Taiwan Mobile Co (台灣大哥大) and Far EasTone Telecommunications Co (遠傳電信) yesterday said they are to join Line Corp to vie for a license to offer Web-only banking services.
The announcement ended speculation that the two telecoms were on the shortlist to take a combined 10 percent stake in the Web-only bank.
Line Financial Taiwan Corp (台灣連線金融科技) owns a controlling stake of 49.9 percent in the planned bank.
Taiwan Mobile said its board of directors has given the go-ahead to invest NT$500 million (US$16.18 million) in the planned bank for a 5 percent stake.
“With the investment of 5 percent, Taiwan Mobile will be able to tap the Web-only banking business and create a new fintech platform by integrating its core telecom, big data and cybersecurity capacities,” Taiwan Mobile president James Cheng (鄭俊卿) said in a statement.
Far EasTone also plans to obtain a 5 percent share of the bank to accelerate its transformation into an information and communication services provider.
That investment would deepen the telecom’s partnerships with Line Corp, as Far EasTone already collaborates with the messaging app to provide mobile services in Taiwan through Line Mobile.
Taipei Fubon Commercial Bank (台北富邦銀行) is the second-biggest shareholder of the planned bank with a 25.1 percent stake.
CTBC Bank (中信銀行), Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) and Union Bank of Taiwan (聯邦銀行) each hold 5 percent, Line Financial said.
Chunghwa Telecom Co (中華電信) has also joined efforts to make inroads into Web-only banking.
The nation’s biggest telecom plans to hold a 30 percent stake in a banking consortium led by state-controlled lenders.
First Commercial Bank (第一銀行), the banking arm of First Financial Holding Co (第一金控), Mega International Commercial Bank (兆豐銀行), Shin Kong Commercial Bank (新光銀行) and Pxmart Co Ltd (全聯實業) are members of the consortium.
Luxury hotel Mandarin Oriental Taipei (文華東方酒店) plans to reopen its guestrooms in December to take advantage of a boom in domestic travel. The reopening would come six months after the five-star facility suspended room operations to cut costs as countries across the region impose border controls to contain the COVID-19 pandemic, diminishing demand for business travel. “We are delighted to share that Mandarin Oriental Taipei will resume room operations on December 1,” the hotel said in a statement yesterday. The hotel in Songshan District (松山) said it would adopt stringent health and safety practices to ensure the well-being of its guests and employees. It
India’s COVID-19 economic gloom turned into despair this week, on news that its per capita GDP for this year might be lower than that of Bangladesh. “Any emerging economy doing well is good news,” Kaushik Basu, a former World Bank chief economist, said on Twitter after the IMF updated its World Economic Outlook. “But it’s shocking that India, which had a lead of 25% five years ago, is now trailing.” Ever since it began opening up the economy in the 1990s, India’s dream has been to emulate China’s rapid expansion. After three decades of persevering with that campaign, slipping behind Bangladesh hurts
When the COVID-19 pandemic shut down bars and concert halls in the US in March, a new phenomenon was born: the vacation-rental nightclub. Professional party promoters started scanning Airbnb, Vrbo and other short-term rental sites for mansions and luxury condos for hire. Tickets were going for US$90 on Eventbrite and TikTok for soirees with bottle service and DJs. “People were looking to escape from their own homes and came into our tiny neighborhood to party all day, every day,” said Kristen Robinson Doe, a resident of a quiet suburban Dallas neighborhood, where a party pad was being rented out for more than
HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) has approved two sustainability-linked loans totaling NT$450 million (US$15.55 million) for Taya Group (大亞集團) and Sinbon Electronics Co (信邦電子), the bank said yesterday, adding that interest rates would fall if the borrowers’ sustainability performance improves. Those marked the first sustainability-linked loans granted by HSBC Taiwan, it said. While HSBC Taiwan has experience providing green loans for the nation’s developers of renewable energy sources to support their projects, the bank began focusing on sustainability-linked loans to meet rising demand from companies in other sectors planning to undertake sustainability programs, it said. “As we reward our clients who reach their