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O-Bank is a latecomer to Taiwan’s retail banking sector—and it’s using that to its advantage. Created by the former Industrial Bank of Taiwan, it thought differently about how to attract customers. Its answer: become the country’s first native digital bank. Unencumbered by a branch network and old systems, it has created an entirely new service model, based around a powerful smartphone app. Customers transfer funds, pay bills, apply for loans and manage investments through the app. But at O-Bank, even the highly regulated process of account opening is conducted through a smartphone. It takes just 10 minutes.