Ongoing market liberalization and regulatory easing have the sector on track for robust development, Ma said. This is evidenced by the earnings of domestic banks and locally based international institutions, which grew in the first quarter to NT$83.8 billion (US$2.8 billion) and NT$26 billion, respectively, he added.
Ma made the remarks while meeting Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., at the Presidential Office in Taipei City.
According to the president, the government has devised concrete measures to spur Taiwan’s financial sector. These include lifting all restrictions governing types of investments available to nonresident investors in Taiwan, as well as allowing enhanced operational flexibility for offshore banking unit business.
Such measures have delivered significant dividends, Ma said. Domestic banks can now offer a wide range of offshore services, including various yuan-denominated products, and 13 offshore securities units have been approved to date by the Financial Supervisory Commission, he added.
The government will also encourage consolidation to enhance overall competitiveness and efficiency of local banks, the president said, adding that JPMorgan Chase’s experience in this respect can provide a valuable reference for Taiwan.
Ma said this development is in line with the government’s commitment to strengthening Taiwan’s standing in the global economy through supporting industrial innovation and implementing restructuring and upgrades.
It is expected that this objective can also be achieved via the Free Economic Pilot Zones and participation in regional integration initiatives such as the Trans-Pacific Partnership and Regional Comprehensive Economic Partnership, the president added. (YHC-JSM)
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