Taiwan

Companies will be required to meet a market cap threshold of TWD 1.5 billion to list on the new ‘Taiwan Innovation Board’, and profitability requirements will be eased.

Rakuten International Commercial Bank was one of three groups granted authorisation to set up a digital bank in July 2019.

The Taiwan dollar is up 1.4% against the US dollar this year, raising concerns from the government that Taiwan could be labelled a manipulator by the US.

Following the launch of the first phase in September 2019, the second phase of open banking will involve the exchange of customer data.

Whistleblower rewards are increased tenfold for the reporting of serious illegal financial activities and fivefold for minor illegal financial activities.

In June 2019, the FSC designated CTBC Bank, Cathay United Bank, Taipei Fubon Bank, Mega International Commercial Bank and Taiwan Cooperative Bank as D-SIBs.

Cathay United failed to set up internal controls to prevent the theft of TWD 17.32 million from four clients by a customer relationship manager.

The case relates to the August suicide of a former KGI Securities employee, who suffered large investment losses as a result of illegal futures trades for his clients.

The move is aimed at combatting rising financial fraud as consumers increasingly prefer e-payments over the use of credit cards.

Banks are expected to work to strengthen their risk controls, particularly around wealth management to avoid penalties and preserve their corporate governance rankings.