New Immigrants' Minor Children with Taiwanese Nationality May Open Digital Deposit Accounts
2022-02-08
Press Release
February 8, 2022
New Immigrants' Minor Children with Taiwanese Nationality May Open Digital Deposit Accounts
The Financial Supervisory Commission (FSC) has instructed the Bankers Association to amend the "Bank Accepting Customer Opening Digital Deposit Account Online Guideline" (hereinafter referred to as the "Guideline"). If one of the legal representatives of minors with Taiwanese nationality is a foreigner (including new immigrants), and has an IC alien resident certificate issued by the National Immigration Agency of the Ministry of the Interior, he/she will be able to open a digital deposit account for minor children above the age of 7. The FSC also issued an official letter to approve the Guideline amended by the Bankers Association on January 25, 2022.
The FSC has allowed minors with Taiwanese nationality above the age of 7 to open digital deposit accounts since November 2019. According to regulations in the Guideline, when a bank accepts an application from a minor for a digital deposit account, the bank must retain information on the National Identity Card of the legal representative. According to the statistics compiled by the National Immigration Agency of the Ministry of the Interior, the number of foreign spouses (new immigrants) in Taiwan as of the end of December 2021 was nearly 570,000, so the demand for digital financial services of new immigrants' minor children has increased. Recently, the FSC has received complaints regarding the restrictions in the Guideline, saying that since one of the minor's legal representatives is a new immigrant and doesn’t have a National Identity Card, the minor is unable to open a digital deposit account.
Based on the principles of fair customer treatment and inclusive finance, and to help new immigrants' minor children develop correct financial management concept through the use of digital deposit accounts, the FSC immediately requested the Bankers Association to amend the Guideline after receiving the complaints. The Bankers Association included IC alien resident certificates issued by the National Immigration Agency of the Ministry of the Interior as a type of identity certification documents of legal representatives that banks may retain. New immigrants will be able to open digital deposit accounts for minor children above the age of 7 by using the IC alien resident certificate for identity authentication.
The FSC stated that allowing new immigrants' minor children to open digital deposit accounts will help them learn about digital financial services, uphold fair customer treatment principles, and promote inclusive finance. To respond to the development of digital banking services and to provide more comprehensive financial services, the FSC encourages financial institutions to gradually set up plans for more services, provided that they can control the risks and protect consumer rights and interests.
Contact unit:Legal Affairs Division, Banking Bureau
Telephone: (02) 8968-9625
If you have any questions, please send an email to the FSC's public opinion mailbox
(https://fscmail.fsc.gov.tw)
February 8, 2022
New Immigrants' Minor Children with Taiwanese Nationality May Open Digital Deposit Accounts
The Financial Supervisory Commission (FSC) has instructed the Bankers Association to amend the "Bank Accepting Customer Opening Digital Deposit Account Online Guideline" (hereinafter referred to as the "Guideline"). If one of the legal representatives of minors with Taiwanese nationality is a foreigner (including new immigrants), and has an IC alien resident certificate issued by the National Immigration Agency of the Ministry of the Interior, he/she will be able to open a digital deposit account for minor children above the age of 7. The FSC also issued an official letter to approve the Guideline amended by the Bankers Association on January 25, 2022.
The FSC has allowed minors with Taiwanese nationality above the age of 7 to open digital deposit accounts since November 2019. According to regulations in the Guideline, when a bank accepts an application from a minor for a digital deposit account, the bank must retain information on the National Identity Card of the legal representative. According to the statistics compiled by the National Immigration Agency of the Ministry of the Interior, the number of foreign spouses (new immigrants) in Taiwan as of the end of December 2021 was nearly 570,000, so the demand for digital financial services of new immigrants' minor children has increased. Recently, the FSC has received complaints regarding the restrictions in the Guideline, saying that since one of the minor's legal representatives is a new immigrant and doesn’t have a National Identity Card, the minor is unable to open a digital deposit account.
Based on the principles of fair customer treatment and inclusive finance, and to help new immigrants' minor children develop correct financial management concept through the use of digital deposit accounts, the FSC immediately requested the Bankers Association to amend the Guideline after receiving the complaints. The Bankers Association included IC alien resident certificates issued by the National Immigration Agency of the Ministry of the Interior as a type of identity certification documents of legal representatives that banks may retain. New immigrants will be able to open digital deposit accounts for minor children above the age of 7 by using the IC alien resident certificate for identity authentication.
The FSC stated that allowing new immigrants' minor children to open digital deposit accounts will help them learn about digital financial services, uphold fair customer treatment principles, and promote inclusive finance. To respond to the development of digital banking services and to provide more comprehensive financial services, the FSC encourages financial institutions to gradually set up plans for more services, provided that they can control the risks and protect consumer rights and interests.
Contact unit:Legal Affairs Division, Banking Bureau
Telephone: (02) 8968-9625
If you have any questions, please send an email to the FSC's public opinion mailbox
(https://fscmail.fsc.gov.tw)
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2022-03-31