Taiwan Depository & Clearing Corporation

In a continuous effort to leverage FinTech and offer more diversified, inclusive, and convenient services to the market, Taiwan Depository & Clearing Corporation (TDCC) has collaborated with First Bank, Hua Nan Bank, E.SUN Bank, and CTBC Bank (collectively, the "four pioneer banks") to launch the third phase of Open Banking: the "Transactional Information Service" (Open Banking 3.0). Effective immediately, investors can use the TDCC ePassbook App to connect with these banks to perform three key transactional services: NT dollar transfers, conversion of current deposits into time deposits, and early termination of time deposits. This initiative marks the creation of a brand-new open finance service in Taiwan's financial market.

To guide financial innovation and enhance the competitiveness of the financial market, the Financial Supervisory Commission (FSC) issued the "FinTech Development Roadmap 2.0" in August 2023, listing "Continuing to Promote Open Finance: Advancing the Third Phase of Open Banking" as a concrete policy measure. TDCC has been actively participating in the second phase of Open Banking (Open Banking 2.0) since April 2021. To date, TDCC has collaborated with 17 financial institutions to enable investors, via the Open API Management Platform of the Financial Information Service Co. (FISC), to use the TDCC ePassbook App to query their bank deposit account balances and transaction details. This collaboration not only strengthens the asset integration service value of the TDCC ePassbook App but also establishes a solid foundation for the subsequent development of Open Banking services.

This comprehensive upgrade to Open Banking services involves two major enhancements:

• Expansion of Services (Open Banking 3.0): In partnership with the four pioneer banks, TDCC now offers the three aforementioned transactional services.

• Extended Authorization Period (Open Banking 2.0): TDCC has also worked with the 17 institutions currently participating in Open Banking 2.0 (including Bank of Taiwan, Land Bank of Taiwan, Taiwan Cooperative Bank, First Bank, Hua Nan Bank, Chang Hwa Bank, Taipei Fubon Bank, Cathay United Bank, Bank of Kaohsiung, Mega Bank, Taiwan Business Bank, Chunghwa Post, Yuanta Bank, Bank SinoPac, E.SUN Bank, Taishin Bank, and CTBC Bank) to extend the authorization period for investors to link and query their bank deposit account data from three months to one year, further enhancing the convenience of Open Banking 2.0.

Dr. Bing-Huei Lin, Chairman of TDCC, stated, "Promoting the development of inclusive financial services through the innovative application of FinTech has always been a long-term goal of TDCC. The implementation of the three Open Banking 3.0 transactional services with the four pioneer banks elevates the integrated services of the TDCC ePassbook App from asset inquiry to interactive transactions. This initiative makes securities investment and bank fund allocation more convenient for investors, increases the accessibility of financial services, and maximizes the service synergy achieved by transforming paper passbooks into digital ones within the securities market."

With approximately 6.5 million registered accounts to date, TDCC is committed to continuously upgrading and expanding the service content of the TDCC ePassbook App with a cross-sector and open innovation mindset. Under the policy guidance of the competent authorities, TDCC will continue to collaborate with financial institutions to promote inclusive finance and foster the co-prosperity of the market.