Establish a Friendly Financial Service Network
According to the estimation of the National Development Council, the pro portion of Taiwan's elderly population will exceed 20% in 2025 and Taiwan will enter a superaged society. Such demo graphic change will bring new challenges and opportunities for financial service providers, especially for us, who have a large number of customers in the middle and south of Taiwan. These customers are more sensitive to the inconvenience of financial services due to the deterioration of their physical functions. Therefore, KTB has taken many measures to build a financial protection network for senior consumers, prevent senior financial exploitation, and introduce simple, easy-to-understand and customized products to help them in terms of life care and retirement planning.
In addition to elderly customers, for comprehensive and inclusive financial inclusion, KTB has established policies and strategies for the "Policies and Strategies on the
Principle of Fair Treatment of Customers" and the "KTB Financial Friendly Services Guidelines." These guidelines not only incorporate "friendly financial services," "protection for elderly customers," and "strengthened care mechanisms for elderly customers" but also ensure that people with disabilities and elderly customers can fully enjoy their basic rights and receive equal, fair, and convenient financial services. The guidelines cover a wide range of measures including environment, communication, services, products, and information. Each year, education and training related to these guidelines are conducted for directors, responsible individuals, senior managers, branch managers, and frontline staff. Regular checks and announcements are also made to ensure compliance, thereby fulfilling the bank's responsibilities in the financial system.
Elder Care Trust
To assist the elderly and people with disabilities in protecting their assets and to promote community financial education, KTB leverages its regional bank characteristics to become the "Neighborhood's Trusted Companion." It has introduced a simple eldercare trust product, named "King's Anxin" in 2023, to aid elderly, disabled individuals, and those in need of eldercare in asset protection.
This product structure involves a "self-beneficiary trust," where the settlor and the beneficiary are the same person. The trust property delivered is in the form of money, and the trust property is invested through regular deposits with the Company. Customers can choose to entrust the Company solely with the custody of the funds or request the Company to handle living allowances, nursing home fees, or other expenses approved by the Company, according to their needs. By promoting this service, we aim to cultivate retirement and eldercare awareness among customers and encourage them to plan for a stable retirement life early on.
Micro injury insurance and small amount endowment insurance
To offer affordable basic insurance coverage to economically disadvantaged or specific identity groups, and in response to the aging and declining birth rate trends in Taiwan, KTB is promoting micro-injury insurance and small-scale endowment insurance. The target groups include low-income households, middle-low income households, indigenous people, fishermen, farmers, people with disabilities, as well as their family members and elderly individuals. The objective is to safeguard vulnerable families, provide support to a broader range of groups, and meet their essential needs.
Official Website
Different financial demographics have varying needs for products and services. As a result, KTB has customized its offerings to cater to the specific requirements of each demographics. KTB has created a dedicated web page that offers detailed information about its products and services, along with any ongoing promotions. This web page is regularly updated and incorporates antifraud measures, ensuring that users can access real-time financial information online. The relevant internet services are as follow
Western Union Remittance and King's Pay, a Safe Way for New Immigrants to Send Money Home
KTB is currently the only bank in Taiwan that has cooperation with Western Union. Due to the tightening of antimony laundering laws, regulatory compliance costs of banks has increased. Therefore, many financial institutions chose to withdraw from the market due to the consideration of operating efficiencies, while others increased the handling fee for international remittance. However, being an island country, Taiwan has always been a multicultural society. With the development of trade and globalization, people of different nationalities, ethnic groups, beliefs, cultures come to Taiwan, and thus drives the growth of international remittance. New immigrants and foreign workers have traveled to Taiwan with dreams. However, they face great difficulties in basic financial services, such as sending money to their home countries, due to factors such as language barriers, lifestyle, and cultural backgrounds. As a consequence, they turn to illegal underground banking.
We noticed that our customers rely heavily on Western Union, and we believe that we should shoulder the responsibility of inclusive financing, to provide comprehensive financial services to everyone in the society. With strict control mechanisms, employee training, and supplementary systems (please refer to 3.2.1 Anti-Money Laundering and Countering the Financing of Terrorism for details), KTB has implemented the AML/CFT policy, and simultaneously launched online Western Union service, King's Global Pass and King's Pay, so that our customers may complete remittance through PCs and mobile phones. Moreover, customers can enjoy the immediate collection and low handling fees, compared to normal international remittances which take 2 to 3 days to receive the money and has high handling fees.
In 2023, the total number of Western Union remittance transactions was 275,210, of which about 51.20% were made by new immigrants and foreign workers, and 63.34% were made through the Internet or APP. which shows that the development of the Online Western Union remittance service has greatly helped new immigrants and foreign workers to overcome the limitations of time and region in the past and find a safe way to send money home. In addition, KTB's King's Pay is a popular choice among many new immigrants for sending money back to their home country. It offers fast and convenient service. In 2023, a total of 3,660 new immigrants used King's Pay, with a remittance amount of NT$67.47 million.
