Bank SinoPac has long focused on initiatives to promote responsible and inclusive finance, primarily by channelling loans to small businesses. The total outstanding of such lending to small and medium-sized enterprises was NT$325 billion ($10 billion) at the end of 2023.
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The bank also runs a programme of loans for startups and young entrepreneurs, and has developed products to assist the migrant population in the country. There are roughly 670,000 migrant workers in Taiwan, who can stay for a maximum of 14 years. The bank launched the migrant worker personal loan in 2013 and has expanded eligibility for such products ever since. The bank has worked to rectify unequal financial services and inferior payment options for migrant workers as a demonstration of inclusive finance and socially responsible sustainable development.
In 2023, it added its 'Bridging border migrant remittance' solution, which enables migrant workers to securely send funds to their home countries through a network of convenience stores across Taiwan via virtual accounts. It automates clearing-house integration with the bank’s application programming interface.
The second initiative is its ADMigrant Pay product. This improves cross-border remittance services for migrant workers and, in collaboration with Euroclear's EUI, deploys payment terminals in areas with dense migrant worker populations, such as dormitories, factories and transport hubs. The terminals and the app support multiple languages and accept small change, allowing workers to make cash payments back home by simply scanning a QR code through EUI’s app.