We have seen that there are tensions between the China and Taiwanese region when it comes to the geographical location. However, we have not seen anything in particular between Taiwan and Singapore. But we have some news from Singapore’s DBS bank which also operates in Taiwan. The news is that Singapore’s DBS bank has decided to shut down all its ATMs from Taiwan. This means that you will not be able to find DBS’ Automatic Teller Machines in Taiwan to withdraw cash or do other operations.
Before you think that this has something to do with China or Singapore’s politics with Taiwan, no that is not the case. In fact, Singapore’s DBS bank says that they are doing this because of digitalization as well as high density of machines in Taiwan. However, we feel that DBS could have reduced the number of ATMs from Taiwan if high density was the issue. But since it has decided to remove all of the ATMs, there will be no ATMs left in the country.
Now, Singaporean bank DBS is also in a rush to do so because it plans to remove all the 40 ATMs from Taiwan by the end of this year which is subject to approval from the Financial Supervisory Commission. However, DBS claims that its ATM closure will not affect customers of the bank in Taiwan. Because it adds that customers will be able to transact from other banks’ ATMs with a limit of 15 transactions per month free of charge and they will be charged after that only.
Reportedly, Taiwan has the most density of ATMs in the world and it is revealed that the country has every ATM for 772 residents. In total, there are 30,000 ATMs in Taiwan and DBS wants people to use those ATMs instead of their own. It is known that Australia and India have also been cutting down on ATMs since they are expensive to maintain.