Taiwan Certificate Authority Inc (TWCA, 台灣網路認證) and Taiwan Clearing House (台灣票據交換所) on Thursday launched TWID, an identification authentication service aimed at increasing convenience for consumers through improved online services.
TWID provides a secured method for consumers to link their brokerage accounts to their bank accounts online, saving them a visit to a bank branch.
The service began operations in November last year and has been used to verify the identification of financial institutions after the Ministry of the Interior gave its approval for integration with the government’s Citizen Digital Certificates system.
Two local brokerages have adopted the service to establish links with bank accounts, while 11 have been using the service to facilitate trading data inquiries and stock auctions, as well as shareholder voting in corporate matters and elections, TWCA said.
In addition, 13 local life insurers have adopted the service to further their efforts to go paperless and yield cost savings, it said.
Securities and futures brokerages, as well as securities investment trusts and consulting companies, have also employed the service to expand their online account setup capabilities, hoping to attract consumers to new offerings and boost market turnover, TWCA said.
Taiwan Stock Exchange chairman Shih Jun-ji (施俊吉) said on the sidelines of the TWID launch event that Taiwan needs to make a critical transition to a more advanced trading mechanism on the local bourse.
While most brokerages have agreed to adopt the trade-by-trade mechanism that would speed up matching of market orders and allow investors to take advantage of improved pricing information, a number of smaller brokerages have opposed the change, he said.
The change is to proceed, despite the opposition from the few holdouts, Shih said, adding that governing bodies would provide funding and technical support to help brokerages make the transition.
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