FSC to ease online loan regulationsBy Kao Shih-ching / Staff reporterThe Financial Supervisor Commission (FSC) is planning to relax regulations on Web-based consumer lending at banks, as the government seeks to create a comprehensive digital banking environment, the commission said yesterday. Current regulations allow online loan applications, but require banks to adopt stricter identity authentication standards for Web-based applications than for those who apply at a physical branch, the commission said. The requirements include identification via videoconference or the use of encrypted digital tokens, the commission said. Authentication would also include questions about regular account activity, including transfers or transactions, Lin said. The accounts have a limit on individual transfers of NT$10,000, while the daily transfer amount is capped at NT$30,000, the commission said.

Source: Taipei Times September 09, 2021 15:56 UTC