Mega International Commercial Bank (兆豐銀行) on Thursday launched foreign-currency orders through its app to court younger customers and tap the booming mobile banking business.
The state-run lender is looking to reach out to the “swipe generation” without abandoning its focus on international trade finance.
“The swipe generation has grown so rapidly that Mega Bank must take it seriously,” president Robert Tsai (蔡永義) told a news conference on Thursday.
Mega ranks No. 1 in the foreign-exchange market with a 12 percent share, Tsai said, adding that ordering currency through the app would spare customers trips to brick-and-mortar branches.
Surveys show that more than half of Taiwanese spend two to five hours on their mobile phones each day, with 30 percent spending more than five hours a day, Tsai said.
It is not necessary to have an account with Mega Bank, as customers need only download an app and follow the steps to buy foreign currencies, Tsai said.
Customers can pick up their orders at the lender’s branches at airports or other locations, he said.
Mega Bank is also upgrading its MegaLite app features to include notifications on credit card payments, savings deposits and foreign-currency movements to help customers manage their money, he added.
The bank has seen a modest decline in its New Taiwan dollar savings deposits, which Tsai attributed to a strong US dollar and ongoing capital outflows from the local bourse.
However, the bank would hire 300 employees to meet potential business growth and fill vacancies left by retiring employees, he said.
Mega Financial Holding Co (兆豐金控), the bank’s parent, yesterday posted NT$2.38 billion (US$78.03 million) in net income for last month, with cumulative profits in the first half of the year totaling NT15.01 billion, or NT$1.1 per share.
“We have recovered from fines related to violations of anti-money laundering rules by US branches,” Tsai said.
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