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Web-only LINE Bank granted operating license in Taiwan

(Photo courtesy of LINE) 

(Photo courtesy of LINE) 

The Financial Supervisory Commission (FSC) on Thursday (Feb. 4) issued Web-only LINE Bank an operating license to open a virtual bank in Taiwan, with plans to launch operations in the first half of the year.

In the initial stage, the virtual bank will focus on deposits, wire transfers, debit cards, and personal credit loans, LINE Bank said in a statement.

Since being approved to launch an internet-only bank in Taiwan in 2019, LINE Bank has fully cooperated with regulators in terms of related inspections, and actively sought to have its businesses connected to regulatory systems.

LINE Bank General Manager Morris Huang (黃以孟) promised to introduce a brand new and innovative banking service to users.

LINE Bank Chairman and LINE Corporation Chief Financial Officer In-Joon Hwang (黃仁埈) is optimistic about the bank's future.

Based on a large amount of capital injected into regional markets over the past decade, the Asian financial market will continue to prosper until 2030, he forecast.

LINE Bank is the second internet-only bank after Rakuten International Commercial Bank Co. set up by Rakuten Inc. to obtain a license from the FSC.

Meanwhile, FSC Banking Bureau Deputy Director-General Lin Chih-chi (林志吉) indicated that LINE Bank could launch trial operations as soon as mid-March.

Updated : 2021-04-20 16:30 GMT+08:00