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Rakuten International Commercial Bank Co (樂天國際銀行) is partnering with Pi Mobile Technology Inc (拍付國際) on mobile payments by integrating Pi’s mobile wallet into its banking app, the Web-only bank said on Thursday. Rakuten said its new cashless service would be available at supermarkets, convenience stores, department stores, pharmacies and online stores. The Pi mobile wallet links to users’ credit cards, debit cards or bank accounts. Payments are limited to NT$50,000 per use, NT$100,000 per day and NT$200,000 per month, the bank said. “We need to expand our ecosystem if we want to be as successful as our affiliate, Japan’s Rakuten Bank,” Rakuten International chief ....
Taiwan’s Financial Supervisory Commission Grants Banking License to Rakuten
Taiwan’s Financial Supervisory Commission (FSC) recently announced it has granted a banking license to Rakuten International Commercial. The FSC reported that Rakuten International Commercial Bank (RICB) is the first internet-only bank to obtain a banking license in Taiwan. The FSC further revealed that RICB has been co-founded by Rakuten Bank, Rakuten Card, and IBF Financial Holdings. Approval to establish RICB had been granted by FSC on August 2, 2019, and after nearly a year of preparation, a banking license application was submitted to the FSC, which recently completed all off-site assessment and on-site application review procedures and then issued the banking license on December 8, 2020. ....