Taiwan issues island's first virtual bank licences

Chunghwa Telecom Co

30/07/2019 09:50

TAIPEI, July 30 (Reuters) - Taiwan issued its first virtual
banking licences to three consortiums consisting of Taiwan and
Japanese investors, its financial authorities said on Tuesday,
following moves by regulators in other Asian markets to issue
such licences.
    The island's Financial Supervisory Commission said the 
digital banking licences were granted to LINE Financial Taiwan,
which was led by Japanese app operator LINE Group  3938.T , and 
Next Commercial Bank, led by Taiwan telecom operator Chunghwa
Telecom  2412.TW .
    Another licence was granted to Rakuten International
Commercial Bank, which was operated by Japanese e-commerce firm
Rakuten Inc  4755.T  and Taiwan's IBF Financial Holdings
 2889.TW .
     Asia's internet firms are challenging the region's
traditional banks for consumer finances, tapping their massive
user networks for business.  urn:newsml:reuters.com:*:nL3N21R10B

 (Reporting By Emily Chan and Yimou Lee; editing by Gopakumar
Warrier)
 ((yimou.lee@thomsonreuters.com; +886-909-894-919; Reuters
Messaging: yimou.lee.reuters.com@reuters.net / Twitter: https://twitter.com/YimouLee))