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March 22, 2021

Taiwan’s internet-only Line Bank to begin trial operations

Line Bank, an internet-only bank in Taiwan, is set to begin trial operations later this week.

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According to a CNA report, the trial programme will include around 700 employees from Line’s three Taiwanese subsidiaries.

The bank aims for a general rollout next month, contingent upon the success of the pilot programme.

Line Bank general manager Morris Huang told the publication that the lender has completed a series of tests and is well-prepared to go public.

Notably, the move comes a month after Line Bank secured banking licence from Taiwan’s Financial Supervisory Commission (FSC) last month.

Line Financial holds 49.9% stake in Line Bank. Taipei Fubon Commercial Bank owns 25.1% stake, while CTBC Bank, Union Bank of Taiwan, Standard Charter Bank, Taiwan Mobile Co. and Far EasTone Telecommunications Co. owns 5% each.

Initially, Line Bank will offer personal loans and debit card services. In future, the service will be expanded to include credit cards.

The bank has also signed an agreement with Central Deposit Insurance (CDIC) to offer deposit insurance.

Line Bank is slated to become the second internet-only bank in Taiwan.

The first neobank Rakuten International Commercial Bank commenced operations in January. Next Bank, whose application is currently under evaluation, is expected to become the third web-only bank of Taiwan.

Line Financial launched a similar internet-only bank called LINE BK in Thailand last year.

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Big tech companies have created massive ecosystems that offer the internet’s key services, making it impossible for users to break from their “walled garden” and ultimately surrender control of their data. A sharp rise in public awareness about data privacy and the value of their data has stimulated new awareness around web 3.0 networks. Web 3.0 is the third iteration of the internet, designed by token-based economics to wrest the control of user data from big tech companies and provide a user-centric internet. It creates a mesh of peer-to-peer communication and decentralized governance structures to enable individuals and organizations to tackle data privacy and censorship threats. Reasons to read: An increasing number of startups and tech players are shifting gears to create blockchain-powered decentralized ecosystems for different sector-specific applications and services. Against this backdrop, businesses need more awareness of the fast-paced fundamental restructuring of the internet. The report highlights the current state of play and the future potential of web 3.0 networks in driving decentralized and user-controlled internet. This is anticipated to unlock new possibilities for enterprises across sectors such as financial services, gaming, sports, media & entertainment, retail, and technology, among others. Read our report and gather insights on the following topics:
  • Evolution of the internet
  • Active players in the web 3.0 ecosystem
  • Key applications by major sectors
  • Driver and challenges
  • Top startups and Mergers & Acquisitions
  • Regulatory landscape & future scope
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Enter your details here to receive your free Whitepaper.

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