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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 B