2018.11.14 Corporate Announcement
TAIPEI, Taiwan – November 12, 2018 – LINE Financial Taiwan announced today the first members of the consortium participating in its internet-only banking license application: Taipei Fubon Commercial Bank, CTBC Bank, Standard Chartered Bank (Taiwan) Limited and Union Bank of Taiwan. These four partners will join LINE in submitting a business plan and application to Taiwan’s Financial Supervisory Commission before Feb. 15, 2019.
For this internet-only banking project, LINE Financial Taiwan will take a 49.9% stake and Taipei Fubon Commercial Bank a 25.1% stake, while CTBC Bank, Standard Chartered Bank (Taiwan) Limited and Union Bank of Taiwan will each have a 5% stake.
LINE has a user base of 21 million in Taiwan, with the market penetration and user stickiness to provide a solid foundation for its Fintech services. By utilizing LINE’s innovative digital technology and mobile marketing experience, LINE Financial Taiwan will leverage the four banking partners’ expertise in risk management, financial products and services design, compliance and anti-money-laundering measures to map out an internet-only banking business plan appropriate for the Taiwan market.
“We are honored to have these four financial industry partners join us,” said Roger Chen, chairman and general manager of LINE Financial Taiwan. “In the future, we plan to invite partners from other industries to join us, to bring together more resources for promoting Fintech innovation. Once all the consortium members are on board, we will form a preparatory office with the important shareholders to apply for the establishment of an internet-only bank.”
[Note: The original Chinese-language version of this press release was released on Nov. 12, 2018: linecorp.com/zh-hant/pr/news/zh-hant/2018/2473]