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Taiwan Issues Three Virtual Bank Licenses

Taipei, July 30 (CNA) The Financial Supervisory Commission has issued its first batch of licenses to three conglomerates for the establishment of Internet-only banks that are expected to officially go online in 2020, FSC Chairman Wellington Koo (顧立雄) announced Tuesday.

The three licenses were granted to the preparatory team of Next Bank, in which Chunghwa Telecom holds a 41.9 percent stake; Line Bank, in which Line Financial Taiwan Corp. holds a 49.9 percent stake; and Rakuten International Commercial Bank, in which Waterland Financial Holdings Co. holds a 49 percent stake, while Japanese e-commerce giant Rakuten Group holds a 51 percent stake, according to the FSC.

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