Taiwan issues 3 new virtual banking licenses

posted 18 days ago
Taiwan’s regulator issued its first 3 virtual banking licenses The digital banking licenses were granted to:

1) LINE Financial Taiwan, led by Japanese app operator LINE Group.

2) Next Commercial Bank, led by Taiwan telecom operator Chunghwa Telecom.

3) Rakuten International Commercial Bank, which was operated by Japanese e-commerce firm Rakuten Inc.

Fergus Gordon, who leads Accenture’s Banking practice in Asia Pacific and Africa said “We’re likely to see these new players in Taiwan focusing on specific markets in need of specialized services and products, millennials in search of microloans and cheaper offerings that work around the clock, or SMEs that want more efficient corporate banking or speedier credit approvals would be likely targets.” The commission said the three companies all had different business models and target customers, so it decided to give each of them a license. Notably, regulators in Thailand and Malaysia are also considering digital banking licenses,
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