Launch of Internet-only banks may be delayedBy Kao Shih-ching / Staff reporterThe nation’s three Web-only banks might launch later than expected as their preparations have been disrupted by the COVID-19 pandemic, but they are still expected to commence operations by the end of this year, the Financial Supervisory Commission (FSC) said on Wednesday. The commission in July last year approved applications by Chunghwa Telecom Co (中華電信), Line Financial Taiwan Corp (台灣連線金融科技) and Rakuten Inc to set up virtual banks — Next Bank (將來銀行), Line Bank (連線商業銀行) and Rakuten International Commercial Bank Co (樂天國際商銀). The commission told reporters in January that Rakuten Bank would take the lead by launching its operations this month, while Line Bank and Next Bank would launch in the third quarter, according to documents submitted by the three banks’ preparatory offices. Chuang did not reveal which Web-only banks are facing such challenges, but said the commission still expects the banks to start by the end of this year. Rakuten Bank would soon conduct the test and intends to start operating by the end of September, company chairman Chien Ming-jen (簡明仁) said by telephone.

Source: Taipei Times June 26, 2020 15:56 UTC