Taiwan's best bank for digital solutions 2023: Bank SinoPac
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Taiwan's best bank for digital solutions 2023: Bank SinoPac

Bank SinoPac

Eric Chuang, President, Bank SinoPac.jpg
Eric Chuang, Bank SinoPac

Every bank in Taiwan is pouring resources into improving digital offerings. But Bank SinoPac is doing something much more: it is creating an entire digital ecosystem.

The bank’s Easy App offering is Taiwan’s first overseas mobile banking platform, offering a full range of digital financial services no matter where the customer resides.

This pioneering cross-border, multi-currency offering enables comprehensive overseas asset management services. SinoPac’s proprietary E-KYC facial recognition technology allows online account opening anytime and virtually anywhere.

Along with cutting-edge, know-your-customer capabilities, Easy App employs SoftToken technology for overseas users to ensure security and address privacy concerns. The app fully complies with regulations from the industrial development bureau of Taiwan’s Ministry of Economic Affairs. That includes obtaining third-party information integrity tests.

And yet it takes just five minutes to open an app-based account offering cross-border services. In 2022, the number of users grew 370%, while transaction-fee income jumped more than 256%.

Such differentiation has never been more important as digital banks such as Line Bank, Rakuten Bank and Next Bank chase the customer bases of Taiwan’s 38 commercial banks.

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