FSC Continues to Promote Friendly Financial Services for Foreigners in Taiwan
2023-02-09
FSC Continues to Promote Friendly Financial Services for Foreigners in Taiwan
The Financial Supervisory Commission (FSC) stated that it has continuously encouraged domestic banks to optimize financial services for foreigners in Taiwan and actively promote the following friendly financial service measures to support the government's population and immigration policies and strengthen the recruitment of foreign professionals in Taiwan:
1. Assist in promoting the "Employment Gold Card for Foreign Professionals": The FSC has supported the government's Employment Gold Card policy and established the "Required Qualifications for 'Foreign Special Professionals with Specific Financial Expertise' and Principles for Recognition of Qualifications" so that foreign professionals with financial expertise are eligible for benefits such as tax reliefs and applying for Employment Gold Card in accordance with the "Act for the Recruitment and Employment of Foreign Professionals".
2. Provide foreigners with information on financial services: The "Contact Taiwan" website of the Ministry of Economic Affairs already provides necessary information on the use of financial services by foreign talents in Taiwan, including a list of bilingual branches, documents required for opening accounts, matters of note for applying for bank cards or credit cards, and notices for foreign exchange transactions and online account opening. The contents are updated regularly.
3. Continue to encourage banks to set up bilingual branches and bilingual ATMs: As of December 31, 2022, 23 domestic banks have set up 827 bilingual branches to provide bilingual service counters and bilingual financial services. The number of bilingual branches increased by 655 from 172 as of December 31, 2020 with a 3.8-fold growth. Domestic banks have set up 30,306 bilingual ATMs which account for approximately 97% of all ATMs.
4. Request banks to improve friendly financial services for foreigners: The FSC invited financial institutions to attend the "Seminar on the Improvement of Friendly Financial Services for Foreigners" organized by the National Development Council on October 25, 2022. The banks learned about the actual cases regarding foreigners' need for financial services in Taiwan, the current state of regulations in Taiwan, and the implementation status of domestic banks. The FSC continues to communicate with banks and requests banks to reference the recommendations made in the seminar for implementing friendly financial services for foreigners.
5. Optimize online account opening services for foreigners: To improve friendly financial services for foreigners, the FSC has requested the Bankers Association to revise the regulations in the " Bank Accepting Customer Opening Digital Deposit Account Online Guideline " in 2019. The amendment allows foreigners with IC alien resident certificates to open accounts online and allow applicants of online account opening to proceed with identity authentication with two sets of identity documents over the counter. One of the banks has developed English interfaces for online banking and mobile banking to provide foreign customers with online account opening and convenient services such as NTD and foreign-currency accounts, remittances, and debit cards, etc.
To promote domestic banks to emphasize on financial services for foreigners, the FSC has requested to the Bankers Association to study and formulate plans for optimizing the portal webpages for foreigners' account opening inquiries, designated branches and customer service hotlines, and supplying one-stop financial services or contact persons to meet the needs of foreigners.
The FSC stated that the number of foreigners working, studying, or living in Taiwan has increased because of international development in Taiwan and the government's policies for new economic immigration and increased internationalization and visibility of Taiwan. To make the best use of the business opportunities in foreigners' demand for financial services and related businesses, the FSC will continue to build a friendly environment with bilingual financial services to enhance the international financial market in Taiwan.
Contact unit: Foreign Banks Division, Banking Bureau
Telephone: (02)8968-9793
If you have any questions, please send an email to: https://fscmail.fsc.gov.tw
The Financial Supervisory Commission (FSC) stated that it has continuously encouraged domestic banks to optimize financial services for foreigners in Taiwan and actively promote the following friendly financial service measures to support the government's population and immigration policies and strengthen the recruitment of foreign professionals in Taiwan:
1. Assist in promoting the "Employment Gold Card for Foreign Professionals": The FSC has supported the government's Employment Gold Card policy and established the "Required Qualifications for 'Foreign Special Professionals with Specific Financial Expertise' and Principles for Recognition of Qualifications" so that foreign professionals with financial expertise are eligible for benefits such as tax reliefs and applying for Employment Gold Card in accordance with the "Act for the Recruitment and Employment of Foreign Professionals".
2. Provide foreigners with information on financial services: The "Contact Taiwan" website of the Ministry of Economic Affairs already provides necessary information on the use of financial services by foreign talents in Taiwan, including a list of bilingual branches, documents required for opening accounts, matters of note for applying for bank cards or credit cards, and notices for foreign exchange transactions and online account opening. The contents are updated regularly.
3. Continue to encourage banks to set up bilingual branches and bilingual ATMs: As of December 31, 2022, 23 domestic banks have set up 827 bilingual branches to provide bilingual service counters and bilingual financial services. The number of bilingual branches increased by 655 from 172 as of December 31, 2020 with a 3.8-fold growth. Domestic banks have set up 30,306 bilingual ATMs which account for approximately 97% of all ATMs.
4. Request banks to improve friendly financial services for foreigners: The FSC invited financial institutions to attend the "Seminar on the Improvement of Friendly Financial Services for Foreigners" organized by the National Development Council on October 25, 2022. The banks learned about the actual cases regarding foreigners' need for financial services in Taiwan, the current state of regulations in Taiwan, and the implementation status of domestic banks. The FSC continues to communicate with banks and requests banks to reference the recommendations made in the seminar for implementing friendly financial services for foreigners.
5. Optimize online account opening services for foreigners: To improve friendly financial services for foreigners, the FSC has requested the Bankers Association to revise the regulations in the " Bank Accepting Customer Opening Digital Deposit Account Online Guideline " in 2019. The amendment allows foreigners with IC alien resident certificates to open accounts online and allow applicants of online account opening to proceed with identity authentication with two sets of identity documents over the counter. One of the banks has developed English interfaces for online banking and mobile banking to provide foreign customers with online account opening and convenient services such as NTD and foreign-currency accounts, remittances, and debit cards, etc.
To promote domestic banks to emphasize on financial services for foreigners, the FSC has requested to the Bankers Association to study and formulate plans for optimizing the portal webpages for foreigners' account opening inquiries, designated branches and customer service hotlines, and supplying one-stop financial services or contact persons to meet the needs of foreigners.
The FSC stated that the number of foreigners working, studying, or living in Taiwan has increased because of international development in Taiwan and the government's policies for new economic immigration and increased internationalization and visibility of Taiwan. To make the best use of the business opportunities in foreigners' demand for financial services and related businesses, the FSC will continue to build a friendly environment with bilingual financial services to enhance the international financial market in Taiwan.
Contact unit: Foreign Banks Division, Banking Bureau
Telephone: (02)8968-9793
If you have any questions, please send an email to: https://fscmail.fsc.gov.tw
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Update：
2023-03-01