Taiwan outperforms global averages in financial inclusion: FSC

Taipei, June 25 (CNA) Taiwan has outperformed global averages in multiple financial inclusion categories, according to a report released Monday by the Financial Supervisory Commission (FSC).

Financial inclusion, also known as inclusive finance, is a concept adopted by the United Nations in the 2000s that refers to ensuring that all members of society have equal access to responsible and sustainable financial services.

Though it covers the availability of services for the general population, it also is aimed at making sure more vulnerable members of society, including the elderly, people with disabilities, and lower income households, have equal access to financial services.

The report, based on 2024 data, showed Taiwan has 165 ATMs per 100,000 adults, more than triple the global average of 52.5, and 17 bank branches per 100,000 adults, also surpassing the global figure of 16.2, the FSC said in a press release.

According to the report, mobile payment usage in Taiwan reached nearly 5.62 million transactions, well above the global average of 4.72 million.

The share of adults with a bank account in Taiwan stands at 93.3 percent, and 81.6 percent use digital payments -- both notably higher than the global averages of 76.2 percent and 64 percent, respectively

Among the FSC's metrics for disadvantaged groups were statistics for microinsurance and small-amount whole life insurance, both products available to people with low incomes.

The availability of these products has grown steadily in recent years, the FSC said, with the number of people covered by microinsurance in Taiwan reaching 1.89 million in 2024, and active small-amount whole life insurance policies totaling 1.19 million.