Line Bank, an internet-only bank in Taiwan, is set to begin trial operations later this week.
According to a CNA report, the trial programme will include around 700 employees from Line’s three Taiwanese subsidiaries.
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The bank aims for a general rollout next month, contingent upon the success of the pilot programme.
Line Bank general manager Morris Huang told the publication that the lender has completed a series of tests and is well-prepared to go public.
Notably, the move comes a month after Line Bank secured banking licence from Taiwan’s Financial Supervisory Commission (FSC) last month.
Line Financial holds 49.9% stake in Line Bank. Taipei Fubon Commercial Bank owns 25.1% stake, while CTBC Bank, Union Bank of Taiwan, Standard Charter Bank, Taiwan Mobile Co. and Far EasTone Telecommunications Co. owns 5% each.
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By GlobalDataInitially, Line Bank will offer personal loans and debit card services. In future, the service will be expanded to include credit cards.
The bank has also signed an agreement with Central Deposit Insurance (CDIC) to offer deposit insurance.
Line Bank is slated to become the second internet-only bank in Taiwan.
The first neobank Rakuten International Commercial Bank commenced operations in January. Next Bank, whose application is currently under evaluation, is expected to become the third web-only bank of Taiwan.
Line Financial launched a similar internet-only bank called LINE BK in Thailand last year.
