LINE Bank Preparatory Office has been granted a permit to establish an internet-only bank by Taiwan’s Financial Supervisory Commission. The group is a consortium in which LINE Financial Taiwan holds a 49.5 per cent stake, with Taipei Fubon Bank holding 25.1 per cent and 5 per cent each held by CTBC Bank, FarEasTone, Standard Chartered Bank, Taiwan Mobile, and Union Bank of Taiwan,
It plans to introduce banking services involving AI, big data and financial technologies, and to commit to “responsible innovation,” as it develops innovative and secure personal finance experiences.
In a statement, it said: “We will listen carefully to the voice of consumers, strive ceaselessly to be a trusted bank, and establish deep roots in Taiwan market, as we seek to promote financial inclusion for all through ubiquitous, internet-only banking services.”
Taiwan is an important market for LINE, with a significant user base of 21m people.