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2412 - Chunghwa Telecom Co News Story

TWD115 0.5  0.4%

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Sector
Telecoms
Size
Large Cap
Market Cap £22.67bn
Enterprise Value £23.00bn
Revenue £5.30bn
Position in Universe 74th / 6094

FACTBOX-Developments in online-only bank licensing in Asia

Wed 22nd January, 2020 8:17am
By Alun John HONG KONG, Jan 22 (Reuters) - Financial regulators across Asia are creating new rules for online-only banks as they seek to shake up often staid markets, helped by technology firms which are able to operate at lower costs without needing physical branches. Below is snapshot of developments in the region. IN OPERATION South Korea led the way with special rules for online-only banks in Asia, licensing K bank, led by the country's largest telecom operator KT Corp 030200.KS , in 2016, then Kakao Bank, operated by chat app operator Kakao Corp 035720.KS , in 2017. The Financial Services Commission has also issued a third preliminary digital licence to a consortium led by Toss, a mobile money transfer app provider, and which includes the local subsidiary of Britain's Standard Chartered PLC (StanChart) STAN.L . LICENSED Hong Kong issued eight online-only licences in 2018 from 33 applications. Licensees include Ant Financial ANTFIN.UL - an affiliate of Chinese e-commerce leader Alibaba Group Holding Ltd BABA.N 9988.HK - and consortia involving StanChart and Chinese social media and video game firm Tencent Holdings Ltd 0700.HK . ZA Bank, run by a unit of China's ZhongAn Online P&C Insurance Co Ltd 6060.HK , has started trial operations, and up to four others are likely to follow suit early this year, the Hong Kong Monetary Authority said last week. In Taiwan, online-only licences were awarded in July 2018 to consortia led by Chunghwa Telecom Co Ltd 2412.TW , Japanese e-commerce firm Rakuten Inc 4755.T and Japan-based chat app operator LINE Corp 3938.T - the latter of which included Taipei Fubon Commercial Bank Co Ltd FUBFNB.UL and StanChart. The banks are set to start operations later this year. urn:newsml:reuters.com:*:nL4N24V2ML APPLIED Singapore in January said it had received 21 applications for five online-only bank licences on offer. Bidders in various groups include Singapore Telecommunications Ltd STEL.SI , ride-hailing firm Grab Holdings Inc, Ant Financial and Hong Kong-listed gaming firm Razer Inc 1337.HK . The Monetary Authority of Singapore will issue up to two retail and three wholesale bank licences, with the winners - to be announced in June - starting operations from mid-2021. urn:newsml:reuters.com:*:nL4N29C057 WHERE NEXT? The central bank in Malaysia plans to issue up to five licences for either conventional or Islamic banking under a framework set to be finalised later this year. urn:newsml:reuters.com:*:nL4N29111Q urn:newsml:reuters.com:*:nL4N29R1RE China is also working to finalise its first rules covering the online-only bank sector, Reuters reported last week, citing people with direct knowledge of the matter. urn:newsml:reuters.com:*:nL4N29D1HZ The country already has four online-only banks including Tencent-backed WeBank and Alibaba offshoot MYbank, as well as AiBank, whose investors include search engine operator Baidu Inc BIDU.O and China Citic Bank Corp Ltd 601998.SS . <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Taiwan joins Asia digital banking push with 3 new online licences urn:newsml:reuters.com:*:nL4N24V2ML Singapore digital bank race heats up with 21 licence bidders urn:newsml:reuters.com:*:nL4N29C057 Malaysia to open up banking sector to up to 5 new online lenders next year urn:newsml:reuters.com:*:nL4N29111Q EXCLUSIVE-Grab, Razer, AirAsia among firms exploring bids for Malaysia digital bank licence -sources urn:newsml:reuters.com:*:nL4N29R1RE China to frame rules for online-only banks this year in boost to foreigners -sources urn:newsml:reuters.com:*:nL4N29D1HZ ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Alun John; Additional reporting by Heekyong Yang in Seoul; Editing by Christopher Cushing) ((Alun.John@thomsonreuters.com; +852-28415827;))
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