Digital deposit accounts in Taiwan are poised to surpass 20 million, with 19.686 million accounts reported by Commercial Daily News on February 20. Despite a slight fourth-quarter slowdown, there was an increase of 909,000 accounts. Taiwan's Financial Supervisory Commission (FSC) expects the figure to exceed 20 million in Q1 2024. The growth is attributed to consistent bank promotions and incentives, particularly with the emergence of pure-play digital banks. In Q4 2023, Taiwan's Richart, the digital branch of Taishin International Commercial Bank, led with 3.64 million accounts, followed by Cathay United Bank with 2.249 million.
According to the government-supported research institute MIC (Market Intelligence & Consulting Institute), Link Bank stands out among pure-play digital banks for the total number of digital deposit accounts. It leverages its vast user base built upon the familiarity of Taiwanese users with its communication and social networking features. Regarding operational performance, Rakuten International Commercial Bank takes the lead as it has several years of experience in operating internet banking under tis Japanese parent company, combining this experience with the e-commerce platform.