Singapore’s DBS to shut down all of its ATMs in Taiwan

14-Nov-2019 Intellasia | TaiwanNews | 6:02 AM Print This Post

Singaporean bank DBS has decided to shut down all its Automatic Teller Machines (ATMs) in Taiwan by the end of this year if the Financial Supervisory Commission (FSC) agrees, reports said Wednesday (November 13).

The company has named digitalisation and the high density of the machines in Taiwan as the reasons to remove its 40 ATMs, the United Daily News website reported.

The bank said that since all its ATMs were installed at branch offices, their closure would not have a significant impact on customers. They will still be able to perform DBS transactions at ATMs run by other banks, with up to 15 a month free of charge, the report said.

DBS said it had already filed an application with the FSC to remove its ATMs.

Taiwan reportedly has the highest density in the world, with one ATM per 772 residents, or a total of more than 30,000. Countries as diverse as Australia and India have been cutting down on the number of machines, partly because they are expensive to place, to maintain and to guard, the United Daily News reported.

In Taiwan, one ATM costs between NT$500,000 (US$16,000) and NT$700,000, with banks not considering as moneymaking items.

https://www.taiwannews.com.tw/en/news/3816314

 


Category: Singapore

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