Asia Express - East Asian ICT
Digital Savings Accounts Break 5 Million in Taiwan as of September 30
October 29, 2020

Digital savings accounts continue to increase in Taiwan amid the COVID-19 outbreak and registered over 5 million as of September 31, more than doubling compared to the same period in 2019, according to the Banking Bureau of Taiwan’s FSC (Financial Supervisory Commission) on October 28. With the pure-internet banks slated to open at the end of 2020, the Banking Bureau plans to lift bar on maximum banking transaction value and online certification process. Currently, there are 35 banks provide the digital savings account service, having 5.75 million digital banking users as of September 31 that represents up to 103.7% year-on-year growth. The top 5 banks with digital savings account services are Taishin International Banks (2.24 million digital users), Cathay United Bank (830,000 digital users), Bank SinoPac (582,000 digital users), O-Bank (447,000 digital users), and First Commercial Bank (380,000 digital users). Meanwhile, mobile payment users also broke 10 million in August with 3.2 million using JKO Pay, 2.67 million using Line Pay, 1.21 million using E.Sun Pay. In August alone, digital bank users saved NT$7.04 billion, paid NT$ 5.52 billion, and transferred NT$2.12 billion through their digital savings accounts. Taiwan’s mobile payment accounted for 35.3% of total payments in the first half of 2020, outstripping credit/debit card payment’s 33.9% for the first time over the years, according to MIC (Market Intelligence & Consulting Institute), a major government think tank and leading IT research institute in Taiwan.