Digital-only LINE Bank to open shop in Taiwan next year

Online bank seeks to provide customers with convenient one-stop experience

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(LINE Bank photo)

(LINE Bank photo)

TAIPEI (Taiwan News) — LINE Financial Corporation is expected to open its first all-digital bank in Taiwan in the second quarter of 2020, the company announced on Thursday (Nov. 28).

LINE Bank is touted as a venture that will provide services incorporating advanced artificial intelligence and cybersecurity technologies, reported Liberty Times.

These services will span deposits, personal credit, money transfers, consumer finance, insurance, investment, and more. It will become part of the LINE ecosystem, guaranteeing a one-stop experience catering to users’ various banking needs, said the company.

According to research conducted by LINE Bank in 2019, over 70 percent of respondents expressed reluctance about visiting physical banks, citing expected hassle. Around 40 percent said they anticipated that online banks could offer convenient access to banking services and user-friendly interfaces, wrote CNA.

As the bank gears up for launch, more than 20 types of jobs have been made available. Regulatory compliance, risk control, information and technology, financing, information security, AI, and big data, are among the areas where talent is most in demand, reported CNA.

LINE Bank was one of three banks granted licenses by the Financial Supervisory Commission (FSC) in July to open a digital business in Taiwan. The other two were Next Bank and Rakuten International Commercial Bank.