Taiwan’s Financial Supervisory Commission (FSC) announced on Wednesday that it had agreed to Taipei Fubon Bank’s application to the Indian regulatory authorities to establish a branch in Mumbai.
Taipei Fubon Bank applied to the FSC recognizing India's prominent position in the global market, long-term economic growth trajectory, as well as numerous opportunities for future Taiwanese supply chains and local corporations.
According to the FSC, as of the end of January, Taipei Fubon Commercial Bank had established overseas branches in locations including Hong Kong, Ho Chi Minh City, Hanoi, and Singapore, as well as representative offices in Jakarta and Sydney.
The FSC also noted the presence of other Taiwanese banks in India, including Chinatrust Commercial Bank (CTBC) which operates two branches, and The Bank of Taiwan and Mega International Commercial Bank which each have two representative offices in the country.