The Financial Supervisory Commission (FSC) yesterday said it would review online-only bank proposals using a four-item system in which practicality of the plans would count the most.
“The practicality of applicants business models will account for 40 percent of their scores,” Banking Bureau Deputy Director Sherri Chuang (莊琇媛) said.
The models would be evaluated on their creativity, stability, convenience and safety of client service, she said.
Non-financial enterprises that want to apply for a Web-only banking license must cooperate with financial institutions to do so, so their collaboration would also play a critical part, she said.
Applicants have to provide an estimate of revenue and profit for the first five years of operations, but that “does not mean higher estimated profits would guarantee higher scores,” she said.
Management would account for the second-biggest part of the score, 30 percent, and would have to include risk control systems, including efforts to combat money laundering and information security, the FSC said.
While the online banks would have to meet the same money laundering and illicit transaction rules as conventional banks, applicants would also have to submit exit plans, the FSC said.
The other two items on the scorecard are the applicants’ financial ability, which would count for 10 percent, and the qualifications of it business representatives, 20 percent.
Experts in financial technology, e-commerce or telecom fields might be asked to join the evaluation panels, the FSC said.
Applications for online banks will be accepted from Nov. 15 to Feb. 15 and the winners are to be announced in June, Chuang said.
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