The ROC Financial Supervisory Commission, along with the Ministry of Culture and business associations representing Taiwan’s financial sector, organized a forum Jan. 7 in Taipei City to pledge support for the local creative industry.
More than 300 officials and business leaders representing the banking, insurance, securities, venture capital and creative industries attended the one day event, which focused on a major FSC funding project unveiled Dec. 5 to spur Taiwan’s creative industry.
Vice Premier Mao Chih-kuo said the FSC initiative will bridge the gap between the financial and creative industries, with total loans extended to the latter projected to double in three years to NT$360 billion (US$12 billion).
“The extra funding coupled with financial services support will boost creative industry development in Taiwan,” the vice premier added.
According to MOC Minister Lung Ying-Tai, the creative sector is one of six emerging industries chosen for government support.
“The development strategy focuses on pop music, film and TV,” Lung said, adding that pop music and TV industry outputs are projected to grow by 20 percent and 8 percent per year, respectively.
Lung said in the past the financial and creative industries suffered from a communications barrier due to incompatible value systems. “The MOC is playing a matchmaking role, translating between the two camps.”
The minister believed that Taiwan should follow the example of Australia, Japan and the U.K. in having the government play a central role in promoting the creative industries. “If the financial, appraisal and subsidy measures are not in place, then there will be no creative industry worth speaking of.”
Once the FSC has put the relevant measures in place, the financial industry will be able to help creative industry professionals conduct asset appraisals, secure financing and strengthen financial management, helping the industry internationalize, she said.
The FSC initiative comprises four main planks: consultative platforms, fund raising, supporting measures as well as education and training.
Major programs include higher credit guarantee from the Small and Medium Enterprises Credit Guarantee Fund, a one-stop information platform set up jointly by the four main industry associations, and administrative subsidies that encourage banks to provide more funding to creative businesses.
The forum was of great help in facilitating exchanges among the two industries and government bodies, according to the FSC. Public and private sector cooperation and resource pooling, with the financial industry providing capital and financial services expertise, will help the creative industries use the Mandarin-language market to enter global creative markets. (SDH)
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