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39 financial institutions honored by Taiwan's credit bureau for sustainable practices

Good management of credit risk now more important than ever in stabilizing post-pandemic financial market

FSC Chairman Huang Tien-mu and award receipient. (JCIC photo)

FSC Chairman Huang Tien-mu and award receipient. (JCIC photo)

TAIPEI (Taiwan News) — The country's only domestic credit-reporting agency gave out awards to dozens of financial institutions and their staff on Tuesday (Dec. 21).

The awards recognize good management of credit risk, which has become even more important in stabilizing the post-pandemic financial market.

To improve the accessibility, accuracy, and quality of credit information, Taiwan's Joint Credit Information Center (JCIC), which is responsible for collecting, processing, and exchanging credit data among financial institutions, has established three awards since 2007. This year, a total of 39 institutions and 49 staff members were selected to receive the awards.

The award ceremony was attended by Financial Supervisory Commission (FSC) Chairman Huang Tien-mu (黃天牧), FSC Banking Bureau Director-General Sherri Chuang (莊琇媛), Bankers Association Chief Director Lu Chu-cheng (呂桔誠), Bureau of Agricultural Finance Deputy Director Shih Ni-ting (施妮婷), and executives from the winning institutions.

In his opening remarks, Huang thanked the JCIC for offering a free-of-charge credit inquiry to banks when reviewing COVID relief loan applications from workers and small business owners in the country. The top financial regulator also gave a thumbs-up to the organization’s participation in the government's “inclusive financing” and “eco-investing” initiatives.

Among the winning institutions chosen for outperforming in information security were Standard Chartered Taiwan, Hua Nan Commercial Bank, Bank of Taiwan, King's Town Bank, Taichung Commercial Bank, Mizuho Bank (Taipei Branch), Hualien Second Credit Cooperative, the Taichung Farmers' Association, the Miaoli Chunan Farmers' Association, the Changhua Fishermen's Association, Taiwan Rakuten Card, and Cathay Life Insurance.

The institutions that won awards for the quality of their credit information were Bank of Taiwan, Yuanta Commercial Bank, Union Bank of Taiwan, Bank of Kaohsiung, Sunny Bank, MUFH Bank Taipei Branch, the Second Credit Cooperative Association of Taichung, Changhua Huatan Farmers' Association, New Taipei Tucheng Farmers' Association, Tainan City District Fishermen's Association, Chunghua Post Co., Agrifinance Information Service Co., Union Bank of Taiwan, Taiwan Shin Kong Commercial Bank, and COTA Bank.

The other institutions awarded for the user-friendliness of their credit reports were Cathay United Bank, CTBC Bank, First Commercial Bank, E.SUN Bank, Jih Sun International, Standard Chartered, United Overseas Bank Taipei Branch, the Tainan City Shinshi District Farmers' Association, the Hualien Rueisuei Township Farmers' Association, the Taoyuan Luzhu Farmers' Association, the Keelung Second Credit Cooperative, and Cathay Life Insurance.