Taiwan Business in Brief – September 2019

Licenses Approved for Three Online-only Banks

The Financial Supervisory Commission (FSC) on July 30 approved applications for operating licenses submitted by three online-only banks, despite having previously stated that such authorization would be limited to two banks this year. FSC Chairman Wellington Koo announced that the licenses will be issued to Next Bank, whose majority shareholder is Chunghwa Telecom; joint Taiwanese-Japanese venture Rakuten International Commercial Bank; and LINE Financial Taiwan, led by a subsidiary of the LINE Group, which operates a messaging app popular in Taiwan.

NCC Receives Funding For 5G Research

The National Communications Commission announced on August 14 that it has received a subsidy of NT$26.6 million (US$840,080) from the National Science and Technology Development Fund for use in 5G development research. The money will facilitate cooperation between Taiwan’s telecoms operators and other relevant stakeholders as part of the government’s plan to roll out a domestic 5G network on the island by early next year. A portion will also be used to fund cybersecurity research related to the technology, with the aim of aligning security and protection standards with international norms and ensuring the safety and reliability of the future network.