Rakuten Launches First Digital-only Bank in Taiwan

Rakuten International Commercial Bank was one of three groups granted authorisation to set up a digital bank in July 2019.

Rakuten International Commercial Bank (RICB) officially opened for business on Tuesday (19 January), making it the first internet-only bank in Taiwan to do so.

RICB plans to attract clients using the Rakuten ecosystem, including its e-commerce platform, rather than trying to lure them with higher deposit rates. It is also planning to use a customer loyalty program that grants rewards to customers based on their transactions.

Read more: Regulation Asia