Taipei, Jan. 19 (CNA) Rakuten International Commercial Bank Co. officially opened for business Tuesday, becoming Taiwan's first internet-only bank.

The bank, backed by Japanese e-commerce giant Rakuten, is among three Web-only banks that have received digital banking licenses from the Financial Supervisory Commission.

The other two are Chunghwa Telecom-backed Next Bank, and LINE Bank, a consortium formed by Japan's messenger app LINE and Mizuho Financial Group.

Rakuten's banking services feature two special programs for customers that will serve as the bank's foundation in promoting financial innovation.

One is the Happy Program, a customer loyalty program that earns people rewards from transactions, and the other is Rakuten Ecosystem, a virtual marketplace of products and services that make life easier for its members.

The bank has also rolled out Taiwan dollar-denominated time deposits with maturities as short as seven days.