Open Banking in Taiwan

Taiwan's Financial Supervisory Commission (FSC) launched a three-phase open banking initiative in 2019. Phase 1 covers product data (rates, fees, locations), Phase 2 covers consumer information (account data with consent), and Phase 3 will cover transaction information and payment initiation.

The Financial Information Service Co. (FISC) provides the centralized technical infrastructure for open banking, acting as a trusted intermediary between banks and third-party service providers. This hub model is similar to approaches in Italy and Spain.

Taiwan's highly banked population, strong technology sector, and 91% internet penetration provide favorable conditions. The gradual phased approach reflects the FSC's emphasis on security and consumer protection while enabling innovation.