CHINA Taiwan banks introduce new IT techs in financial services

CHINA

Taiwan banks introduce new IT techs in financial services

Xinhua

16:44, November 29, 2019

TAIPEI, Nov. 29 (Xinhua) -- Drawing cash from an ATM without a bank card and getting credit in exchange for walking -- financial institutions in Taiwan are showcasing their new IT technology services at the FinTech Taipei 2019 which opened Friday.

VCG111257196932.jpg

Photo: VCG

At the booth of Taishin Bank, a leading local bank, visitors curiously tried the new facial recognition service in front of the two ATMs.

Clients will have to register images of their faces in front of an ATM of Taishin Bank, which will then link the images with their bank accounts, said Shen Chien-chen, a bank employee at the booth.

"Next time, when they try to withdraw cash from the bank's ATMs, they will not need their bank card but will only need to be scanned by the camera," Shen said. "It will be very convenient if clients forget to bring bank cards along or have their hands full and can not reach for their cards."

As of now, the bank has installed 10 ATMs that offer facial recognition services across the city of Taipei and plan to add another 20 machines and expand to other cities next year, Shen said.

The bank also plans to work with convenience stores to provide facial recognition payment.

"Clients will link their facial images with their credit cards through an app on their mobile phones so that they can make the payments using facial recognition at stores that partner with Taishin Bank," Shen said.

Another leading financial institution SinoPac Holdings is promoting their "health" credit service at the exhibition, which incorporates mobile phone apps and smart sport gadgets.

"Using an app on their mobile phones, the longer people walk or the harder they work out, the more credit they will earn. The credits allow them to enjoy discounts in financial service fees or paying their credit cards," said Jason Chen, a SinoPac Holdings employee at its booth.

The app is also able to collect data from smart sport gadgets such as sports bracelets so that more precise information will be gathered when people bike, run or swim.

Local banks are also eyeing IT technology such as digital payment based on blockchain, digital payment and transfer via social network platforms and insurance services via apps.

First held in 2018, the two-day FinTech Taipei attracted about 240 institutions and had 459 booths this year.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue