FSC approved digital account opening for children of new immigrants, 5 banks to provide this service!

Financial Supervisory Commission R.O.C. (FSC) to allow foreign spouses, including new immigrants, to open digital accounts for their underage children. This service will be available as soon as the first quarter of next year.

There will be 5 banks, including Cathay United Bank Company Limited, CUB (國泰世華銀) Taishin International Bank Co., Ltd. (台新銀) First Commercial Bank (第一銀) Hua Nan Commercial Bank, Ltd. (華南銀) Chang Hwa Commercial Bank, Ltd. (彰銀) will provide this service.

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The FSC approved the digital account opening for children of new immigrants. (Photo / Provided by the NIA)

According to statistics collected till the end of October from the Ministry of the Interior National Immigration Agency (NIA), the population of foreign spouses (new immigrants) in Taiwan has reached nearly 570,000. Due to restrictions of laws and regulations, the children of new immigrants are unable to apply for digital accounts and thus lose the opportunity to learn how to use digital financial services.

Therefore, the FSC requires the Bankers Association of the Republic of China to revise the "Operation Template for Banks to Accept Customers to Open Digital Deposit Accounts Online". In the future, as long as one of the parents (or legal representatives) holds a "ROC (Taiwan) Resident Certificate with the chip" issued by the Ministry of the Interior NIA, individuals can open a digital account for their children who have reached the age of seven.

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5 banks to provide this service. (Photo / Retrieved from the Pixabay)

For minors above 7 years old, if they wish to apply for a digital account, the bank will verify their parents’ identity documents which are in three types, including: (1) for Taiwan nationals, image files of the ID card is required, (2) for people whose parent is a foreigner, ROC (Taiwan) Resident Certificate with the chip is required, (3) for the legal representative who is not a parent, the physical or electronic Household Certificate is required.

In addition, except for Cathay United Bank Company Limited, CUB that only allows minors above 12 years old to open digital accounts online, the rest of the banks allows minors above 7 years old to open digital accounts online.