FundOpen Account Opening and Fund Purchase: 26 Banks' Verification Now Online

(Central News Agency, Reporter Pan Zhiyi, Taipei, July 1st) In the past, when investors opened fund accounts online, the most common bottleneck was the verification process for the "designated direct debit account." Fund transaction platform FundOpen Securities announced today that in the early stages of the platform's establishment, it integrated the online banking verification functions of 13 banks through the Taiwan Depository & Clearing Corporation (TDCC) and the Financial Information Service Company. In July of this year, through the system mechanisms of TDCC and the Taiwan Clearing House, an additional 13 banks were incorporated, bringing the total successfully connected banks to 26.

FundOpen explained that in the past, the most common bottleneck for investors opening fund accounts online was the verification process for the "designated direct debit account." Traditional paper-based verification not only required investors to personally fill out physical forms and affix their original seal, but also involved a cumbersome process of mailing back and forth and manual seal verification by the bank. If the seal did not match or was unclear, the application would be rejected, and the entire process would often be delayed for 2 weeks or even more than 1 month.

Buying funds online is becoming increasingly convenient. FundOpen Securities pointed out that through the system mechanisms of the Taiwan Depository & Clearing Corporation (TDCC), Financial Information Service Company, and Taiwan Clearing House, 26 banks are now connected. Investors can complete the verification of their direct debit accounts online through the online banking functions of these major financial institutions, accelerating the account opening process and significantly saving the 2 to 4 weeks or more time typically required for traditional paper document exchanges.

FundOpen stated that the banks currently cooperating with the platform include state-owned banks such as Bank of Taiwan, Hua Nan Commercial Bank, First Commercial Bank, Mega International Commercial Bank, Land Bank of Taiwan, Cooperative Bank of Taiwan, Chang Hwa Commercial Bank, Bank of Kaohsiung, and Taiwan Business Bank, as well as private and emerging digital banks such as Taipei Fubon Bank, CTBC Bank, E.SUN Bank, Cathay United Bank, Taishin International Bank, SinoPac Bank, Yuanta Bank, KGI Bank, Rakuten International Bank, and Next Bank.

When investors open an account on the FundOpen official website or App, they simply need to choose to link one of these 26 banks. The system will then redirect to that bank's online banking authentication interface, where identity verification and direct debit account verification will be completed online, achieving a smooth experience of "zero paper, fully digital."

FundOpen Chairman Lin Bing-hui stated that this collaboration with major financial institutions expands the final mile of online account opening. He expressed hope that more banking institutions will join in the future to jointly promote digital financial transformation, build a more friendly and seamless online wealth management ecosystem, and enable investors across Taiwan to enjoy safe, convenient, and low-cost fund management services. (Editor: Yang Kai-hsiang) 1150701

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