Fri, Feb 15, 2019 - Page 12 News List

Three teams file applications for Web-only banks

By Kao Shih-ching  /  Staff reporter

The Financial Supervisory Commission yesterday said it had received applications from three teams led by Line Financial Taiwan Corp (台灣連線金融科技), Chunghwa Telecom Co (中華電信), and Waterland Financial Holdings Co (國票金控) before a deadline today to bid for two licenses to run Web-only banks.

The commission plans to begin reviewing the applications next week, Banking Bureau Deputy Director Sherri Chuang (莊琇媛) told a news conference in New Taipei City.

The preparatory office of Line Bank, a planned Web-only bank led by Line Financial Taiwan Corp (台灣連線金融科技), which is in turn a subsidiary of Line Taiwan Ltd (台灣連線), led the two competitors by submitting its application in the morning, Chuang said.

Line Bank office chief executive officer Morris Huang (黃以孟) delivered the materials in person, she said.

The preparatory office of Next Bank (將來銀行), in which Chunghwa Telecom holds a 41.9 percent stake, filed the materials in the afternoon, the commission said.

The third team, comprised of Waterland Financial and Japanese e-commerce firm Rakuten Inc, tendered its documents last, the commission said, adding that it plans to name its bank Rakuten International Commercial Bank (樂天國際商業銀行), it said.

“Each team brought a big box with papers to our office today, as we use a four-item scoring system and they need to answer a lot of questions,” Chuang said.

The commission is to set up a panel to review the applications and would announce the winners in June, she added.

“Taiwan is an important market in Line’s layout strategy for Asia, and our submitting the application on time reflected our commitment to and confidence in the nation,” Huang said in a statement.

The preparatory office would introduce new financial technology, and cultivate fintech and information technology talents with the aim of providing services that are safe and convenient for clients, Huang said.

If Line Bank succeeds in Taiwan, the company plans to replicate the approach in other markets, he added.

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