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    2412   TW0002412004

CHUNGHWA TELECOM CO., LTD.

(2412)
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End-of-day quote. End-of-day quote Taiwan Stock Exchange - 09/23
111 TWD   0.00%
08/25CHUNGHWA TELECOM CO., LTD. : Ex-dividend day for final dividend
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08/20CHUNGHWA TELECOM : holds 2021 Annual General Meeting
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08/20Chunghwa Telecom Co., Ltd. Approves Cash Dividend for 2020
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Taiwan joins Asia digital banking push with three new online licences

07/30/2019 | 06:34am EDT

TAIPEI (Reuters) - Taiwan issued its first virtual banking licences to three consortium led by Taiwan and Japanese investors, its financial authorities said on Tuesday, following moves by regulators in other Asian markets to issue such licences.

Asia's internet firms are challenging the region's traditional banks for consumer finances, hoping to increase competition and drive innovation in their markets, while non-banking companies are keen to challenge traditional banks by leveraging their technology and user databases.

The island's Financial Supervisory Commission said the digital banking licences were granted to LINE Financial Taiwan, led by Japanese app operator LINE Group and including Taipei Fubon Commercial Bank and Standard Chartered, and to Next Commercial Bank, led by Taiwan telecom operator Chunghwa Telecom.

Another licence was granted to Rakuten International Commercial Bank, which was operated by Japanese e-commerce firm Rakuten Inc and Taiwan's IBF Financial Holdings.

"We're likely to see these new players in Taiwan focusing on specific markets in need of specialised services and products," said Fergus Gordon, who leads Accenture's Banking practice in Asia Pacific and Africa.

Gordon said millennial in search of microloans and cheaper offerings that work around the clock, or SMEs that want more efficient corporate banking or speedier credit approvals would be likely targets.

The commission said while it had initially planned to give out two new licences, because the three companies all had different business models and target customers, it had decided to give each of them a licence.

The FSC has no plan to issue more virtual bank licences at the moment, it added.

Across the strait in Hong Kong, the financial hub gave out eight new online-only banking licences earlier this year to groups including affiliates of Alibaba Group Holding Ltd and a consortium led by Standard Chartered.

Singapore's central bank said in June it would issue up to five digital bank licences, and Reuters reported previously, quoting sources, that ride-hailing company Grab was considering applying.

Regulators in Thailand and Malaysia are also considering digital banking licences, and Korea's FSC, last week, allowed internet company Kakao Corp to increase its stake in Kakao bank, one of two online-only banks in the country.

Incumbent banks need to respond quickly to the new competition, say analysts. Consultancy McKinsey estimates that if digital banks gain significant market share and scale quickly, Asian banks' average return on equity, a measure of profitability, could drop to as low as 6.4% by 2023, from 10.1% last year.

(Reporting By Emily Chan and Yimou Lee; additional reporting by Alun John in Hong Kong; editing by Gopakumar Warrier)


ę Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -0.46% 151.19 Delayed Quote.-35.04%
CHUNGHWA TELECOM CO., LTD. 0.00% 111 End-of-day quote.1.83%
DEERE & COMPANY 3.13% 351.5 Delayed Quote.26.68%
DOW JONES AFRICA TITANS 50 INDEX 0.10% 513.28 Delayed Quote.-3.95%
HUB CO., LTD. -5.39% 685 End-of-day quote.26.38%
IBF FINANCIAL HOLDINGS CO., LTD. 0.32% 15.75 End-of-day quote.22.57%
KAKAO CORP. -3.77% 115000 End-of-day quote.47.63%
LETS HOLDINGS GROUP CO., LTD. 0.31% 6.52 End-of-day quote.-16.20%
LOOK HOLDINGS INCORPORATED -1.01% 1374 End-of-day quote.43.57%
MSCI TAIWAN (STRD) 0.78% 696.688 Real-time Quote.17.73%
RAKUTEN GROUP, INC. -0.18% 1108 End-of-day quote.11.47%
S&P AFRICA 40 INDEX 0.73% 166.48 Delayed Quote.-4.47%
STANDARD CHARTERED PLC 0.72% 432.5 Delayed Quote.-6.85%
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Financials
Sales 2021 210 B 7 599 M 7 599 M
Net income 2021 33 893 M 1 224 M 1 224 M
Net Debt 2021 2 278 M 82,3 M 82,3 M
P/E ratio 2021 25,4x
Yield 2021 3,92%
Capitalization 861 B 31 026 M 31 095 M
EV / Sales 2021 4,10x
EV / Sales 2022 4,04x
Nbr of Employees 21 040
Free-Float 58,6%
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Mean consensus HOLD
Number of Analysts 8
Last Close Price 111,00 TWD
Average target price 109,13 TWD
Spread / Average Target -1,69%
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Managers and Directors
Shui-Yi Kuo President & General Manager
Yu Shen Chen Chief Financial Officer & Senior Executive VP
Chi-Mau Sheih Chairman
Cheng Jan Chen Independent Director
Lou Yu Yan Independent Director
Sector and Competitors