The Financial Supervisory Commission (FSC) yesterday said it would establish a panel to review the applications for two Web-only bank licenses.
The panel would be comprised of five commission members and four independent experts, Banking Bureau Deputy Director Wang Li-chun (王立群) told a news conference in Taipei, adding that the commission has established strict qualification requirements for the panelists to avoid any conflict of interest.
The panelists would also be barred from working for the banks that win Web-only licenses for the next two years, Wang said.
So far, three teams led by Chunghwa Telecom Co (中華電信), Line Financial Taiwan Corp (台灣連線金融科技) and Waterland Financial Holdings Co (國票金控) have expressed an interest in the licenses, but as of yesterday none of them has made a formal application, Wang said.
The application deadline is Friday
The preparatory office of Web-only Next Bank (將來銀行), in which Chunghwa Telecom holds a 41.9 percent stake, plans to submit its application today or tomorrow, chief executive officer Liu I-cheng (劉奕成) told the Taipei Times on Sunday.
Mega International Commercial Bank (兆豐銀行) is the second-largest shareholder with a 25.1 percent stake, followed by Shin Kong Financial Holding Co (新光金控) with 14 percent, Pxmart Co Ltd (全聯實業) with 9.9 percent, KGI Bank (凱基銀行) with 7 percent and Trade-Van Information Services Co (關貿網路) with 2.1 percent, Liu said.
The bank would take deposits, provide loans, sell insurance policies, promote mobile transfers and offer wealth management services, he said, adding that plans call for it to break even within three years of starting operations.
Chunghwa Telecom would be responsible for the bank’s information system and Pxmart would be in charge of distribution channels, while Mega Bank would help manage fund flows and Shih Kong Financial would focus on product development, the preparatory office said.
Waterland Financial has said it plans to invest NT$4.9 billion (US$158.9 million) for a 49 percent stake in a Web-only bank, with Japanese e-commerce firm Rakuten Inc holding the remaining 51 percent.
Rakuten’s 18 years of experience in operating a Web-only bank in Japan would be a great advantage, Waterland chairman Wea Chi-lin (魏啟林) said last month.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
Her white-gloved, waistcoated uniform impeccable, 22-year-old Hazuki Okuno boards a bullet train replica to rehearse the strict protocols behind the smooth operation of a Japanese institution turning 60 Tuesday. High-speed Shinkansen trains began running between Tokyo and Osaka on Oct. 1, 1964, heralding a new era for rail travel as Japan grew into an economic superpower after World War II. The service remains integral to the nation’s economy and way of life — so keeping it dazzlingly clean, punctual and accident-free is a serious job. At a 10-story, state-of-the-art staff training center, Okuno shouted from the window and signaled to imaginary colleagues, keeping
Arm Holdings PLC approached Intel Corp about potentially buying the ailing chipmaker’s product division, only to be told that the business is not for sale, according to a source with direct knowledge of the matter. In the high-level inquiry, Arm did not express interest in Intel’s manufacturing operations, said the source, who asked not to be identified because the discussions were private. Intel has two main units: A product group that sells chips for personal computers, servers and networking equipment, and another that operates its factories. Representatives for Arm and Intel declined to comment. Intel, once the world’s largest chipmaker, has become the
RSS