O-Bank Co Ltd (王道商業銀行), the nation’s first digital bank, yesterday urged its peers to be more open to revising security rules so that more services could be delivered via connected mobile devices.
Stringent identity authentication and security guidelines set by the Bankers Association of the Republic of China have been obstacles to the company’s mobile-focused strategy, O-Bank chief retail banking officer and senior executive vice president Jerry Sung (宋靖仁) said at a news conference.
In particular, the company is concerned about limits imposed on digital accounts opened online, which have made it impossible for clients to send funds or pay bills on behalf of others, such as family members, Sung said.
The association devised three levels of identity authentication strength for different types of transactions, the strongest of which uses the Ministry of the Interior’s Citizen Digital Certificate and is required when customers send funds to other individuals.
However, the Citizen Digital Certificate requires the use of a smart card reader and a desktop computer, and is not compatible with smartphones and mobile services, Sung said.
“We have been in talks with the association since March last year,” Sung said, adding that the process has been arduous.
Clearing the obstacle would go a long way toward the government’s goal of fostering development in mobile payments, financial technology and cutting the use of cash, he said.
Compared with more established peers, O-Bank has a much greater need for delivering its services via mobile devices, Sung said.
The company has opened a new branch, its second, in Taipei’s eastern district to take advantage of the high volume of foot traffic in the premium shopping area.
O-Bank would continue to collaborate with vendors and shops in the area on payment processing and promotional discounts, Sung said.
It expects to reach 100,000 digital bank accounts in the near future, representing 30 percent of the market, he said, attributing the rapid growth to its marketing strategy focused on social media presence.
The company’s products are focused on cash rewards and discounts to attract younger clients, Sung said, adding that more than 20 percent of new clients have been referred by existing customers.
O-Bank reported that net income at the end of the third quarter of last year totaled NT$1.05 billion (US$35.7 million) and earnings per share of NT$0.44.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said it plans to ship its new 1 megawatt charging systems for electric trucks and buses in the first half of next year at the earliest. The new charging piles, which deliver up to 1 megawatt of charging power, are designed for heavy-duty electric vehicles, and support a maximum current of 1,500 amperes and output of 1,250 volts, Delta said in a news release. “If everything goes smoothly, we could begin shipping those new charging systems as early as in the first half of next year,” a company official said. The new
RSS