O-Bank (王道商業銀行) on Monday said that its digitally focused strategy has attracted more than 35,000 new accounts, while 10,000 investment trust accounts have opted to use the lender’s “robo-advisory service.”
The majority of clients who participated in the bank’s month-long automated advisory pilot program earned monthly returns of between 1.8 percent and 2 percent, the company said.
The service employs an algorithm that recommends investment targets according to a client’s preferred risk profile, O-Bank said, adding that those with more appetite for risk are directed toward equity funds, while more conservative clients are advised to invest in bonds and foreign currency funds.
The bank is launching the robo-advisory service for fixed monthly investment installments of between NT$3,000 and NT$30,000 (US$98 and US$981) at between NT$19 and NT$49 per month, with a NT$3 million cap on the assets managed per account, it said.
“O-Bank aims to meet the needs of clients younger than 35,” chief retail banking officer and senior executive vice president Jerry Sung (宋靖仁) said at a news conference.
Unlike its peers, the company has no immediate plans to offer credit cards, Sung said, adding that O-Bank’s debit cards offer cash-back rewards that are more attractive to its target audience.
Debit card spending has risen from NT$30 million to NT$3 billion per month since the company was founded in January, the lender said.
O-Bank has introduced “mini-loans” of NT$10,000, NT$30,000 and NT$50,000 with a 6.66 percent interest rate, which it said is more favorable for borrowers compared with revolving credit loans.
Most clients who use the robo-advisory service are men aged between 30 and 40 who work in the technology or manufacturing sectors, Sung said, adding that students aged 23 to 24 have also shown an interest in the service.
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
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS