Taiwan’s Next Bank to sell insurance online in Q4

Next Commercial Bank, a Taiwanese digital bank, is set to start selling insurance online in the last quarter of this year, according to reports. The announcement comes after the digital bank received approval from the Financial Supervisory Commission to do so, making it ahead of the nation’s two other Web-only banks. A Next Bank manager said the focus will initially be on car insurance and travel insurance. The bank will set up an Internet platform with the latest technology for consumers to select and purchase insurance policies in Q4. Next Bank started rolling out retail and corporate banking services in 2020. Next Bank said it was moving into new businesses faster than its peers, as it also aims to launch foreign currency exchange and wealth management segments in the coming months.