Taiwan yesterday launched a one-stop banking initiative aimed at making it easier for foreign residents to access financial services, designating six banks to provide streamlined account opening, credit card and international transfer services.
The National Development Council (NCD) certified six participating institutions: CTBC Commercial Bank Co (中國信託銀行), E.Sun Commercial Bank Ltd (玉山銀行), Taipei Fubon Commercial Bank Co (台北富邦銀行), Taishin International Bank Co (台新銀行), Mega International Commercial Bank Co (兆豐銀行) and First Commercial Bank Ltd (第一銀行). Together, they offer the services at 17 designated branches across Taiwan.
Speaking at a launch ceremony in Taipei, NDC Deputy Minister Jan Fang-guan (詹方冠) said foreign residents have long faced difficulties opening bank accounts, obtaining credit cards and making international wire transfers.
Photo: CNA
Many newcomers without a local credit history have been denied credit cards or asked to provide a Taiwanese guarantor, creating a significant barrier for international professionals settling in Taiwan, Jan said.
Taiwan has attracted a growing number of foreign professionals since the implementation of the Act for the Recruitment and Employment of Foreign Professionals (外國專業人才延攬及僱用法) in 2018, with more than 15,000 Employment Gold Cards issued to date, he said.
Under the initiative, participating banks would be encouraged to accept overseas proof of income and foreign tax records when reviewing credit card applications, and waive Taiwanese guarantor requirements.
Banks would also introduce online appointment systems that allow customers to submit documents and discuss their needs in advance, enabling services such as account opening, credit card applications, wire transfer setup and multi-currency banking to be completed in a single visit.
In addition, designated branches would establish dedicated counters and assign specialist staff to assist foreign clients.
Chang Chia-kuei (張嘉魁), deputy director-general of the Financial Supervisory Commission’s Banking Bureau, said that more than 2,000 branches offered bilingual services as of the end of last year, while more than 80 percent of ATMs supported multiple languages.
The council said that it would continue to refine the program and work with other government agencies on measures such as housing and education support to improve Taiwan’s attractiveness to international talent.
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