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The United States established the world's first internet-only bank, Security First Network Bank (SFNB), in 1995; Europe established the first internet-only bank, First-e, in the United Kingdom in 1999, which brought the European internet-only bank trend. Among Asian countries, Japan was the first to start, Japan Net Bank, was established in 2000; In China, Tencent Group established WeBank and Alibaba Group established MyBank in 2015; South Korea established the first internet-only bank, K Bank, in April 2017. Taiwan issued 3 licence of internet-only bank on July 2020, as of the end of the same year, Rakuten bank officially launched on January 19, 2021. It can be seen that the new form of internet-only bank originated in Europe and the United States in 1995, and the Asian region has risen since 2000. Recently, it has set off a new climax due to financial technology innovation. Taiwan has also caught up with this wave of enthusiasm. The government has also promoted the establishment of internet-only bank with the policy objective of opening up this kind of bank to stimulate the financial market, produce a "catfish effect" and achieve inclusive finance. However, there are still problems such as excessively strict regulations and difficult implementation in practice, resulting in internet-only bank. Internet-only bank may not be innovative enough, guarantee enough, or open enough. Under the current legal framework, people still question the relevance and feasibility between its policy objectives and the opening of internet-only bank. To sum up, this article believes that the rise of internet-only bank can certainly introduce the advantages of non-financial startups and stimulate the financial market, but in the current legal system and supervision, there are still strict restrictions and operations regardless of the establishment of thresholds or regulations. There are still practical difficulties in the field, and it may not be possible to fully expand into new areas. However, it is not worth encouraging to curb the innovation of internet-only bank due to the lack of system. Therefore, this article uses this as a motivation to discuss whether the current regulations can help achieve the policy objectives while developing internet-only bank, and discuss how to design more appropriate laws. Standardize the system, and encourage the non-financial industry to develop internet-only bank while taking into account user information security and complying with the anti-money laundering system.
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