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Financial Inclusion

Year

Products Related to Social Issues

We have long cared for the needs of disadvantaged groups and social enterprises. Through the core businesses of subsidiaries, we devote to provide sustainable financial assistance. In recent years, in combination with the opportunities raised from emerging risk, we have continued to develop various products and services related to social welfare in order to create maximum social benefits and give back to society.

Microinsurance Products
To support disadvantaged groups receive basic accident insurance to cover death and disability, China Life Insurance has introduced microinsurance products. Microinsurance has lower premiums, lower insured amount, and easy-to-understand terms. It is offered in three forms: accident microinsurance, collective accident microinsurance, and group accident microinsurance. The goal is to make basic accident insurance covering death and disability affordable for people with low incomes. With the protection of microinsurance, families can avoid the debilitating financial effects of a major accident. At the same time, China Life Insurance is collaborating with banking channels, government agencies, and private organizations to jointly promote microinsurance. This enables China Life Insurance to spread insurance guarantee to all corners where care is needed, thus providing strong support to disadvantaged households. When a microinsurance beneficiary meets accidental death, China Life Insurance supports his or her family in preparing all needed documents to quickly release insurance compensation. Families appreciate the care and assistance in overcoming the difficult time they face, thus fulfilling its role as a stabilizing force. Microinsurance has provided coverage for more than 20,000 eligible disadvantaged groups across Taiwan.
Charitable Trusts
To fulfill its responsibility as a corporate citizen, KGI Bank provides professional financial services to ease the financial management burden of individuals or charities. As of 2019, KGI Bank was entrusted the management of eight charitable trust funds, with assets under management surpassing NT$32 million.
Financial Inclusion Projects
“Giving You A Hand” Revolving Personal Loan Promotion Project

In 2018, KGI Bank launched “Giving You A Hand,” a micro personal loan project, to support young or skilled people to start their own businesses. The project targets proprietors with professional licenses, low-income households, and sponsors of crowdfunding platforms and grants loans at preferential rates to help them manage their business stably. The offer rate of “Giving You A Hand” is lower than the going rates of mortgages to encourage young people and start-ups to receive credit through legal financial channels. In 2019, about 684 people applied for the project, and about 462 were approved with a 68% approval rate.
FinTech Regulatory Sandbox Project
In 2019, KGI Bank was Taiwan's first bank that had been approved to process "loan or credit card applications through mobile phone numbers" after the promulgation of the "Directions for Application for Pilot Banking Services," making it the winner of the "Growth through Innovation Award: FinTech Regulatory Sandbox" in the 2019 Taiwan Corporate Sustainability Awards (TCSA) and of the "Fintech Innovations Award" in the Taiwan Financial Award 2019.
Launched Funds in Response to Social Changes
Given the aging society in Taiwan, KGI SITE has launched products that invest in the senior service sector, including asset management (for pension planning), surveillance (for monitoring personal health), leisure and consumer staples targeting the senior population, as well as fitness and health/beauty care.

In addition, KGI SITE has rolled out products that mainly invest in hospitals, and medical equipment, consumables and long-term nursing sectors, to help related industries develop, consequently improve the living and health-care quality for senior people in light of population aging and increasing numbers of chronic disease patients worldwide.

In 2019, assets under the management of Silver Age Fund and KGI Hospital, and Long-term Care Industry Fund reached NT$1,952,700 and NT$4,975,200, respectively, and KGI Bank's sales of these two funds amounted to NT$7 million.