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LINE, Rakuten in talks to open web-only banks in Taiwan

Japan's LINE Corp. and Rakuten Inc. are in talks with the Financial Supervisory Commission of Taiwan to open web-only banks in Taiwan, the Taipei Times reported March 23, citing FSC Chairman Wellington Koo's interview with the Legislative Yuan's finance committee.

Koo reportedly told the committee that the two online services companies visited the FSC to inquire about regulations.

Online-only banks and brick-and-mortar banks in Taiwan have the same minimum paid-in capital requirement of NT$10 million, the report said. The FSC reportedly will start drafting regulations for web-only banks next month.

As of March 22, US$1 was equivalent to 29.19 New Taiwan dollars.