A review of bank prudential regulations in Taiwan, including with regard to senior management responsibilities and remuneration, regulatory capital and liquidity, and recovery and resolution.
Taipei, April 23 (CNA) The local financial industry cut its exposure to Russia and Ukraine by more than NT$74 billion (US$2.52 billion) in two months in the wake of Russia's invasion of Kyiv on Feb. 24, according to the Financial Supervisory Commission (FSC).
ShopeePay Taiwan Co (蝦皮支付) and Cathay United Bank (國泰世華銀行) have been targeted by the Financial Supervisory Commission (FSC) over information security and consumer protection, after lawmakers yesterday raised concerns about the e-commerce platform possibly being funded by Chinese investors.
ShopeePay and Cathay United recently partnered to issue cobranded credit cards, which reward consumers up to 4 percentage points for anything they spend on the platform.
The company’s collaboration with a local bank raised concerns over whether consumers’ data could be leaked to behind-the-scene Chinese investors, Democratic Progressive Party Legislator Kuo Kuo-wen (郭國文) told a meeting of the legislature’s Finance Committee in
The Financial Supervisory Commission (FSC) yesterday fined Cathay United Bank (國泰世華銀行) NT$2 million (US$68,622) and banned the lender from setting up new automatic teller machines (ATMs) as the bank’s ATM service malfunctioned several times recently, significantly affecting clients, the commission said.
The commission also raised the risk factor for Cathay United Bank in light of the recent incidents.
The bank must increase its capital by at least NT$750 million to keep its BIS capital adequacy ratio unchanged at 16.25 percent, Banking Bureau Chief Secretary Phil Tong (童政彰) told a news conference.
The bank could issue new shares or bonds to perform the
The Financial Supervisory Commission (FSC) is to tighten regulations on local financial companies marketing to the elderly, after finding that many banks and insurers last year sold unsuitable products to older customers without a proper risk assessment, the regulator said last week.
The commission plans to implement stricter punishment for financial companies that inappropriately sell products to older customers, and would focus on firms’ marketing activities in its review this year of companies’ treatment of customers, it said.
The FSC is considering asking banks to collect complaints from older customers, and set up databases to systematically review and improve their internal controls