Line Pay, Taiwan lenders to create digital bank

The third-party allocation of new shares will be made in later this year for a total amount of US$157. 5 million, with Taipei Fubon Bank holding 19.9 per cent and Union Bank of Taiwan 10 percent, the company said.
Up to three new partners could potentially join Line Biz+ Taiwan in the future in keeping with local regulations. 
The company operates Line Pay, a smartphone payment service, in Taiwan, and it is a wholly-owned subsidiary of Line Pay Corp, a subsidiary of Line Corp.
Line Pay is the leader in Taiwan in terms of both brand recognition and use, according to MIC research report published on January 12. 
Its service has been growing steadily with a high number of users, boasting over 10 million monthly transactions since April 2018.
In December 2016, the company began issuing credit/debit cards through a partnership with Chinatrust Commercial Bank Corp, called CTBC Line Pay Cards. In December 2017, the company entered into a capital alliance with iPASS Corporation, the only company in Taiwan that issues stored value cards.
Line Biz+ Taiwan said it aims to further expand its services and improve convenience for Line Pay users through the third-party allocation of new shares to Taipei Fubon Bank and Union Bank of Taiwan.
The former has relationships with a large number of merchants, including momo shop - the largest e-commerce service in Taiwan, while the latter is known for its advanced technological potential as the only bank in Taiwan to have built its own banking platform, and which has a tech company as its subsidiary.