LINE Bank Starts Trial Operations Online banking services company LINE Bank began trials of its Taiwan platform in late March. The trial operations, which were limited to the approximately 700 employees of LINE Taiwan, follow a series of stress, integration, and user tests. If the trial is successful, the online bank will make a full…
The Financial Supervisory Commission’s new action plan includes goals related to data liberalization, encouraging disruption and innovation, and talent development. Speaking at the Taiwan Capital Market Forum last August, President Tsai Ing-wen disclosed some startlingly ambitious plans to transform Taiwan into an Asian financial hub. “We are going to make Taiwan the number one center…
Last December, Taiwan’s Financial Supervisory Commission (FSC) announced the easing of requirements for foreign finance professionals, part of the government’s plans to make Taiwan an Asia-Pacific financial hub. The work experience requirement for senior financial executives applying for the Employment Gold Card – a special work visa that incorporates an alien resident certificate, open work…
Visa Direct – the more secure, convenient and cost-effective way for international remittance With the rise of fintech, banking is no longer confined to a particular place but is something we can do from anywhere. As banking undergoes industry-wide transformation, financial institutions and technology companies are working together to find new solutions that can better…
Taiwan’s ranking by a money-laundering watchdog has risen over the past year, but future efforts will need to address challenges emerging from digitization of the financial sector. Taiwan has significantly strengthened its anti-money laundering regime in recent years, which has been reflected in its improved ranking by a key regional watchdog. In late 2019, the…
Companies with appropriate business models have continued to be viable. Most of the leading international companies that were once active in Taiwan’s life insurance industry have long since exited the market. The list includes Aegon, Aetna, ING, Manulife, MetLife, New York Life, and Winterthur. Now it appears likely that one of the few remaining major…
Success as a virtual bank in Taiwan would bring the Japanese messaging app closer to super app status In Taiwan, Japanese messaging app LINE is best known for its cartoonish stickers of furry creatures. LINE’s emojis telegraph the kawaii (literally “cute” in Japanese) culture of Japan many Taiwanese adore. Once hooked on the free stickers,…
Regulating STOs could provide a new equity fundraising channel for startups, but questions remain about the utility of the new rules. Just a few years ago, some virtual currency advocates were suggesting that Taiwan could become a hub for all things crypto in Asia. Given the conservative nature of Taiwan’s financial industry, the thought of…
Internet-only banks could potentially serve a credit-strapped young demographic that prefers to bank online, but what will be the effect on an already saturated banking sector? Taiwan is overbanked. Its 37 banking institutions operate roughly 5,000 branches for a population of about 23 million people. Because the sector’s US$1.6 trillion in assets are spread among…
The competition for market share for mobile-wallet business is intensifying as consumers increasingly settle transactions with their smartphones. Taiwan’s convenience stores have always lived up to their name – with one exception. They refuse to take most debit or credit cards. Besides cash, for years the only way to pay at a convenience store was…
