Taiwan issues island's first virtual bank licences

TAIPEI: Taiwan issued its first virtual banking licences to three consortiums consisting of Taiwan and Japanese investors, its financial authorities said on Tuesday, following moves by regulators in other Asian markets to issue such licences.

The island's Financial Supervisory Commission said the digital banking licences were granted to LINE Financial Taiwan, which was led by Japanese app operator LINE Group, and Next Commercial Bank, led by Taiwan telecom operator Chunghwa Telecom.