Taiwan Business TOPICS
LINE Bank Starts Trial Operations
Online banking services company LINE Bank began trials of its Taiwan platform in late March. The trial operations, which were limited to the approximately 700 employees of LINE Taiwan, follow a series of stress, integration, and user tests. If the trial is successful, the online bank will make a full debut in late April, according to LINE Bank General Manager Morris Huang.
LINE Bank is one of only two internet-only banks in Taiwan, the other being Rakuten International Commercial Bank Co. Its launch on the island follows the opening of a similar bank in Thailand last year by major shareholder LINE Financial Taiwan Corp., which will be used as a benchmark for the success of the Taiwan platform.
Line Bank eyes mid-March pilot run
By Kao Shih-ching / Staff reporter
The Web-only Line Bank Taiwan Ltd (連線商業銀行), granted an operating license by the Financial Supervisory Commission on Thursday, aims to conduct a pilot run in six weeks.
Line Bank is the second virtual bank to gain a license from the regulator after Rakuten International Commercial Bank (樂天國際商銀) received one on Dec. 8 last year.
Prior to its pilot run, Line Bank must connect its information system to the central bank and the Central Deposit Insurance Corp (中央存保), and sign a contract with Visa Taiwan Co (台灣威士卡), Banking Bureau Deputy Director-General Lin Chih-chi (林志吉) said.
Line Bank Taiwan Ltd general manager Morris Huang poses at a Line booth in an undated photograph. The Web-only bank was granted an operating license by the Financial Supervisory Commission on Thursday, and it plans to conduct a pilot run in six weeks.
Rakuten eyes pilot for its Web-only bank operations
By Kao Shih-ching / Staff reporter
Rakuten International Commercial Bank (樂天國際商銀) plans to launch a pilot for its Web-only operations by the end of next month, company chairman Chien Ming-jen (簡明仁) said on Monday.
Initially, the bank plans to provide services to its 100 employees, as well as 3,500 staff at its shareholders IBF Financial Holdings Co (國票金控) and Japanese e-commerce firm Rakuten Inc’s local unit, Chien said.
In the first phase, the bank would focus on its information systems, he said, without revealing when formal operations would begin.
Rakuten International Commercial Bank chairman Chien Ming-jen speaks at a news conference in Taipei on Nov. 5.