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Banks in Taiwan allowed to reduce services as COVID cases rise

Authorities criticized for endangering bank employees with 'uninterrupted banking' policy during community spread

(Fubon Financial Holding Co. photo)

(Fubon Financial Holding Co. photo)

TAIPEI (Taiwan News) — Taiwan's financial regulator has backtracked on its policy of uninterrupted banking services as more workers in the sector become infected with COVID-19.

The Financial Supervisory Commission (FSC) announced on Wednesday (May 26) that financial institutions can adopt a flexible approach to their operations as the country continues to report hundreds of local infections. This represents a change of course from its previous stance that banking, securities, and insurance industry services will not be disrupted even in the event of a lockdown.

The move follows calls for reduced banking services as bank employees are increasingly at risk amid the community spread of the coronavirus, particularly in Taipei and New Taipei.

DPP Legislator Kao Chia-yu (高嘉瑜) blasted the authorities in a Wednesday Facebook post, pointing out that at least 30 cases have been reported by the country’s 20 financial businesses and that the FSC has failed to adjust its policies on the sector’s operations.

Considering the severity of the pandemic, FSC said in a guideline that financial institutions can now apply for a change in office hours and implement flexible work schedules for their businesses. Employees should also be provided with adequate protective gear, and performance requirements should be waived, it said.

Updated : 2021-06-20 03:18 GMT+08:00