Line Bank receives digital bank licence in Taiwan

Taiwan’s Financial Supervisory Commission (FSC) has granted an operational licence to Line Bank to launch an internet-only bank in the country.

The lender, which has 21 million monthly active users in Taiwan, intends to launch the online bank in the first half of this year.

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Initially, the internet-only bank will offer services such as deposits, wire transfers, debit cards and personal credit loans.

The company added that it is working with relevant authorities to ensure the stability and reliable operations of its systems.

It will be the second digital bank in Taiwan after the Rakuten International Commercial Bank.

LINE Bank Taiwan general manager Morris Huang said: “We are happy and appreciative for the FSC’s approval and will continue to prepare for the service launch.”

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Line Bank was one of three companies granted digital banking authorisation in 2019.

Line Bank is affiliated to the consortium of LINE Corporation based in Japan.

Line Bank Taiwan chairman and CFO of Line Corporation In-Joon Hwang said: “Fintech has tremendous promise across the Asia region, attracting massive investment over the past decade, and is expected to continue growing through 2030.

“The successful launch of Line BK last year, Line Thailand’s banking service operated by K Line, saw our service quickly grow and acquire a great many customers, and we are confident that Line Bank will also be a big success in Taiwan.”

Line also revealed that it plans to launch its services into other countries, including Japan and Indonesia.