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AmCham and ECCT congratulate financial services industry's progress

TAIPEI, Taiwan -- The Joint Banking Committee of the American Chamber of Commerce and the European Chamber of Commerce in Taipei yesterday praised the Financial Supervisory Commission (FSC) for its efforts in taking concrete steps toward improving the banking regulatory environment and making it more competitive by accepting recommendations from industry.

Both chambers of commerce acknowledged that the Taiwanese government is currently working to boost Taiwan's economy, enhance competitiveness and attract more investment. They stated that the further development of the financial services industry is essential to nurture financial professionals and increase international competitiveness.

The recent progress and efforts made in cross-strait financial cooperation has created an opportunity for Taiwan to become an important offshore RMB market in the Asia-Pacific region, noted the AmCham/ECCT Joint Banking Committee. In recent years, the committee has been continuously providing recommendations aimed at boosting Taiwan as an offshore RMB center as well as promoting Formosa bonds in the international bond market. The committee believes that the regulators' continued efforts will better position Taiwan as an important financial center in Asia.

The Joint Banking committee also acknowledged that the Taiwan government has referred to the financial market development experiences of Hong Kong and Singapore in setting policy and broadening the business scope of the financial market through timely regulatory review and appropriate deregulation guided by the principles of stabilization and liberalization.

In addition, the committee is highly encouraged by and fully supports the government's policy to include the financial services industry in the Free Economic Pilot Zones and expand the business scope of offshore banking units (OBUs). These are helpful policies that could spur the repatriation of capital that is currently offshore. This approach is essential to enhance the onshore financial market, which will lead to growth in terms of investment, job opportunities and the economy.

As responsible members of Taiwan's Financial Industry, AmCham/ECCT Joint Banking committee members announced that it will keep providing recommendations and adopting international expertise in order to benefit Taiwanese corporations and consumers and increase the competitiveness of the financial industry. The committee also fully supports the view expressed by Financial Supervisory Commission Chairman Tseng during the FSC's business liaison meeting with foreign bank country heads, that members of the financial industry should promote CSR activities in order to build a better living environment for the next generation.

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