Bank of Taiwan Formally Launches Student-Loan Digital Account Service

Students applying for digital deposit accounts previously had to verify their identities through an over-the-counter account at another bank, a debit card or a Citizen Digital Certificate, making the process difficult for those without an existing banking relationship. Bank of Taiwan used the in-person identity and guarantee-verification records completed during student-loan applications to establish a new model under which loan identity verification can also be used for deposit accounts. Taiwan’s Financial Supervisory Commission approved a trial of the model in 2024.

Bank of Taiwan formally launched its student-loan digital account service on March 27, 2026, allowing students to open an account and set up student-loan repayments online in a single process without visiting a branch. The Bankers Association of the Republic of China has also revised its model operating rules for digital deposit accounts to incorporate loan-based identity verification, enabling other banks to adopt the same approach in the future. The announcement did not disclose the amount invested or the projected number of applicants.