(Taiwan News) - To promote the accuracy and quality of credit information, the Joint Credit Information Center (JCIC) established two awards in 2007 to honor financial institutions with outstanding records in the management of credit information security and information quality. This year, two new awards have been introduced to promote accessibility of up-to-date credit information.
On Dec. 26, 40 financial institutions were honored at a ceremony attended by the country’s top finance officials, including Financial Supervisory Commission (FSC) Chairman Wellington Koo (顧立雄), FSC Banking Bureau Deputy Director-General Jean Chiu (邱淑貞), Secretary General of the Bankers Association R.O.C. Yang Nan (楊枏), and Bureau of Agricultural Finance (BOAF) Chief Secretary Han Pao-ju (韓寶珠).
Each winner was awarded a trophy, with NT$50,000 (US$1,622) to be given to the outstanding staff of each institution who have shown a commitment to providing quality credit information and security.
Additionally, Bank of Taiwan was recognized and awarded this year with the newly-added Special Contribution Award for updating JCIC with credit information associated with labor pension account holders on a monthly basis since 2015, which has made it considerably easier for other banks to conduct risk management analyses.
The winners were initially selected by JCIC and were decided jointly by FSC, FSC Banking Bureau, FSC Insurance Bureau, BOAF, and representatives from the Bankers Association R.O.C.
Earlier this year, the World Bank published its Doing Business 2019 report, with Taiwan ranking 13th on its ease of doing business index. Among Taiwan's outperforming indicators, the depth of credit information index, for which the Joint Credit Information Center (JCIC) is a competent authority, received the top rating of 8 points for the fifth year in a row.
The rate far surpasses the 4.2 point average score of peers in East Asian and Asian Pacific countries, and the 6.7 point average score of high-income OECD economies.
JCIC dedicates itself to improving financial data security and the quality of credit reporting, as well as adding value to credit reports, through exchanges with global credit reporting networks in order to create a sound and sustainable credit-based transaction environment.