Taiwan’s Financial Supervisory Commission (FSC) is driving the country’s banks to move to digital platforms through its “Bank 3.0” vision as banks have an urgent need to differentiate themselves in the crowded retail banking market.

Mobile payments are expected to surge in the next few years, driven by technology and analytics. However, banks are facing tough challenges from non-bank competitors offering more attractive services.

Increasing adoption of digital payments has resulted in stiff competition within the industry. Non-bank payment players have become more aggressive, aiming to grow into full scale financial service providers.

The incumbent outlines its response to an increasingly fragmenting payments landscape offering to support old and new customers alike by helping them de-risk major technology investments with the provision of a gateway service.