TAIPEI (Taiwan News) — Singaporean bank DBS has decided to shut down all its ATMs in Taiwan by the end of this year if the Financial Supervisory Commission (FSC) agrees, reports said Wednesday (Nov. 13).
The company has cited digitalization and the high density of the machines as its reasons for removing its 40 ATMs from Taiwan, UDN reported.
The bank said that since all its ATMs were installed at branch offices, their closure would not have a significant impact on customers. They will still be able to perform DBS transactions at ATMs run by other banks, with up to 15 transactions a month being free of charge, the report said.
According to DBS, it has already filed an application with the FSC to remove the ATMs.
Taiwan reportedly has the highest density of ATMs in the world, with one per 772 residents, or a total of more than 30,000. Countries as diverse as Australia and India have been cutting down on the number of machines, partly because they are expensive to install, maintain, and guard, UDN reported.
In Taiwan, one ATM costs between NT$500,000 (US$16,000) and NT$700,000.