Major Events in Banking

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1946

First Government-Funded Bank following the Recovery of Taiwan

The Bank of Taiwan, the first bank founded by the government after the WWII, served as the national treasury and provided general banking services. Originally operated by the Central Bank, it was also entrusted with currency issuance and foreign exchange management.

The Bank of Taiwan
Source: Artnisen

Land Bank of Taiwan
Source: History Room of the Ministry of Finance, R.O.C

First Bank Specializing in Real Estate and Agricultural Credit

Land Bank of Taiwan is the only bank designated by the government to specialize in real estate and agricultural credit. It facilitated the implementation of residential, agricultural, and land reform policies in Taiwan.

1959

First Foreign Bank

The Taipei branch office of Nippon Kangyo Bank was established as the first foreign bank branch in Taiwan.

picture of Approval Letter of Renaming Nippon Kangyo Bank

Approval Letter of Renaming Nippon Kangyo Bank
Source: History Room of the Financial Supervisory Commission

First Investment & Trust Company

In accordance with the rapid growth of national income and savings, authorities permitted the establishment of private investment & trust companies, and later the China Development Corporation was established, expanding the channels for small savings and indirect investment.

picture of Taiwan's First Credit Card issued by CTBC Bank

Taiwan's First Credit Card issued by CTBC Bank
Source: Public Relations & Public Welfare Division of CTBC Bank

1974

First Credit Card in Taiwan

CTBC Bank joined the Interbank Card Association to issue the first credit card in Taiwan, marking the beginning of the plastic money era.

1976

First Specialized Bank Providing Financing Assistance and Guidance to SMEs

In accordance with the Banking Act, Taiwan Credit Cooperative and Savings Co., Ltd. was reorganized into Taiwan Business Bank, which provides financing assistance, guidance, and professional services to small and medium-sized enterprises (SMEs).

First Bills Finance Company

Chung Hsing Bills Finance Corporation was the first monetary intermediary institution in Taiwan. It facilitated money market revitalization, promoted economic development, and assisted in industrial improvement.

picture of Chung Hsing Bills Finance Building

Chung Hsing Bills Finance Building
Source: Taiwan Cultural Memory Bank

1977

First ATM in Taiwan

Bank of Taiwan introduced the first ATM in Taiwan, a milestone in the digitalization of Taiwan’s financial industry.

picture of Opening Ceremony of The Export-Import Bank of the Republic of China

Opening Ceremony of The Export-Import Bank of the Republic of China
Source: History Room of the Ministry of Finance, R.O.C

1979

Taiwan’s Only State-Owned Export Credit Bank

The Export-Import Bank of the Republic of China (Eximbank) is Taiwan’s only state-owned export credit bank. It provides medium- and long-term export-import financing, guarantee and export insurance services. Eximbank supports Taiwan’s national economic and trade policy, assists vendors to enter export markets, and shares the risks of trade, promoting domestic industrial upgrade and international economic cooperation.

1983

First Offshore Banking Unit

The International Commercial Bank of China (the predecessor of Mega Bank) established Taiwan’s first offshore banking unit (OBU). Subsequently, many other banks also established OBUs, helping accelerate the development of international finance business in Taiwan.

1984

First Debit Card Issued

The National Debit Card Center, formed by seven financial institutions, officially issued National Debit Cards. The 1988 card was renamed as the National Credit Card (with revolving credit), and initiated cooperation with international credit card operators, helping develop Taiwan’s credit card market.

Unit Debit Card
Source: History Room of the Financial Supervisory Commission

The first ATM in Taiwan
Source: History Room of the Ministry of Finance, R.O.C

1987

ATMs started offering cash withdrawal and balance inquiry services

Taiwan Bank introduced the first ATM in Taiwan in 1977. In 1987, ATMs started to offer cash withdrawal and balance inquiry services, greatly improving the convenience of finance.

1992

ATMs started offering interbank transfers

It has been over 40 years since ATMs started working in Taiwan.
In 1992, ATMs started to offer an interbank transfer service, allowing people can make transfers at any ATM.

1999

Electronic banking allowed

In 1999, the Ministry of Finance issued the Template Contract for Personal and Online Banking Services and fully allowed electronic banking. Internet Banking expanded from the limited inquiry and intra-bank transfer functions to full inter-bank transfer, bill and payment, credit card transactions, other payments.

2001

Liberalized Establishment of Financial Holding Companies

In 2001, the Financial Holding Company Act came into force, facilitating consolidated operation of financial institutions and stronger inter-industry operation. That same year, Fubon Financial Holding became the first financial holding company in Taiwan.

picture of Establishment Ceremony for Fubon Financial Holdings

Establishment Ceremony for Fubon Financial Holdings
Source: Fubon Group 60th Anniversary Commemorative Magazine

2015

First Specialized Electronic Payment Institution

In 2015, the FSC promulgated The Act Governing Electronic Payment Institutions, promoting the industrialization of electronic payment. The same year, O’Pay became the first specialized electronic payment institution.

2017

Issuance of the First Green Bond

The FSC has proposed the Green Finance Action Plan. The first batch of green bonds, issued by CTBC Bank, E.Sun Bank, KGI Bank and Bank SinoPac, made it easier for the public to purchase sustainable green financial products.

First Country to Promulgate a Financial Regulatory Sandbox Law

Taiwan’s Financial Technology Development and Innovative Experimentation Act (Financial Regulatory Sandbox), with exemptions from regulations during the experimental period, considering consumer rights along with market order, made Taiwan the first country in the world to promulgate a fintech sandbox law.

2020

First Virtual Bank

In 2018, the FSC made a policy announcement to establish virtual banks in Taiwan. The first three approved banks (Rakuten, LINE, and NEXT) opened from 2020 to 2022, bringing Taiwan into the era of non-physical banking.

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