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Taiwan regulator allows banks to enter second stage of Open Banking

Monday 11 January 2021 12:41 CET | News

Taiwan’s FSC (Financial Supervisory Commission) has granted approval to seven banks allowing them to participate in the second phase of Open Banking.

The first phase of Open Banking – which focused on public information inquiry (credit card, fund, mortgage interest rates, and other public information) – was officially launched in September 2019. Following the launch of the first phase, the second phase of Open Banking will involve the exchange of customer data.

The second phase will focus on consumer information inquiry (financial account and transaction information of individual customers), allowing third-party service providers to provide account integration services. The seven banks included in phase two are South China Commercial Bank, Yuanta Commercial Bank, CTBC Bank, Mega International Commercial Bank, First Commercial Bank, Cathay United Bank, and Far Eastern International Bank.

In the second phase of Open Banking, customers of the seven banks will be able to apply for Open Banking services by giving consent for their information to be shared, enabling them to check their deposit account balances, transaction details, and other information held by any of the banks within a single mobile banking app.

The banks have each completed pre-launch tests and will launch the new service after relevant procedures are complete, the FSC said. The commission emphasises the need to protect personal information and rights of customers, having in place appropriate dispute resolution mechanisms, and stricter standards for the management of third-party service providers.

The third phase of Open Banking will involve transaction information inquiry, providing information required for customers to conduct actual banking transactions.

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Keywords: Taiwan, Open Banking, FSC, API, consumer data, TPP, mobile banking, banks, personal info
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Taiwan
This article is part of category

Banking & Fintech