Technology

Can virtual banks carve out niche in overbanked Taiwan?

Can virtual banks carve out niche in overbanked Taiwan?

Across East Asia, digital banks have been gaining traction from financial centers like Singapore, Hong Kong, and South Korea. Taiwan greenlit three online-only banks — it uses the term “virtual banks”— in 2019. After prolonged pandemic-induced delays, two of the three went live this year, Rakuten Bank and LINE Bank, while Chunghwa Telecom and PX Mart-backed Next Bank is expected to launch before the year's end.

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