Lotte Group, LINE and Next Commercial Bank were awarded the first virtual banking license in Taiwan

According to block rhythm news, Taiwan issued the first virtual banking license to three companies, including a subsidiary of Japanese e-commerce giant Rakuten and communications giant LINE Group. It is reported that these licenses are issued by the Financial Supervisory Commission, and the regulators currently do not intend to issue more virtual banking licenses. McKinsey, a management consultancy, recently estimated that if low-cost digital banks can expand rapidly and capture "significant" market share from existing banks, Asian banks' return on equity (RoE) will be 10.1% from last year. It fell to 6.4% in 2023.