Standard Chartered Taiwan to inject $16.2m in upcoming web-only Line Bank

Line Bank will compete with web-only bank hopefuls as only two licences will be granted by Taiwan.

Standard Chartered Taiwan revealed that it will invest $16.2m (NT$500m) in a 5% stake in Line Bank, an upcoming web-only bank by Line Financial Taiwan, reports Taipei Times.

Line Bank will go head-to-head with Chunghwa Telecom’s Next Bank and another team led by Waterland Financials as only two licences will be granted for virtual banks in Taiwan.

“The massive volume of Line users will be our biggest strong point, as every Taiwanese uses Line to communicate and connect with others nowadays,” StanChart Taiwan CEO Anthony Lin said in a media briefing, noting that the bank is also aiming for a licence to launch an online-only retail bank in Hong Kong.

Although Taiwanese are used to withdrawing money from ATMs, Lin believes Line Bank could win them over through convenient electronic payment promotions.

“Taiwanese do not go to the branches as often as before, so we do not think they would have much difficulty adapting to the virtual banks,” Lin explained.

Also Read

Why banks will be ‘invisible’ by 2030

More digital banks make a profit, but still face higher credit risks

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit