Financial Supervisory Commission Chairman Koo cites Hong Kong's common law system, low taxes, English fluency among factors contributing to its financial status

Taiwan News
Date: 2019/12/08
By: Sophia Yang, Taiwan News, Staff Writer\

TAIPEI (Taiwan News) — Despite the ongoing political turbulence and social unrest in Hong Kong, Taiwan is unlikely to replace the city as a financial hub in the Asia-Pacific region, according to the country's financial regulator chief, who cited the language barrier, legal system, taxes, currency exchange system, and regulators' attitude towards risk.

Financial Supervisory Commission (FSC) Chairman Wellington Koo (顧立雄) said at an insurance networking event on Thursday (Dec. 5) that Taiwan is unlikely to replace Hong Kong as a regional financial hub for five reasons.

Koo also said that to improve the competitiveness of Taiwan's capital market, the government is set to give a green light to 16 financial products and services by the end of the year, deregulating the country's offshore banking units (OBUs) to encourage overseas Taiwanese businesses to keep their money in Taiwan for different types of transactions and investments.   [FULL  STORY]