The Financial Supervisory Commission held a press conference Jan. 22 in Taipei City to deliver its 2024 report card and outline policy goals for the new year.
According to the FSC, Taiwan’s financial sector reported record pre-tax earnings of NT$1.22 trillion (US$37.29 billion) for the first 11 months of 2024. Based on capital adequacy, asset quality and price-to-book ratios of local banks and insurance firms, the FSC described the country’s financial resilience as stable, adding that local capital market also remained on a growth track.
Examples of the agency’s major achievements include promoting regulatory easing on high-asset private banking and facilitating NT$10.3 trillion in loans to small and medium-sized businesses and NT$7.9 trillion to firms in the Six Core Strategic Industries. Other notable successes are implementing law amendments and measures to promote bond and securities trading and market developments, and launching guidelines on artificial intelligence applications to bolster financial innovation and sustainability.
The FSC said some of its policy priorities for 2025 are strengthening mechanisms to counter financial fraud, enhance risk management and corporate governance and ensure cybersecurity for banks and insurance firms. Additional primary issues are adjusting measures relating to mergers and acquisitions; channeling more market capital to the country’s infrastructure projects; and enhancing protection for investors.
The agency said it will roll out more regulatory measures to bolster financial innovation and sustainable development, so that the sector will continue to play a key role in driving economic growth for the benefit of all members of society. (SFC-E)
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