Taiwan first licensed virtual banking operations

In Asia, Hong Kong has licensed virtual banking operations, while Singapore, Thailand and Malaysia are also considering similar moves ... ...

In Asia, Hong Kong has licensed virtual banking operations, while Singapore, Thailand and Malaysia are also considering similar moves ...
Taiwan's Financial Supervisory Commission on July 30 said it granted the first three virtual banking operations licenses to the top three organizations, investors from Taiwan and Japan, according to Reuters.

3 licensed organizations include: LINE Financial Taiwan is run by Japanese group LINE Group. Next Commercial Bank is run by Taiwanese operator Chunghwa and Rakuten International Commercial Bank operated by Japanese e-commerce company Rakuten Inc and IBF Financial Holdings of Taiwan.

In Asia, internet companies are creating a big challenge for traditional banks in consumer finance. Meanwhile, non-bank companies are also competing with traditional banks by taking advantage of their technology and user databases.

"We see these companies are focusing on markets with specialized demand for products and services in Taiwan," said Fergus Gordon, in charge of Accenture's banking division in the Asia Pacific region. and Africa, share.

Gordon said the target of these companies is young people who want to borrow small loans with low interest rates and small and medium companies. They want the process of disbursing corporate loans to be quicker and more efficient.

The Taiwan Financial Supervisory Commission said it initially designated a level 2 license. But because these 3 companies have different business models and customers, this agency decided to license them to all three. The agency also said that there is currently no more licensing plan.

In Asia, earlier this year Hong Kong licensed 8 virtual bank licenses - the bank only operates online, for many companies, including Alibaba Group Holding Ltd and a Standard Chartered-led organization.

In June, the Singapore Central Bank said it would license virtual banking operations for 5 units. According to Reuters, a startup called Grab is one of the companies considering registering this license. Authorities in Thailand and Singapore are also considering this activity. Meanwhile, the Korean Financial Supervisory Commission last week allowed internet company Kakao Corp to increase its stake in Kakao Bank, one of only two virtual banks in the country.

According to analysts, banks need to quickly cope with new competition from virtual banks. McKinsey consulting firm estimates that if virtual banks gain a large market share and expand rapidly, the average return on capital of banks in Asia could drop to 6.4% by 2023, from 10.1% last year.

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High Tech Brain: Taiwan first licensed virtual banking operations
Taiwan first licensed virtual banking operations
High Tech Brain
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