Rakuten Bank targets 500,000 digital accountsBy Kao Shih-ching / Staff reporterRakuten International Commercial Bank Co (樂天國際商銀), a Web-only bank that is expected to begin operations by the end of this year, aims to sign up 500,000 digital savings accounts next year, but it would not launch a price war to attain its goal, chairman Chien Ming-ren (簡明仁) said on Thursday. If the virtual bank achieves its goal, it is likely to overtake O-Bank Co (王道商業銀行) or Bank SinoPac (永豐銀行), which had 441,945 and 471,689 digital savings accounts respectively as of the end of June, and rank third after Taishin International Bank (台新銀行) with 2.11 million accounts and Cathay United Bank (國泰世華銀行) with 680,330. Photo: Lee Chin-hui, Taipei Times“It is very easy for traditional banks to boost their digital savings accounts, as they already have millions of customers. Rakuten Bank is waiting for the Financial Supervisory Commission (FSC) to approve its operating license, Chien said. The bank plans to offer deposits, fund transfer, small loan and debit card services in the initial phase and gradually expand into mortgages and corporate loans, he added.

Source: Taipei Times November 06, 2020 15:56 UTC