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[FET] Taiwan Mobile, FET to join web-based Line Bank

Post Date 2018.11.22From:Max Wang, Taipei; Steve Shen, DIGITIMES

Telecom operators Taiwan Mobile (TWM) and Far EasTone Telecommunications (FET) both have announced that they will join Line Financial Taiwan to form a web-based banking institution, Line Bank, in Taiwan.

TWM will invest NT$500 million (US$16.188 million) to take a 5% stake in the planned web-based banking institution, according to company president James Cheng.

The planned investment will allow TWM to tap fintech business optimizing its core telecom, big data and information security capabilities, Cheng said.

FET also plans to invest NT$500 million for a 5% stake in Line Bank as it moves to deepen its cooperation with Line and to accelerate its transformation into an information and communication service provider, according to company president Yvonne Li.

FET has been cooperating with Line to offer mobile messaging service, namely Line Mobile, in the local market, Li noted.

Line Financial Taiwan will hold a stake of 49.9% in the planned web-based bank, while Taipei Fubon Bank will take a 25.1% stake. The planned Line Bank still has to obtain regulatory approval to offer related banking services.