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FSC visits to bilingual demonstration branches encourage internationalization of financial service

In order to respond to the Bilingual Nation 2030 policy, the Financial Supervisory Commission (FSC) encourages banks to enhance staff’s English proficiency and create a friendly bilingual financial service environment. The FSC suggested banks set up bilingual demonstration branches to provide bilingual financial services, which received a good response from banks. The intention of the “demonstration branches” proposal is to encourage banks to set up a branch gradually in accordance with their business scale, customer attributes and demands, then develop a set of bilingual services with their own features that can be emulated by other branches.
Today, the chairman of the FSC, Mr. Wellington L. Koo, together with Mr. Cheng-Mount Cheng, Deputy Minister of the National Development Council (NDC) and Mr. Ching-Hwa Juan, Administrative Deputy Minister of the Ministry of Finance arranged visits to DBS Taiwan’s Tianmu Branch and Mega International Commercial Bank’s Lanya Branch. The 2 branches were selected due to preparatory progress and location.
The 2 demonstration branches have their own features. DBS Taiwan’s Tianmu Branch is a small sized branch which focused on the concept of digitalization, sustainable management and environmental protection. Mega International Commercial Bank’s Lanya Branch is a large branch with diversified businesses and offers English, French and Japanese service.
Both branches are experienced in offering bilingual financial service since they are located near international schools and there are many foreign customers. Bilingual facilities, application forms, and all the front-line counters being able to provide bilingual financial services fully demonstrate the friendly bilingual financial environment.
According to the visits, the FSC found that while DBS Taiwan’s Tianmu Branch, which leverages Singapore''s experience, and Mega International Commercial Bank’s Lanya Branch, which has long-term experience in offering financial services to foreign customers, have different backgrounds and scales, they have both made full use of their respective characteristics to create unique and practical bilingual financial service; this means that domestic banks have sufficient conditions and potential to provide international financial services, and thus lay down a good foundation for internationalization of Taiwan’s financial industries.
Besides the branches mentioned above, 14 banks planning to set up a “demonstration branch”; they are Bank of Taiwan, Land Bank of Taiwan, Taiwan Cooperative Bank, First Bank, Hua Nan Bank, Chang Hwa Bank, The Shanghai Commercial & Savings Bank, Taipei Fubon Commercial Bank, Cathay United Bank, Citibank Taiwan, Taiwan Business Bank, Taichung Bank, E. Sun Bank, and CTBC Bank.
Many elements are involved for establishing a demonstration branch, such as manpower, application forms, facilities and signs, etc. It can play a leading role and provide more friendly financial services for foreigners in Taiwan. In the future, the FSC will also visit the demonstration branches of other banks in order to stimulate the momentum of bilingualization of the banking industry and drive the upgrading of the overall bilingual environment in Taiwan.

 
Visitor: 877   Update: 2019-12-18