s Web-only banks.

The commission on Thursday finalized its guidelines for applicants seeking to compete for the two online-only bank licenses it is to issue.

The guidelines stipulate that non-financial enterprises are allowed to hold up to a 60 percent stake in an online-only bank, while lowering the minimum holding of financial institutions to 40 percent.

The change aims to create greater flexibility for non-financial sector companies to foster innovation, the commission said.

READ THE ARTICLE by TAIPEI TIMES