Credit card spending last year is forecast to have dropped for the first time in 11 years, as the COVID-19 pandemic dampened private consumption, the Financial Supervisory Commission (FSC) said on Thursday.
The commission’s remarks came after credit card spending dropped 0.8 percent year-on-year to NT$259.5 billion (US$9.12 billion) in November last year, according to FSC data.
On a monthly basis, the spending rose 7.81 percent due to promotions for the Double 11, or Singles’ Day, sales event.
If credit spending last month “surpassed NT$270 billion, annual spending would hit NT$3 trillion, but it is not very likely, given that the monthly
Rakuten eyes pilot for its Web-only bank operations
By Kao Shih-ching / Staff reporter
Rakuten International Commercial Bank (樂天國際商銀) plans to launch a pilot for its Web-only operations by the end of next month, company chairman Chien Ming-jen (簡明仁) said on Monday.
Initially, the bank plans to provide services to its 100 employees, as well as 3,500 staff at its shareholders IBF Financial Holdings Co (國票金控) and Japanese e-commerce firm Rakuten Inc’s local unit, Chien said.
In the first phase, the bank would focus on its information systems, he said, without revealing when formal operations would begin.
Rakuten International Commercial Bank chairman Chien Ming-jen speaks at a news conference in Taipei on Nov. 5.
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Cathay United Bank fined NT$12 million for internal control lapses
12/29/2020 10:23 PM
Image taken from google.com.tw/maps
Taipei, Dec. 29 (CNA) Taiwan s Financial Supervisory Commission (FSC) on Tuesday fined Cathay United Bank (國泰世華銀行) NT$12 million (US$422,982) after one of its financial advisors was found to have misappropriated NT$17.32 million from clients accounts.
FSC Banking Bureau Deputy Director-General Lin Chih-chi (林志吉) said the FSC handed out the fine following an investigation lasting several months after first receiving reports from Cathay United Bank in May about the alleged irregularity.
According to Lin, the bank found that an employee surnamed Hung (洪) at its Banqiao branch had misappropriated a large sum of money from four clients over a period of four-years-and-one-month; from March 2016 to March 2020.
FSC awards First Commercial Bank D-SIB status
By Kao Shih-ching / Staff reporter
The Financial Supervisory Commission (FSC) yesterday designated First Commercial Bank (第一銀行) the nation’s sixth domestic systemically important bank (D-SIB).
In June last year, the commission designated CTBC Bank (中國信託銀行), Cathay United Bank (國泰世華銀行), Taipei Fubon Bank (台北富邦銀行), Mega International Commercial Bank (兆豐銀行) and Taiwan Cooperative Bank (合庫銀行) D-SIBs due to their importance to the banking system.
To meet D-SIB status, the commission reviews the bank’s market capitalization, its interconnectedness with its peers, its substitutability with its peers in relation to functions and services, and the complexity of its operations, in line with standards set by the Basel Committee on Banking Supervision, it said.