● Far EasTone Telecommunications and Taiwan Mobile join consortium with 5% stakes each
● By adding latest partners, consortium now offers a full mix of digital mobile, banking and telecom expertise
TAIPEI, Taiwan – November 21, 2018 – LINE Financial Taiwan today announced two telecoms are joining the consortium it is forming to apply for an internet-only banking license in Taiwan. The final two members, Far EasTone Telecommunications and Taiwan Mobile, will each take a 5 percent stake in the new venture.
The telecoms join the four banks that were announced last week: Taipei Fubon Commercial Bank, CTBC Bank, Standard Charters Bank (Taiwan) Limited and Union Bank of Taiwan. The final breakdown of the application consortium is: LINE Financial Taiwan with a 49.9 percent stake, the banking partners with a combined 40.1 percent stake, and the telecoms with a 10 percent stake.
With all the members of the application consortium now finalized, LINE Financial Taiwan and its six partners say they are mapping out a business plan tailored for the Taiwan market, leveraging their combined expertise in the digital mobile, banking and telecom industries.
[Related: LINE Financial Taiwan Announces 4 Banks Joining Its Application for Internet-Only Banking License – https://linecorp.com/en/pr/news/global/2018/28]