Digital Landscape in Taiwan

PROSPECTS

The official launch of 5G in Taiwan spurs growth in the digital landscape

July 2020 marked the official launch of Taiwan’s 5G mobile telecommunications network. To improve consumer awareness of the advantages of 5G and improve uptake of the new network, the country’s leading mobile telecommunications operators erected pop-up stalls and stands in busy shopping districts, university campuses and popular department stores, enabling consumers to experience the high speed and enhanced connectivity of 5G first-hand.

The ubiquity of social messaging results in a proliferation of services via apps

Recent years have seen Taiwanese consumers become increasingly reliant on social messaging apps for placing and receiving calls and chatting via text and multimedia messages. This has led to the development of an entire digital communications ecosystem based on social messaging and chat apps, with these services gaining traction faster than other digital services that are offered independently of social chat and messaging apps.

COVID-19 increases the importance of the internet as a source of information

Consumers in Taiwan began to pay more attention to online content during 2020 as the impact of the COVID-19 pandemic meant that the internet became an important source of news and current affairs, as well as entertainment and other content such as educational courses. In particular, the strict approach taken to social distancing and homes seclusion among the Taiwanese population for much of the year meant that the internet became a crucial source of a wide variety of content, with the daily briefings of the Taiwan CDC an important source of information about the unfolding COVID-19 situation.

COMPETITIVE LANDSCAPE

The emergence of digital-only banks set to spur digital development

During the forecast period, Taiwan’s digital landscape is expected to be heavily influenced by the emergence of digital-only banks. Numerous digital-only banks are expected to receive the requisite permits and certificates to begin operating during 2021.

Greater competition set to emerge in digital payments

The competition between Taiwan’s various digital payment services is set become increasingly intense during the forecast period. From as early as 2021, it is it is expected that the leading players in the space will become increasingly influential as consumers become increasingly aware of the advantages that engaging with digital financial services can offer them.

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