ESG Activities

China Development Financial Holding (CDF) is the first business of its kind in Taiwan to utilize innovative financial technology to achieve data portability for customers of KGI Bank and KGI Securities. Starting March 7, 2019, customers of KGI Bank will be able to open a stock account at KGI Securities via the internet and mobile banking interfaces. Likewise, customers of KGI Securities will also be able to apply for a KGI Bank credit card via its e-brokerage platform. The two services do not require any paperwork. The mutual recognition of digital ID verification between KGI Bank and KGI Securities marks the first step in realizing the concept of “KGI Inside” within CDF. China Life will join the scheme soon and give rise to a digital bridge connecting CDF’s banking, securities, and insurance units.

CDF Senior Vice President, Mr. Zhou Guo-jie said the revised EU Payment Services Directive and general information protection laws and regulations provide the framework under which financial institutions devise their open banking services, implying that opening up the application programming interface (API) and carry-over of customer data will both be important future trends. By connecting APIs, KGI Bank and KGI Securities allow customers to transfer personal data to different systems for the purpose of opening a new account and applying for a credit card online. Customers will be required to complete the ID verification process by logging in to online banking, which requires a one-time password, or stock trading system to access new services. This will ensure the safety of customers’ personal information and minimize risks when transferring data online.

Customers of KGI Bank can now just click a link on the bank’s official website or in the mobile banking app, log in with a static and one-time password, and open a Taiex stock account in just four steps. The number of blanks they need to fill in online for the account has been reduced from 22 to 12. Similarly, customers of KGI Securities can log into the e-trading platform, and agree to transfer their personal information and account statement before filling in eight blanks to complete the application for a KGI Bank credit card. The system will use the stock account balance as income proof, so customers won’t need to provide a copy of a bank account or income tax withholding statement.

Senior Vice President Zhou said that the digital connection scheme is different from traditional customer referrals at a brick-and-mortar branch in the sense that customers requesting services from a separate CDF subsidiary won’t have to start from scratch. Instead, they will be given prompt passage to accessing products or services of KGI Bank or KGI Securities. This innovative service option requires the integration of all digital distribution channels of CDF and promotion by employees. A responsive webpage design combining the web portals of KGI Bank and KGI Securities makes the services easily accessible online. Customers that are less tech-savvy can just go to a branch of KGI Bank or KGI Securities where our friendly staff will help them complete the application step by step using a QR code or by sending the application link via the Line app.

Senior Vice President Zhou emphasized that the digital connection between KGI Bank and KGI Securities is only the first step in realizing the concept of “KGI Inside.” China Life will join the scheme soon and a trilateral bridge will be established to connect the bank, securities, and insurance units, ultimately providing a comprehensive service experience for CDF customers.

CDF launches first-in-Taiwan two-way digital ID verification for KGI Bank & KGI Securities