Taiwan’s Taishin Bank formally opened its branch office in Bangkok on Monday. The new branch is part of the New Southbound Policy of President Tsai Ing-wen’s administration.
The New Southbound Policy aims to strengthen economic and cultural ties between Taiwan and countries in South Asia, Southeast Asia, as well as New Zealand and Australia. The policy has been a centerpiece of Tsai’s foreign affairs agenda since she took office in 2016.
There are currently over 5,000 Taiwanese businesses in Thailand. Taishin Bank said that the new branch office will assist in conducting market research, and collecting data on trade, laws and regulations. The bank will not only serve Taiwanese enterprises but also local and multinational companies in Thailand.