KGI Bank (凱基銀行) yesterday said that a new loan product backed by big data analysis has garnered a warm reception from customers who have benefited from expanded financial inclusion.
The Taipei-based lender has teamed up with the nation’s largest taxi firm, Taiwan Taxi Co (台灣大車隊), to offer short-term personal revolving loans to its fleet of nearly 20,000 drivers.
The loan approval process centers on data supplied by Taiwan Taxi, including each driver’s average daily takings and driving record to gauge credit risk and assess their income levels, KGI Bank said.
Since the product was launched in July, more than 900 loans have been granted, the lender said without providing further details.
Most drivers have difficulty gaining access to loans at other lenders as they are not able to provide the filings required, such as pay slips, Taiwan Taxi said, adding that their business is done largely on a cash-in-hand basis.
Without access to banks, drivers are forced to secure loans from family and friends, or from non-banking institutions at less favorable interest rates and terms, it said.
KGI Bank said its new product allows taxi drivers to begin building transaction records and relations with the bank that could help them gain approval for larger loans and other products.
The bank said its commitment to improving financial inclusion is centered on helping more customers build credit histories.
Meanwhile, the bank’s parent company, China Development Financial Holding Corp (中華開發金控), said that its net income in the first eight months of the year rose 36.19 percent year-on-year to NT$5.87 billion (US$193.06 million), or earnings per share of NT$0.41.
The company said that it would continue to wind down its direct investments as it transitions into a financial group with a focus on venture capital and private equity funds.
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