ATM density in Taiwan triple Asian average

ATMs will remain but go 'smart' as island country promotes greater financial inclusion

ATMs in Taipei (Wikimedia Commons/<a href="" title="User:玄史生">玄史生</a> photo)

ATMs in Taipei (Wikimedia Commons/玄史生 photo)

TAIPEI (Taiwan News) — There are 157 ATMs for every 100,000 adults in Taiwan, triple that of the average in Asia, the island country’s financial regulator said on Thursday (Jan. 16).

As of October 2019, there were 157 ATMs in Taiwan for every 100,000 adults, outnumbering Japan’s 127.59, Hong Kong’s 51.8, and Singapore’s 66.46. The density of ATMs is three times that of the average in Asia, which stands at 51.8, wrote CNA.

In addition, Taiwan has a considerable number of commercial banks, with 17.6 branches for every 100,000 adults, while Asia has an average of 9.1 branches. This does not include post offices, credit cooperatives, and farmer and fishermen’s associations, which also provide some of the same financial services as commercial banks.

The Financial Supervisory Commission (FSC) has designed 21 indices to gauge the access individuals and businesses have to useful, affordable financial products and services as part of its objective to promote financial inclusion, reported Anue. Relevant reports will be published on a yearly basis, said the FSC.

While the high ATM density in Taiwan has been blamed as a hurdle in the country's bid to go cashless, FSC Chairman Wellington Koo (顧立雄) insisted that ATMs remain an important part of people’s lives and that they will not disappear but rather morph over time. The country will continue to promote cashless payments while at the same time working to make ATMs smarter in the era of digital banking, he vowed.