Taiwan’s FSC (Financial Supervisory Commission) recently announced that the commission has issued three web-only or virtual banking licenses, instead of two to three applicants, the Central News Agency reported on July 30. Three applicants include Line Financial Taiwan, led by Japanese Line Group, Next Commercial Bank, led by Taiwan’s telecom operator Chunghwa Telecom, and Rakuten International Commercial Bank, jointly run by Japan’s Rakuten and Taiwan’s IBF Financial Holdings. While the approval of the virtual banking services is to challenge Taiwan’s traditional banks, especially in the consumer finance sector, the service is expected to meet the growing user needs for virtual banking.The relatively high level of population density, coupled with transactional and service quality has made Taiwan an ideal testbed for Line’s new services. Currently, there are over six million users and 120,000 shops supporting Line Pay in Taiwan.