The Financial Supervisory Commission (FSC) on Thursday issued guidelines on financial institutions sharing data, allowing companies to exchange customer data such as transaction records, account information or Internet protocol (IP) addresses in a bid to boost efficiency and precision marketing, but the sharing would need the customer’s consent, FSC Deputy Chairwoman Jean Chiu (邱淑貞) told a news conference in New Taipei City.
Customers might agree to their data being shared with another financial institution as they would not need to fill out new forms and “know your customer” (KYC) reviews could be completed quicker, Chiu said, citing an example of a customer of a bank who wants to open an account at the bank’s affiliate securities company.
“If data are shared, the application process would be more convenient,” she said.
The commission allows financial institutions to share customers’ IP addresses, as such information can help them detect possible fraud, but institutions must still conduct their own KYC review, even if they have obtained another company’s KYC data for the customer, she said.
Financial institutions could also share a customer’s negative information, such as their default records, if the customer consents, but the company receiving the negative information must check that the data are correct, FSC Department of Planning Director-General Brenda Hu (胡則華) said.
The new regulations are expected to help financial institutions improve their marketing, as they would have better knowledge of a customer’s preferences, behaviors and risks, Chiu said.
The guidance would also allow companies to share data with securities and futures brokers, as the latter seldom share data with other companies except for information on possible money laundering, the commission said.
The commission would allow data to be shared between a financial conglomerate and its business units, between an independent financial company and its subsidiaries, and between one independent company and another independent company, Chiu said.
In the first two examples, companies could set up a joint database to store customer information and perform risk assessments, while for the third example, companies must determine how long they would exchange data with each other and how they would handle that data when the partnership comes to an end, the commission said.
To many, Tatu City on the outskirts of Nairobi looks like a success. The first city entirely built by a private company to be operational in east Africa, with about 25,000 people living and working there, it accounts for about two-thirds of all foreign investment in Kenya. Its low-tax status has attracted more than 100 businesses including Heineken, coffee brand Dormans, and the biggest call-center and cold-chain transport firms in the region. However, to some local politicians, Tatu City has looked more like a target for extortion. A parade of governors have demanded land worth millions of dollars in exchange
An Indonesian animated movie is smashing regional box office records and could be set for wider success as it prepares to open beyond the Southeast Asian archipelago’s silver screens. Jumbo — a film based on the adventures of main character, Don, a large orphaned Indonesian boy facing bullying at school — last month became the highest-grossing Southeast Asian animated film, raking in more than US$8 million. Released at the end of March to coincide with the Eid holidays after the Islamic fasting month of Ramadan, the movie has hit 8 million ticket sales, the third-highest in Indonesian cinema history, Film
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue jumped 48 percent last month, underscoring how electronics firms scrambled to acquire essential components before global tariffs took effect. The main chipmaker for Apple Inc and Nvidia Corp reported monthly sales of NT$349.6 billion (US$11.6 billion). That compares with the average analysts’ estimate for a 38 percent rise in second-quarter revenue. US President Donald Trump’s trade war is prompting economists to retool GDP forecasts worldwide, casting doubt over the outlook for everything from iPhone demand to computing and datacenter construction. However, TSMC — a barometer for global tech spending given its central role in the
Alchip Technologies Ltd (世芯), an application-specific integrated circuit (ASIC) designer specializing in server chips, expects revenue to decline this year due to sagging demand for 5-nanometer artificial intelligence (AI) chips from a North America-based major customer, a company executive said yesterday. That would be the first contraction in revenue for Alchip as it has been enjoying strong revenue growth over the past few years, benefiting from cloud-service providers’ moves to reduce dependence on Nvidia Corp’s expensive AI chips by building their own AI accelerator by outsourcing chip design. The 5-nanometer chip was supposed to be a new growth engine as the lifecycle
RSS