The Web-only Line Bank Taiwan Ltd (連線商業銀行), granted an operating license by the Financial Supervisory Commission on Thursday, aims to conduct a pilot run in six weeks.
Line Bank is the second virtual bank to gain a license from the regulator after Rakuten International Commercial Bank (樂天國際商銀) received one on Dec. 8 last year.
Prior to its pilot run, Line Bank must connect its information system to the central bank and the Central Deposit Insurance Corp (中央存保), and sign a contract with Visa Taiwan Co (台灣威士卡), Banking Bureau Deputy Director-General Lin Chih-chi (林志吉) said.
Photo courtesy of Line Bank
Personnel of the bank and its investors — such as Line Financial Taiwan Corp (台灣連線金融科技), Taipei Fubon Commercial Bank (台北富邦銀行), Taiwan Mobile Co (台灣大哥大) and Far EasTone Telecommunications Co (遠傳電信) — are to experience Line Bank’s services during the trial, Lin said.
As the investors are in the financial technology, telecommunications and financial sectors — not banking — the regulator has instructed the bank to spend extra time educating them before introducing its products and services, he said.
“Line Bank must ensure that its partners outside of the industry understand and comply with banking regulations, as well as regulations on information security and customer data protection,” he said.
Line Bank’s affiliate, messaging app operator Line Taiwan Ltd (台灣連線), in early December last year introduced a service that allowed the bank to collect consumer data even before it received its operating license, Lin said, adding that the commission reprimanded the bank at the time and Line Bank pledged to improve its standard operating procedures.
The bank aims to begin serving customers by the end of June, focusing initially on deposits, fund transfers, debit cards and personal loans, it said.
Another Web-only bank, Next Commercial Bank Co Ltd (將來商業銀行), has yet to gain its operating license, as the commission is still reviewing a plan submitted last month to address issues raised in an on-site inspection last year, Lin said.
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