Line Bank report on crash not satisfactory: regulator
By Kao Shih-ching / Staff reporter
A report by Web-only Line Bank Taiwan Ltd (連線商業銀行) explaining why its information system crashed on the first day of operation was not satisfactory and the Financial Supervisory Commission (FSC) would demand that the bank improve its operations, commission Chairman Thomas Huang (黃天牧) said yesterday.
The commission on April 23 asked the virtual bank to submit a report on the crash and the lender has submitted it, Huang told a meeting of the legislature’s Finance Committee in Taipei.
“However, we cannot completely accept the report,” Huang said.
Signage for Line Bank Taiwan Ltd is displayed at the company’s headquarters in Taipei yesterday.
Line Bank eyes mid-March pilot run
By Kao Shih-ching / Staff reporter
The Web-only Line Bank Taiwan Ltd (連線商業銀行), granted an operating license by the Financial Supervisory Commission on Thursday, aims to conduct a pilot run in six weeks.
Line Bank is the second virtual bank to gain a license from the regulator after Rakuten International Commercial Bank (樂天國際商銀) received one on Dec. 8 last year.
Prior to its pilot run, Line Bank must connect its information system to the central bank and the Central Deposit Insurance Corp (中央存保), and sign a contract with Visa Taiwan Co (台灣威士卡), Banking Bureau Deputy Director-General Lin Chih-chi (林志吉) said.
Line Bank Taiwan Ltd general manager Morris Huang poses at a Line booth in an undated photograph. The Web-only bank was granted an operating license by the Financial Supervisory Commission on Thursday, and it plans to conduct a pilot run in six weeks.