Among the real strengths of Cathay United Bank’s SME business is how it has married the bank success with two of the most important focuses of Asian finance: digitalization and sustainability.
Cathay has long been among Taiwan’s most enthusiastic digital adopters in its determination to streamline cash management and loan products for corporate customers. It is also a trailblazer in sustainability finance as Taiwan’s first bank to sign on to the Equator Principles, the United Nations’ Principles for Responsible Banking and Taiwan’s Sustainable Finance Pioneer Alliance.
Fusing these two pursuits has become the core of Cathay’s SME business, making it the winner of Asiamoney’s best bank award in this space. Its success can be seen in the fast-increasing role that SMEs are playing in the bank’s overall performance.
At the end of 2022, SME customers accounted for 83% of all deposits, 75% of salary payments, 39% of loans and 98% of e-banking volumes.
Cathay’s e-banking platforms boast Taiwan’s most comprehensive bill and tax payment features. Users can pay 150 taxes in 18 different categories via QR codes or browser-based barcodes. For SME customers with bulk bill or tax payment needs, the bank has proprietary tools enabling customers to upload barcodes printed on paper bills in one go.