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ECCT/AmCham Joint Banking Committee Supports the FSC's Efforts to Develop the Financial Services Industry

Taipei, 26 January –The Taiwan government is currently working to boost Taiwan's economy, enhance competitiveness and attract more investments. The further development of the financial services industry is essential to nurture financial professionals and increase international competitiveness.

The ECCT/AmCham Joint Banking Committee would like to commend the Financial Supervisory Commission (FSC) for its efforts in taking concrete steps toward improving the banking regulatory environment and making it more competitive by accepting recommendations from the industry. The recent progress and efforts made in cross-Strait financial co-operation has created an opportunity for Taiwan to become an important offshore RMB market in the Asia-Pacific region. In recent years, the ECCT/AmCham Joint Banking committee has been continuously providing recommendations aimed at boosting Taiwan as an offshore RMB centre as well as promoting Formosa bonds in the international bond market. The committee believes that the regulators' continued efforts will better position Taiwan as an important financial centre in Asia.

The committee acknowledges that the government has referred to the financial market development experiences of Hong Kong and Singapore in setting policy and broadening the business scope of the financial market through timely regulatory review and appropriate deregulation guided by the principles of stabilization and liberalization. In addition, the committee is highly encouraged by and fully supports the government's policy to include the financial services industry in the Free Economic Pilot Zones and expand the business scope of offshore banking units (OBUs). These are helpful policies which could spur the repatriation of capital that is currently offshore. This approach is essential to enhance the onshore financial market, which will lead to growth in terms of investment, job opportunities and the economy.

As responsible members of Taiwan's Financial Industry, ECCT/AmCham Joint Banking committee members will keep providing recommendations and adopting international expertise and know how, in order to benefit Taiwan corporations and consumers, and increase the competitiveness of the financial industry. Meanwhile, the committee fully supports the view expressed by Financial Supervisory Commission Chairman Tseng during the FSC's business liaison meeting with foreign bank country heads, that members of the financial industry should promote CSR activities so as to build a better living environment for the next generation.

ECCT/AmCham Joint Banking Committee Co-Chairs:
Mr. Godwin Chang Mr. T.C. Lee Mr. Victor Kuan
Societe Generale UBS AG Citibank Taiwan Ltd.