Standard Chartered Bank Taiwan opened a digital branch called iWealth in Taipei earlier this month. iWealth is another component of the London-based bank’s foray into fintech in the Asia-Pacific region. SC Bank will invest $1.5 billion in Taiwan over the next three years, focusing on global digital banking services for individual consumers.
Taipei Times reported that CEO of SC Bank Taiwan Ming Kiu “John” Tan said during iWealth’s opening ceremony;
“We spent US$2 million setting up the digital hub in Taipei to demonstrate our commitment to the local market, which ranks on par with Singapore and Hong Kong in terms of importance.”
Tan also explained that iWealth will expand from Taipei into other Taiwanese cities throughout 2017, starting with Taichung City in center-western Taiwan.
Focus Taiwan reported that Head of Retail Banking at SC Bank Taiwan Kate Lin said;
“The new iWealth branch in Taipei is staffed with wealth management specialists who can offer tailored products for customers and will ensure quick and secure services.”
iWealth’s services will cater to affluent Taiwanese individuals — reportedly with net worths of NT$3 million (approximately $94K) and above — as exemplified by the luxury services offered:
- Digital booking system for reservations regarding wealth management consultations
- Tea-tasting room (reportedly to cater to female customers)
- Online banking experience area
- iPad experience area that contains financial information, tea introduction, and online magazines
- Digital wealth management consultation themselves
- VIP Room
SC Bank Taiwan will also offer clients access to a secure video banking platform and connection, as well as secure online chat and audio links that connect users to banking consultants.
“We are investing in technology that makes banking secure, simple and personal for our clients.” — Lin
SC Bank also explored fintech developments in other parts of China earlier this year through its partnership with SuperCharger, Hong Kong’s fintech accelerator program.