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.
Merida Industry Co (美利達) has seen signs of recovery in the US and European markets this year, as customers are gradually depleting their inventories, the bicycle maker told shareholders yesterday. Given robust growth in new orders at its Taiwanese factory, coupled with its subsidiaries’ improving performance, Merida said it remains confident about the bicycle market’s prospects and expects steady growth in its core business this year. CAUTION ON CHINA However, the company must handle the Chinese market with great caution, as sales of road bikes there have declined significantly, affecting its revenue and profitability, Merida said in a statement, adding that it would
MARKET LEADERSHIP: Investors are flocking to Nvidia, drawn by the company’s long-term fundamntals, dominant position in the AI sector, and pricing and margin power Two years after Nvidia Corp made history by becoming the first chipmaker to achieve a US$1 trillion market capitalization, an even more remarkable milestone is within its grasp: becoming the first company to reach US$4 trillion. After the emergence of China’s DeepSeek (深度求索) sent the stock plunging earlier this year and stoked concerns that outlays on artificial intelligence (AI) infrastructure were set to slow, Nvidia shares have rallied back to a record. The company’s biggest customers remain full steam ahead on spending, much of which is flowing to its computing systems. Microsoft Corp, Meta Platforms Inc, Amazon.com Inc and Alphabet Inc are
RISING: Strong exports, and life insurance companies’ efforts to manage currency risks indicates the NT dollar would eventually pass the 29 level, an expert said The New Taiwan dollar yesterday rallied to its strongest in three years amid inflows to the nation’s stock market and broad-based weakness in the US dollar. Exporter sales of the US currency and a repatriation of funds from local asset managers also played a role, said two traders, who asked not to be identified as they were not authorized to speak publicly. State-owned banks were seen buying the greenback yesterday, but only at a moderate scale, the traders said. The local currency gained 0.77 percent, outperforming almost all of its Asian peers, to close at NT$29.165 per US dollar in Taipei trading yesterday. The
The US overtaking China as Taiwan’s top export destination could boost industrial development and wage growth, given the US is a high-income economy, an economist said yesterday. However, Taiwan still needs to diversify its export markets due to the unpredictability of US President Donald Trump’s administration, said Chiou Jiunn-rong (邱俊榮), an economics professor at National Central University. Taiwan’s exports soared to a record US$51.74 billion last month, driven by strong demand for artificial intelligence (AI) products and continued orders, with information and communication technology (ICT) and audio/video products leading all sectors. The US reclaimed its position as Taiwan’s top export market, accounting for
RSS