Line Bank Taiwan Ltd (連線商業銀行), the second Internet-only bank in the nation, is to begin trial operations on Wednesday, before an official launch next month, Line Bank general manager Morris Huang (黃以孟) said on Friday.
The bank has completed several rounds of tests, such as stress tests, integration tests and user tests, and the bank is well-prepared to open to the public, Huang said.
The bank also signed an agreement with Central Deposit Insurance Corp (CDIC, 中央存保) to provide deposit insurance to its clients.
Photo: Lee Chin-hui, Taipei Times
Huang said that 700 employees of the three Taiwanese subsidiaries of Line Corp would be offered services in the trial.
As a Web-only bank, it has placed much emphasis on cybersecurity, Huang said.
The bank would initially offer debit card services and personal loans, but more preparations would be needed before credit card services could be offered, he said.
Once it offers services to the public, the bank would start with a promotion campaign, but it would not initially engage in price competition to achieve a certain market share, Huang said.
Line Financial Taiwan Corp (台灣連線金融科技), which owns 49.9 percent of Line Bank, last quarter started a similar Internet-only bank in Thailand — Line Bk — which has been faring as expected, Huang said.
The Thai bank’s performance would serve as a benchmark for the Taiwanese operations, he said.
Rakuten International Commercial Bank Co (樂天國際商銀), Taiwan’s first Web-only bank, opened in January, while Next Bank (將來銀行) is expected to become the third, as its application to begin operations is under review at the Financial Supervisory Commission.
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