July 30, 2019 / 8:50 AM / 4 months ago

Taiwan issues island's first virtual bank licences

TAIPEI, July 30 (Reuters) - Taiwan issued its first virtual banking licences to three consortiums consisting of Taiwan and Japanese investors, its financial authorities said on Tuesday, following moves by regulators in other Asian markets to issue such licences.

The island’s Financial Supervisory Commission said the digital banking licences were granted to LINE Financial Taiwan, which was led by Japanese app operator LINE Group, and Next Commercial Bank, led by Taiwan telecom operator Chunghwa Telecom.

Another licence was granted to Rakuten International Commercial Bank, which was operated by Japanese e-commerce firm Rakuten Inc and Taiwan’s IBF Financial Holdings .

Asia’s internet firms are challenging the region’s traditional banks for consumer finances, tapping their massive user networks for business. (Reporting By Emily Chan and Yimou Lee; editing by Gopakumar Warrier)

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