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May 27, 2017

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Taiwan strives to establish banking presence in Asia

TAIPEI--Taiwan is stepping up efforts to land deals with countries in Southeast Asia so as to establish a banking presence in the region, said the Financial Supervisory Commission (FSC), Taiwan's top financial regulator, yesterday.

Taiwan is striving to sign memorandums of understanding with Cambodia, Malaysia, Indonesia and Thailand to establish banking presences in those countries. Accessing markets in these emerging economies can be difficult because of heavy regulation by local authorities, said FSC Chairman Chen Yuh-chang at a meeting of the Legislature's Finance Committee.

Chen made the remarks in response to questions from ruling Kuomintang Legislator Sun Ta-chien as to whether Taiwan should avoid concentrating too much on establishing a banking presence in China, and should instead reduce potential risk by establishing presences in other regions.

Sun was referring to a landmark deal signed Aug. 31 between Taiwan's Central Bank and China's People's Bank of China to conduct currency settlement between the Chinese yuan and the Taiwan dollar.

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