Taiwan has outperformed global averages in multiple financial inclusion categories, a report released by the Financial Supervisory Commission (FSC) on Monday showed.
Financial inclusion, also known as inclusive finance, is a concept the UN adopted in the 2000s that refers to ensuring that all members of society have equal access to responsible and sustainable financial services.
Although it covers the availability of services for the general population, it is also aimed at making sure more vulnerable members of society, including the elderly, people with disabilities and lower income households, have equal access to financial services.
Photo: CNA file
The report, based on last year's data, showed that Taiwan has 165 ATMs per 100,000 adults, more than triple the global average of 52.5, and 17 bank branches per 100,000 adults, surpassing the global figure of 16.2, the FSC said in a statement.
Mobile payment usage in Taiwan reached nearly 5.62 million transactions, well above the global average of 4.72 million, the report showed.
In Taiwan, 93.3 percent of adults have a bank account, while 81.6 percent use digital payments — notably higher than the respective global averages of 76.2 percent and 64 percent, the report showed.
Among the FSC's metrics for disadvantaged groups were statistics for microinsurance and small amount whole life insurance, which are both available to people with low incomes.
The availability of these products has grown steadily in the past few years, with the number of people covered by microinsurance in Taiwan reaching 1.89 million last year and active small amount whole life insurance policies totaling 1.19 million, the FSC said.
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