FSC Reports on Financial Digital Transformation and State-Controlled Financial Mergers

Taiwan’s Financial Supervisory Commission submitted a special report to the legislature’s Finance Committee focusing on financial digital transformation and mergers among state-controlled financial institutions. On potential mergers between state-controlled firms, the FSC said it would foster a supportive regulatory environment, but any consolidation must protect market order and employee rights while preventing restructuring from disrupting working conditions or the stability of financial services.

The FSC said Taiwan had about 29.216 million digital deposit accounts as of the end of March and was approaching 30 million, underscoring the importance of online account opening to banks’ transformation. It will continue strengthening digital financial services and expand the use cases for Financial Fast-ID identity verification. No specific transaction values or timetable for mergers among state-controlled institutions were disclosed.