FTC to review Web banks in January

SHAREHOLDER STRUCTURE: The three Web-only banks have plans to start operations in the first quarter, but that could be delayed if the review takes longer than expected

Taipei Times
Date: Nov 18, 2019
By: Chen Cheng-hui  /  Staff reporter

The Fair Trade Commission (FTC) is to begin reviewing the operations of the nation’s three Web-only banks in January, the Chinese-language Liberty Times (the sister newspaper of the Taipei Times) reported yesterday.

If approved by the antitrust watchdog, the banks would begin operations in a move that could trigger technological innovation, challenge traditional lenders and have wide ramifications for the financial industry.

The three Internet-based banks — Next Bank (將來銀行), Line Bank (連線商業銀行) and Rakuten International Commercial Bank Co (樂天國際商銀) — received their licenses from the Financial Supervisory Commission (FSC) at the end of July.

The lenders had announced earlier that they would begin operations in the first quarter of next year at the earliest.    [FULL  STORY]

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