Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) yesterday entered into a partnership with peer-to-peer lending operator Robo Web Technology Co (瑞保網路科技) to expand its retail banking clientele from high-net-worth individuals to the general public.
The alliance enables borrowers to open accounts and apply for loans without visiting brick-and-mortar branches and came as competition from non-traditional players gains force.
“We aim to reach out to the general public through the strategic cooperation, a departure from the past focus on high-net-worth individuals,” Standard Chartered retail banking head Kate Lin (林素真) told a news conference.
Standard Chartered would continue to pursue affluent clients, but also aims to take advantage of the fast-growing digital banking business, which was valued at US$64 billion in 2015 and could hit US$1 trillion in 2025, Lin said.
Robo Web develops and operates the nation’s largest online peer-to-peer lending platform, LnB (信用市集), which has amassed 37,000 clients and processed loan requests totaling NT$5.1 billion (US$170.61 million) since its launch in March 2016.
The fintech company thrives on commission charges for matching lenders and borrowers at lower borrowing costs than traditional lenders, Robo Web founder and CEO Joanna Yang (楊瑞芬) said.
It has developed a set of criteria to grade the credit profile of borrowers, who are mostly aged between 20 and 50, Yang said, adding that lenders — referred to as investors on the platform — are usually a few years older.
The purpose of LnB is simple: allow people with funding needs to find lenders with ease and convenience over the Internet, which is the basic and core function of a bank, she said.
Standard Chartered has set interest rates at 0.88 percent for the first two months and between 2.99 percent and 16.99 percent from the third month, Lin said, adding that it would charge an extra NT$2,988 in one-off account maintenance fees.
“The offer demonstrates the bank’s seriousness about growing its retail banking business in Taiwan, which ranks third in profitability worldwide only after Hong Kong and Singapore,” Lin said.
Standard Chartered would consider extending low interest rates depending on customer feedback, she said.
In practice, LnB would pass details of interested borrowers to Standard Chartered, which could settle loan requests within 24 hours, she added.
The lending platform says it can approve loan applications within at least three-and-a-half minutes.
Standard Chartered is to spend US$2 million to establish its third iWealth center in Taoyuan by the end of this year to meet the growing demand for digital services, Lin said.
Its iWealth centers target affluent Taiwanese with net worths of at least NT$3 million who can sip expensive tea, read magazines and use iPads at the facilities for financial consultations.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
STABLE RESULTS: Despite June’s lower consolidated revenue, second-quarter sales still reached a record high, driven by demand for chips for AI applications Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported consolidated sales of NT$263.71 billion (US$9.02 billion) for last month, its second-lowest monthly result this year. The world’s largest contract chipmaker said in a statement that its revenue last month only fared better than the NT$260.01 billion posted in February. Last month’s figure rose 26.9 percent from a year earlier, but slumped 17.7 percent from May, the company said. However, second-quarter revenue reached NT$933.8 billion, a record high for a single quarter, company data showed. The figure represented growth of 11.26 percent from the first quarter and 38.6 percent from a year earlier. Previously, TSMC said that