The Bank of Taiwan has been streamlining its student loan application service. Since the academic year of 2023, the bank has provided a more convenient and faster MyData service for student loan application. Students no longer need to worry about arranging leaves and go to the Township District Office to apply for a proof of low-and-middle-income household.

By leveraging the MyData service of the Ministry of Digital Affairs, the Bank of Taiwan’s Student Loan Portal provides a convenient one-stop service, allowing students to apply for the proof online. Students can just use their cellphones and enter the National Health Insurance Card Number with the phone number to complete the identity verification of the MyData service and   then obtain the proof.

In recent years, the Bank of Taiwan has been streamlining its student loan application process. In the academic year of 2021, MyData Service was integrated into the Bank of Taiwan’s student loan application process, solving the problems of inconvenience of the students and the parents. In the second half of the same year, the Bank of Taiwan launched SMS service of student loan application process, which greatly increased the number of students who applied online, and solved the problem of long queues of students in branches during winter and summer vacations in the past.

The Bank of Taiwan shows that digital services can reduce the cost of obtaining financial services for disadvantaged groups, and can effectively achieve the goal of inclusive finance. The launch of this new service once again demonstrates Bank of Taiwan’s innovation and digitalization.

Bank of Taiwan