(Photo courtesy of LINE) (Photo courtesy of LINE) The Financial Supervisory Commission (FSC) on Thursday (Feb. 4) issued Web-only LINE Bank an operating license to open a virtual bank in Taiwan, with plans to launch operations in the first half of the year.
In the initial stage, the virtual bank will focus on deposits, wire transfers, debit cards, and personal credit loans, LINE Bank said in a statement.
Since being approved to launch an internet-only bank in Taiwan in 2019, LINE Bank has fully cooperated with regulators in terms of related inspections, and actively sought to have its businesses connected to regulatory systems.
Credit card spending last year is forecast to have dropped for the first time in 11 years, as the COVID-19 pandemic dampened private consumption, the Financial Supervisory Commission (FSC) said on Thursday.
The commission’s remarks came after credit card spending dropped 0.8 percent year-on-year to NT$259.5 billion (US$9.12 billion) in November last year, according to FSC data.
On a monthly basis, the spending rose 7.81 percent due to promotions for the Double 11, or Singles’ Day, sales event.
If credit spending last month “surpassed NT$270 billion, annual spending would hit NT$3 trillion, but it is not very likely, given that the monthly
Cathay United Bank fined NT$12 million for internal control lapses
12/29/2020 10:23 PM
Image taken from google.com.tw/maps
Taipei, Dec. 29 (CNA) Taiwan s Financial Supervisory Commission (FSC) on Tuesday fined Cathay United Bank (國泰世華銀行) NT$12 million (US$422,982) after one of its financial advisors was found to have misappropriated NT$17.32 million from clients accounts.
FSC Banking Bureau Deputy Director-General Lin Chih-chi (林志吉) said the FSC handed out the fine following an investigation lasting several months after first receiving reports from Cathay United Bank in May about the alleged irregularity.
According to Lin, the bank found that an employee surnamed Hung (洪) at its Banqiao branch had misappropriated a large sum of money from four clients over a period of four-years-and-one-month; from March 2016 to March 2020.