Radio Taiwan International
Date: 2018-01-09
The Financial Supervisory Commission (FSC) said Tuesday that it is working on signing MOUs with countries targeted by the New Southbound policy. The policy aims to enhance Taiwan’s economic and cultural ties with Southeast Asia, South Asia, Australia and New Zealand.
FSC’s Banking Bureau deputy director-general Sherri Chuang said her office is offering assistance to local banks to set up branches in target countries.
Chuang said, “As the competent authority, we can help by having the local banks sign MOUs [with the target countries] as soon as possible. In order for our banks to receive supervision for international banking, the banks must cooperate with authorities within those countries on supervision.”
Economic growth rates in the target countries are 5% to 7% and above. With the exception of Malaysia, the interest margins of the other target countries are higher than in Taiwan. These countries are thus seen as markets with a high level of potential.
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