TAIPEI (Taiwan News) — To improve the availability, accuracy, and quality of credit information, Taiwan's Joint Credit Information Center (JCIC) has established three awards since 2007 to honor financial institutions outperforming peers in managing customer credit information. This year, a total of 40 institutions were selected to receive the awards.
An awards ceremony was held on Wednesday (Dec. 25), which was attended by Financial Supervisory Commission (FSC) Chairman Wellington Koo (顧立雄), FSC Banking Bureau Chief Secretary Phil Tong (童振彰), Chief Director of the Bankers Association Lu Chu-cheng (呂桔誠）, and Bureau of Agricultural Finance Deputy Director Lee Tsung-yung (李聰勇).
Koo said in his opening remarks that efforts have been made to allow banks and securities firms to access each other's consumer credit reporting relating to negative information, which is inspired by Japan's practice of a shared Credit Information Network (CRIN) system.
Among the winning institutions in the field of information security were First Commercial Bank, Hua Nan Commercial Bank, Bank of Taiwan, COTA Commercial Bank, Taichung Commercial Bank, Mizuho Bank (Taipei Branch), Hualien Second Credit Cooperative, Taipei Nangang District Farmers' Association, Tainan Jiang Jiun Township Farmers' Association, Taichung Wuchi Township Farmers' Association, Shin Kong Life, and Cathay Life Insurance.
The winning institutions for their quality of credit information were Bank of Taiwan, Hua Nan Commercial Bank, Yuanta Commercial Bank, Sunny Bank, Jih Sun International Bank, Bangkok Bank Taipei, Keelung First Credit, Nansian District Fishermen's Association of Tainan City, Yilan Wujie Township Farmers Association, Yunlin Douliu Township Farmers Association, Chunghwa Post Co., Agrifinance Information Service Co., Taipei Fubon Bank, Taiwan Rakuten Card, Inc., and Bank of Kaohsiung.
The other institutions awarded for their credit reports' user-friendliness were Cathay United Bank, First Commercial Bank, E.SUN Bank, Bank SinoPac, Standard Chartered, DBS Bank Taiwan, UBS Taiwan, Hsinchu Chunglin Township Farmers' Association, Hualien Rueisuei Township Farmers' Association, Taipei Beitou Township Farmers' Association, Cathay Life Insurance, and Hualien Second Credit Cooperative.
This year, the special contribution award went to Agrifinance Information Service Co.
Earlier this year, the World Bank published its "Doing Business 2020" report, which ranked Taiwan 15th on its ease of doing business index out of 190 countries or economies. 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 sixth year in a row.