Following Rakuten International Commercial Bank which obtained an operating license from Taiwan’s FSC (Financial Supervisory Commission) on December 8 2020, Line Bank is Taiwan’s second web-only bank to receive on February 4, the United Daily News reported on February 5. Line Financial Taiwan holds a 49.9% stake of Line Bank while Taipei Fubon Bank is the second largest shareholder with 25.1% stake, and CTBC Bank, Standard Chartered Bank Taiwan, and Union Bank of Taiwan each holds 5% stake. Prior to starting pilot runs, Link Bank will have to connect its IT system to the Central Bank of Taiwan and the Central Deposit Insurance while signing a contract with Visa Taiwan Co. On top of that, the bank will need to educate its non-banking investors before introducing its products and services. The bank is poised to begin web-only banking services by the end of June this year, initially focusing on deposits, fund transfers, debit cards, and personal loans. The third candidate, Next Commercial Bank, is currently still under the review of the FSC.