Taiwan’s Monetary Supervisory Fee Grants Banking License to Rakuten

Taiwan’s Monetary Supervisory Fee (FSC) just lately introduced it has granted a banking license to Rakuten Worldwide Industrial. The FSC reported that Rakuten Worldwide Industrial Financial institution (RICB) is the primary internet-only financial institution to acquire a banking license in Taiwan.

The FSC additional revealed that RICB has been co-founded by Rakuten Financial institution, Rakuten Card, and IBF Monetary Holdings. Approval to ascertain RICB had been granted by FSC on August 2, 2019, and after almost a 12 months of preparation, a banking license software was submitted to the FSC, which just lately accomplished all off-site evaluation and on-site software assessment procedures after which issued the banking license on December 8, 2020.

FSC then famous that two different internet-only banks, which gained approvals final 12 months, are each aiming to open for enterprise within the close to future.

“After these new market members open for enterprise, the FSC will collaborate intently with the Central Financial institution and Central Deposit Insurance coverage Company to strengthen supervision of assorted facets of the operational danger administration framework of internet-only banks, together with liquidity danger monitoring, credit score danger administration, fame danger administration, and cyber safety danger management.”

FSC added web–solely banks can be additionally required to implement sound company governance and shopper safety, in addition to to take care of affordable market competitors conduct.