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RETAIL BANKING | Staff Reporter, Taiwan

Rakuten launches Taiwan's first digital-only bank

This follows after the bank received all necessary approvals from the local regulator in June 2019.

Tokyo-based e-commerce and online retailer Rakuten announced that its digital-only bank Rakuten International Commercial Bank has officially began operations in Taiwan on 19 January.

This is reportedly the country’s first digital-only bank.

In a press release, the company shared that its wholly owned subsidiary with IBF Financial Holdings has been preparing for commencement of business activities after receiving all necessary approvals on 30 June 2019 from the Financial Supervisory Commission.

IBF Holdings owns 49% of the digital-only bank, whilst Rakuten Bank and Rakuten Cards owns 50% and 1%, respectively.

The bank completed its registration of establishment on 18 May 2020. It is headed by Chien Ming-Ren and has a capital of more than $350m (TWD10b).

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