Wed, Oct 28, 2015 - Page 13 News List

FSC says new online bank services to begin in April

By Ted Chen  /  Staff reporter

The Financial Supervisory Commission (FSC) yesterday announced that it is to allow the public to open new bank accounts online by April next year.

However, the upcoming digital accounts will be limited to savings accounts and other low-risk New Taiwan dollar transactions, the commission said.

No more than four banks are working with the Ministry of the Interior to link back-end systems so that identity authentication can be performed via a “digital certificate” system, the commission said.

In addition, the accounts can be opened without depositing funds, compared with a NT$1,000 requirement set by most banks for conventional savings accounts, and they are only available to Taiwanese identity card holders, the commission said.

“Once digital accounts are approved, the commission will monitor the new service and based on the findings of a rolling review, approval could extend to other services, such as transactions denominated in foreign currencies,” Banking Bureau Deputy Director-General Lu Hui-jung (呂蕙容) said.

“Banks must demonstrate that they have the ability to perform online identity authentication and have required risk management measures be in place as they take part in migration toward digitization of financial services,” Lu said, adding that the commission is looking at international precedents in devising counter-money laundering measures.

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