Financial Inclusion

Financial Inclusion

SKFH is committed to promoting financial inclusion and is actively responding to the financial inclusion initiatives of the World Bank, the G20, and the Asia-Pacific Economic Cooperation (APEC), In addition to responding to the Sustainable Development Goals (SDGs) of the United Nations, SKFH provides more diversified and innovative products and services to micro-enterprises, economically disadvantaged groups, women, senior citizens, remote and under-resourced groups, etc. SKFH develops and provides corresponding financial instruments to meet the different financial needs of customers, and establishes a consumer dispute handling system and education training to ensure effective protection of customers' rights and interests.

 Financial Inclusion Products Performance

 

• Note 1: The small-scale equity wealth management platform was discontinued in November 2023, and its stock saving function was transferred to the "Save Wealth" platform, hence the name change to "Small-scale Wealth Management - Dollar-Cost Averaging for Stock Investing."
• Note 2: Digital API and OU Wealth Investment were newly launched services in 2023, so there are no performance data for 2021-2022.
• Note 3: Adjustments were made to the statistical methods and scope of defining customers for Small-scale Wealth Management - Dollar-Cost Averaging for Stock Investing, hence the recompilation of historical data.

 

Financial Inclusion Products and Services
 

Middle- or low-income households and disadvantaged social groups

   

 

Residents in Remote Areas

 

 

Elderly people and people with disabilities

    

 

Support Youth Group

    
 

Small and medium-sized enterprise (SME),Microbusinesses and Community Development

   

 

 

Financial Inclusion Non-Financial Support

Project		Content
Digital Youth T Ambassador Promotion Program by MODA: Digital Skills Cultivation in Finance		SKFH responds to the government's promotion of the "Digital Youth T Ambassador Promotion Program" by making preemptive arrangements for future digital interdisciplinary talent and enhancing the cross-disciplinary skills of young people in non-digital fields, fostering their digital transformation capabilities. Through regular discussions and guidance with domestic and international regulatory agencies, we not only gained insights into global trends but also, under the guidance of the FSC, participated in the competition held by the Global Financial Innovation Network (GFIN), which is composed of 15 international regulators including the Financial Supervisory Commission (FSC), the World Bank (WB), and the Financial Conduct Authority (FCA) of the United Kingdom. Our "Anti-Greenwashing Genie" technology solution stood out among 49 participating teams worldwide, making us the only financial institution from Asia to be selected. This achievement has earned us the prestigious title of "The Globe Trotter" and received significant international recognition.
Heartwarming Demand Savings Deposit Program		SKFH provides the "Heartwarming Demand Savings Deposit Program" for vulnerable groups such as the physically and mentally challenged and low-income households. This program offers a higher interest rate on savings to enable disadvantaged groups to earn more interest and improve their savings measures. Individuals holding government-issued documents certifying disabilities or low-income status, such as "disability certificates," "disability cards," or "low-income household cards," are eligible to open accounts at SKB. Each individual is limited to one account, preferential interest rate 1.625%, with a maximum deposit limit of NT$2 million per account. In 2023, the number of new accounts opened was 449, representing a 13% increase from the previous year. Note: Regular TWD current account interest rate: 0.525%
OMNI-U digital deposit account		To cater to remote communities and young individuals, OMNI-U Digital Account offers "Online Account Opening" without the need for in-person visits, breaking geographical barriers and enhancing financial service convenience and accessibility. With this digital account, customers can easily access deposit incentives, such as participating in the OU Account TWD Savings Project, which offers a boosted savings account interest rate with a maximum additional annual rate of 2.525%. With a minimal deposit of NT$10,000, customers can enjoy a 9.73% boosted USD savings rate. By providing convenient services and incentivized interest rates, we assist young people and underserved populations in remote areas in developing saving habits. In 2023, 116,377 new accounts were opened. Note: Regular TWD current account interest rate: 0.525%; USD current account interest rate: 1.35%
New Study Buddy—A pen pal project		Taiwan's underprivileged children often lack proper financial knowledge, leading to incorrect financial management skills that can affect their future. SKFH invited professionals from different fields to become life mentors for children in remote rural areas. To foster the children's imagination of the future, writing is the best way to express their thoughts. Through consultations and answers from older pen pals, young pen pals can enrich their life experiences. Additionally, these letter exchanges allow young pen pals to improve their writing and language skills and expression abilities. Rural children not only face challenges in writing but also in reading, and they often have weaker financial literacy due to their family circumstances. Therefore, the foundation selected the book "Money FOR BEGINNERS" and distributed it to young pen pals to read during the winter vacation, aiming to help them build fundamental financial knowledge such as saving, income, and expenses from a young age. In 2023, 708 individuals benefited from the pen pal project.
Supports entrepreneurship		SKFH supports innovation and entrepreneurship skills, combining its own financial capabilities with the practical experience of industry experts to build a training module on five entrepreneurial skills, including “financial control, project control, market observation, block chain application, and social networking maintenance.” This module assists young people and micro-entrepreneurs in entrepreneurial planning training and consulting services, while also enhancing their business management skills. In 2023, a total of 21 entrepreneurship series courses were held, benefiting 19,271 individuals.   1.Financial management Understanding costs and pricing, learning about income statements, balance sheets, and cash flow statements to mitigate risks arising from internal and external factors, ensuring cash flow and avoiding imbalances in income and expenses.   2.Project management Ensuring specific goals are accomplished within a set timeframe. Reverse-engineering goals to control each step and cost, with particular emphasis on human resource evaluation to ensure effective goal achievement.   3.Market observation Objectively understanding market demands through observation and analysis, identifying target audiences, validating product value, understanding supply chain demands to mitigate risks, analyzing competitors, grasping industry trends, identifying opportunities, and positioning in the market.   4.Blockchain technology applications In financial services, blockchain can be applied to payments, cross-border remittances, fund clearing, and financial transactions, providing faster, safer, and cost-effective financial services while reducing intermediary and transaction costs. In supply chain management, it improves traceability, transparency, and verification by recording and sharing supply chain data on the blockchain, enabling real-time monitoring and verification.   5.Social networking maintenance Expanding interpersonal networks, initiating a network portfolio, maintaining good social interactions with stakeholders, and expanding entrepreneurial opportunities by establishing personal brand advantages and thresholds.

 

     

Leading brand in senior citizen finance

Focusing on Taiwan's aging society, SKFH provides retirement annuities, long term care insurance, and pension trust services to meet customers' needs for retirement, senior living, and medical care, and implements the concept of "Shin Kong provides services wherever elderly people need them".With the goal of becoming a leading brand in senior citizen finance and bringing finance closer to customers, we are promoting the following specific action plans：