LINE Bank granted operational license for an internet-only bank in Taiwan

By Edil Corneille

LINE Bank announced that it has been granted an operational license by Taiwan’s Financial Supervisory Commission for launching an internet-only bank. After receiving a banking permit in 2019, the bank has been cooperating with the regulatory authorities on the due diligence process. Going forward, it will work with all relevant authorities to ensure the stability and reliable operations of its systems in preparation for the launch of the bank in the first half of 2021. The bank will provide retail banking services including deposit, transfer, debit card and personal loan at the initial stage of business.

“We are happy and appreciative for the FSC’s approval, and will continue to prepare for the service launch,” said Morris Huang, General Manager of LINE Bank Taiwan. “We aim to provide customers with innovative and convenient banking services.”

“FinTech has tremendous promise across the Asia region, attracting massive investment over the past decade, and is expected to continue growing through 2030,” said In-Joon Hwang, Chairman of LINE Bank Taiwan and Chief Financial Officer of LINE Corporation. “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. In 2021, LINE also has plans to expand banking services into other countries, including Japan and Indonesia.”

Building on the foundation of LINE’s 21 million MAU in Taiwan, the bank will integrate with LINE’s and shareholders’ diverse ecosystems to realise its mission of “Banking in Your Hand”. The bank has mentioned that it is committed to listening to the voice of its customer and becoming an inclusive and trusted bank for all the people in Taiwan.

The LINE affiliate is focused on the development of its services in Taiwan. It is committed to leveraging its innovative DNA to realise its vision and to provide a convenient, safe, and delightful user experience.