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Taiwan's JCIC honors institutions for quality credit information management

Good credit investigation and risk management can mitigate pandemic-related exposure

Financial Supervisory Commission Vice Chairperson Hsu Yung-chin (8th from left) is giving out awards to winners at Tuesday's ceremony in...

Financial Supervisory Commission Vice Chairperson Hsu Yung-chin (8th from left) is giving out awards to winners at Tuesday's ceremony in... (Taiwan News photo)

TAIPEI (Taiwan News) — The Joint Credit Information Center (JCIC) awarded 39 Taiwanese financial institutions on Tuesday (Dec. 29) for good practices that have safeguarded financial stability in this difficult year.

To improve the availability, accuracy, and quality of credit information, the JCIC has established three categories of awards since 2007 to honor financial institutions that outperform their peers in managing customer credit information. This year, a total of 39 institutions and 49 individuals were selected to receive honors.

As the COVID-19 pandemic is putting many companies and financial institutions around the world at the heart of a fast-changing crisis, a good credit risk measurement through discrete models can help businesses gain a better understanding of risk, helping them to mitigate exposure.

An awards ceremony was held on Tuesday, which was attended by Financial Supervisory Commission (FSC) Vice Chairperson Hsu Yung-chin (許永欽), FSC Banking Bureau Director-General Sherri Chuang (莊琇媛), Chief Director of the Bankers Association Lu Chu-cheng (呂桔誠), and Bureau of Agricultural Finance Deputy Director Shih Ni-ting (施妮婷).

Among the winning institutions in the field of information security were Mega International Commercial Bank, First Commercial Bank, Bank of Taiwan, Taichung Commercial Bank Co., COTA Commercial Bank, MUFG Bank (Taipei Branch), Hualien Second Credit Cooperative, Credit Department of Taichung Farmers' Association, Chiayi Shueishang Township Farmers' Association, Tainan Xuijia Township Farmers' Association, Cathay Life Insurance, and Taiwan Rakuten Card, Inc.

The institutions recognized for quality credit information were Bank of Taiwan, Yuanta Commercial Bank, Union Bank of Taiwan, Sunny Bank, Bank of Kaohsiung, Bangkok Bank Taipei, Tamsui First Credit Bank, Xingang Township Farmers' Association, Pan Chiao Farmers' Association, Kaohsiung Ziguan Farmers' Association, Chunghwa Post, Farmers' and Fishermen's Association South Information Center, Union Bank of Taiwan, and Hua Nan Bank.

The institutions awarded for the user-friendliness of their credit reports were Cathay United Bank, First Commercial Bank, Land Bank of Taiwan, Hua Nan Bank, Jih Sun International Bank, Ltd., Standard Chartered, Metrobank Taipei, Linkou District Farmers' Association, Luzhou District Farmers' Association, Taisi Farmers' Association, Cathay Life Insurance, and Hualien Second Credit Cooperative.

The JCIC is dedicated to offering quality credit information to the country's financial institutions and to digital transformation that improves efficiency in credit investigation as well as in credit granting.

Starting this year, the organization has enabled the exchange of credit information to allow banks and securities firms to mutually access consumer credit reporting related to negative information. Next year, the service will be extended to three online banking service providers.