A Taiwan compatriot tries out facial recognition.[Photo/Xiamen Media Group]
Facial recognition-based financial services for Taiwan compatriots have been upgraded, providing streamlined services for Taiwan compatriots and enterprises through multiple application scenarios.
The Xiamen Free Trade Zone supported the Xiamen Bank in pioneering the first national online facial recognition application scenario for Taiwan compatriots starting from March 29, 2024, enabling them to conduct large-sum transfers and update identification document expiration dates using facial recognition technology.
By the end of 2024, the total number of registered users had reached nearly 8,500, with close to 7,000 facial recognition transfer transactions and a total transaction amount of nearly 630 million yuan ($ 86 million).
Xiamen Bank has recently further expanded the online facial recognition application scenarios for Taiwan compatriots. It enables facial recognition technology to be used for the online activation of bank card replacements, the reactivation of dormant accounts and for online loan applications for Taiwan compatriots, and in other scenarios.
The optimization of account services and business processes aims to provide higher-quality financial services.