Cathay United Bank (CUB, 國泰世華銀行) has won many awards in Taiwan and abroad for its innovations and the good financial experience it provides to its customers. On Tuesday, the bank received four major awards from Asian Banking & Finance magazine including Domestic Retail Bank of the Year - Taiwan, Insurance Product Innovation of the Year - Taiwan, Taiwan Domestic Cash Management Bank of the Year and Taiwan Domestic Trade Finance Bank of the Year.
The bank will continue to focus on its customers and provide more convenient and secure financial services, president of CUB Alan Lee (李偉正) said.
CUB embraces multiple transaction orientations, and maximizes and integrates group resources, it said, adding that it is deepening the trade ecosystem, green finance and financial inclusion.
Photo courtesy of Cathay United Bank
The bank launched a digital service portal called CUBE app that offers diverse functions such as flexi loans, with loans being approved in as little as five minute, one-page investment overviews, and integrated insurance services.
As of this month, the app has 7 million users, giving it the biggest market share.
CUB also launched Taiwan’s first chain of financial service stations that provides financial business consultations, education and applications at convenience stores. These initiatives were the key to CUB winning the Domestic Retail Bank of the Year – Taiwan award.
To provide the digitally native generation with new options for allocating their assets and managing their finances, CUB and Cathay Life Insurance Co (國泰人壽) jointly launched an innovative product called “Quick Insurance,” a savings-linked protection that converts fixed deposit interest into protection, and provides convenient functions for online subscription and insurance planning.
This patented product won Insurance Product Innovation of the Year – Taiwan for changing Taiwan’s traditional insurance business model.
In terms of corporate financial services, CUB deployed the resources of its parent Lin-Yuan Group (霖園集團) to create a payroll ecosystem that provides payroll corporate cash flow, wealth management, health and leisure services and discounts.
It also launched a digital payroll service by which employees can use the CUBE app to apply for digital deposit accounts.
For these achievements, CUB won the Taiwan Domestic Cash Management Bank of the Year award.
To improve operational efficiency, CUB launched the “global trade sharing blockchain” to help enterprises prevent cross-bank repeat financing.
CUB also cooperated with third-party platforms to launch Taiwan’s first credit-granting trade finance business mobile dialing service, which allows customers to directly apply for funds online by using a third-party platform to provide transaction documents authenticated and authorized by CUB’s Global MyB2B corporate online bank.
For these two services, CUB was named the Taiwan Domestic Trade Finance Bank of the Year.
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