Lotte and LINE obtained virtual banking licenses in Taiwan, China

According to The Block, Taiwan has recently issued the first virtual banking license to three companies, including a subsidiary of Japanese e-commerce giant Rakuten and Japanese communications giant LINE Group. According to Reuters on Tuesday, these licenses have been granted to Taiwan's LINE Financial, Rakuten International Commercial Bank and Next Commercial Bank, which is led by Taiwanese telecom operator Chunghwa telecom. According to the report, Taiwan's Financial Supervisory Commission is a license issuer and does not intend to issue more virtual banking licenses.