LINE Bank announced that it has been granted an operational license by Taiwan’s Financial Supervisory Commission to launch a virtual bank.

LINE Bank has been working with the regulatory authorities on the due diligence process after being one of the three entities to receive a virtual banking license in 2019.

The bank said that it will work with all relevant authorities to ensure the stability and reliability of its systems’ operations in preparation for the launch in the first half of 2021 to its 21 million Monthly active users (MAU) in Taiwan.

LINE Bank said in a statement that it will provide retail banking services including deposit, transfer, debit card and personal loan at the initial stage of business.

This is an expansion of its push into the financial services as LINE had previously collaborated with Thailand’s KASIKORNBANK to launch a “social banking” platform in October 2020.

LINE also has plans to expand banking services into other countries, including Japan and Indonesia this year.

“We are happy and appreciative for the FSC’s approval, and will continue to prepare for the service launch. We aim to provide customers with innovative and convenient banking services.”

said Morris Huang, General Manager of LINE Bank Taiwan.

“The successful launch of LINE BK last year, LINE Thailand’s banking service operated by K LINE, saw our service quickly grow and acquire a great many customers, and we are confident that LINE Bank will also be a big success in Taiwan.”

said In-Joon Hwang, Chairman of LINE Bank Taiwan and Chief Financial Officer of LINE Corporation.

Currently only Rakuten has officially launched its operations while Taiwan telecom operator Chungwa Telecom’s Next Commercial Bank has yet to commence operations.

Featured image: Edited from Unsplash