Financial Supervisory Commission (FSC) Chairman Wellington Koo (顧立雄) yesterday revealed that Japan’s Line Corp and Rakuten Inc have consulted with the regulator about opening Web-only banks in Taiwan.
The two companies have visited the commission to inquire about regulations, Koo told the Legislative Yuan’s Finance Committee.
While the commission is still drafting regulations, it has said that online-only banks would be held to the same standards as brick-and-mortar institutions and must have minimum paid-in capital of NT$10 million (US$343 million).
The capital requirement would not form a significant hurdle for the two Japanese companies, Koo said, noting if they met the threshold, Web-only banks would be granted a license to operate as full-service banks.
Line Corp, which operates the most popular social messaging app in Taiwan, and Rakuten, an e-commerce giant that has a local credit card business, are aiming to cross-sell the planned financial services to their existing customer base, Koo said.
The FSC is expected to finish laying the groundwork for Web-only regulations next month.
Separately, the commission is to shore up rules on proxy solicitation after FAT Group (樺福遠航集團) chairman Chang Kang-wei (張綱維) secured nearly 30 percent of votes with the help of agencies and other investors to win five seats on the board of COTA Commercial Bank (三信商銀).
To close the loophole, the commission is drafting an amendment that would limit the amount of voting shares that can be acquired by any individual or group working to achieve a specific election outcome to 3 percent.
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
Nintendo Co is raising its target for Switch production to about 25 million units this fiscal year, people familiar with the matter said, as the ongoing COVID-19 pandemic keeps lifting demand and component shortages ease. The Kyoto, Japan-based company, which in April hiked orders to 22 million units by March next year, is asking partners to tack on another few million units, said the people, who did not want to be identified discussing internal goals. Assembly partners plan to work at maximum capacity through December. The new production target suggests that Nintendo is likely to outperform its Switch sales forecast of 19 million
NERVOUS MARKET: With the infection sources still unknown for three COVID-19 cases that had departed Taiwan, investors have become uneasy, an analyst said Local shares yesterday came under heavy downward pressure, falling more than 1 percent as renewed fears over a possible increase in domestic COVID-19 infections hit market sentiment after the nation last week reported a case related to a Belgian national. Selling focused on the bellwether electronics sector, led by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which pushed down the broader market as investors ignored gains posted by tech heavyweights on the US market at the end of last week, dealers said. The TAIEX closed down 151.77 points, or 1.2 percent, at 12,513.03, on turnover of NT$231.43 billion (US$7.84 billion). Foreign