• Directory of Taiwan

Banking, securities sectors in Taiwan to continue operating in event of lockdown

Financial services not to be affected if highest-level alert imposed

Bank staff instructing foreign clients in Taiwan.

Bank staff instructing foreign clients in Taiwan. (CNA photo)

TAIPEI (Taiwan News) — The banking, securities, and insurance industries will not halt services should Taiwan declare a Level 4 alert to fight the coronavirus pandemic, according to the financial authorities.

Taipei and New Taipei each imposed a Level 3 alert on May 15 as COVID-19 cases spiked, with many cities and counties around the nation boosting preparedness with a "quasi-three" alert. Level 4, the highest-level alert, amounts to a lockdown.

The Banking Bureau said banking services will continue, but whether brick-and-mortar banks will keep running hinges on a decision by the Central Epidemic Command Center (CECC). Online banking will not be affected, and the country’s 31,505 ATMs will be flush with cash.

Meanwhile, securities and insurance services will not be disrupted in the event of a Level 4 scenario. This means Taiwan’s stock and futures markets will not be affected with the strictest anti-COVID restrictions in place, per the Securities and Futures Bureau.

According to the Financial Supervisory Commission (FSC), the work-from-home model has been adopted by 26 local banks and 27 foreign banks. Similar measures have been taken at 160 securities and investment firms as well as 41 insurance companies, wrote CNA.